Latest News
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Black Sea CPC terminal resumes oil loadings sources say
By Robert Harvey LONDON - On Monday, January 6, the Caspian Pipeline Consortium terminal, near the Russian Black Sea Port of Novorossiysk, resumed loading crude oil after several days?of weather-related interruptions that also delayed maintenance?work.?Two industry sources said on Tuesday. The poor weather conditions and Ukrainian attacks against infrastructure caused a drop in Kazakhstan's oil production and exports. About 80% of Kazakhstan’s crude oil exports are handled by the CPC Terminal. One of the sources claimed that crude oil loadings began again from the 'one single point docking' (SPM-1), in the afternoon of 5 January. CPC Terminal stopped oil exports due to bad weather on December 29, 2018. The?sources stated that CPC Terminal is now expected to finish maintenance on the third (SPM-3)?mooring by mid-January. This was pushed back from December's end. The maintenance on SPM-3 started in mid-November, but bad weather has caused delays. CPC Terminal didn't immediately respond to our request for comment. Tuesday is a holiday in Russia. SPM-2 is not in operation due to a drone attack by Ukraine on November 29, CPC normally loads from two dockings with the third mooring kept as backup. According to Kpler's data, the tanker Atlantic M loaded about 700 000 barrels of crude from the terminal on January 5. Three traders said this week that the talks on trading CPC Blend crude had stalled due to?the loading delay. CPC will export approximately 1.65 million barrels of this grade per day in January.
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Microsoft modernizes the Midwest power grid with a major US electric grid operator
Microsoft and the U.S. Midwest Grid have teamed up, according to an announcement made on Tuesday. This is just one of many examples of Big 'Tech turning to collaboration in order to ensure that massive amounts of energy needed for artificial intelligence can be available. In the past two years, U.S. tech companies have deepened their ties with the energy sector. They have signed long-term supply agreements and provided AI assistance in order to maximize the supply as the demand for power in the U.S. skyrocketed due to the energy-intensive data centers. Google partnered last year with PJM Interconnection, the largest power grid operator in the United States, to use artificial intelligence to speed up the process for connecting 'new electricity supplies' to the PJM regional grid. Microsoft's latest partnership will see Microsoft technologies deployed on the Midcontinent Independent System Operator (MISO) grid. This grid covers 42 million people in 15 U.S. States and Manitoba, Canada. These technologies will be used to predict and respond to weather-related power disruptions and transmission line planning, as well as accelerate certain operations. Nirav Shah is Vice President and Chief Information and Digital Officer for MISO. He said that such acceleration was critical due to a variety of factors, including electrification, the rise in demand, and the expansion of data centers. "Now is the right time to partner up with organizations that have a shared interest in modernizing grid operations for the future." The statement on Tuesday did not include any financial information. (Reporting and editing by Barbara Lewis in New York, Laila Kearney is reporting from New York)
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Carney: Canadian oil will remain competitive even if Venezuelan production increases.
Mark Carney, the Prime Minister of Canada, said on Tuesday that Canadian crude oil was low-risk and would remain competitive even if production?in Venezuela rose after President Nicola Maduro's capture by the U.S. U.S. president Donald Trump said that American oil companies were prepared to enter Venezuela and invest billions of dollars to restore production. Venezuelan crude oil is similar in weight to the heavy oil produced in Canada's sands. Some analysts speculate that Canadian products?could be eventually displaced. Carney said that a functioning Venezuelan economic system would increase?oil production and stability in the Western Hemisphere. He said this was a positive thing. He said that Canadian oil would be competitive due to its low-risk nature. Canadian oil is seen as less risky by investors and buyers compared to crudes from other countries due to Canada's stable government. Carney said that a proposed project to capture carbon emissions in the oil producing province of Alberta will make crude oil more appealing to buyers who are concerned about greenhouse gas emissions. Carney added, "That makes Canadian Oil competitive on the medium and longer term...?We welcome the prospects of greater prosperity in Venezuela but we also see that Canadian Oil is competitive." Carney and Alberta's Premier signed an agreement in November to roll back climate rules in order to encourage investment in energy production. A private company has not yet committed to build such a pipe. Reporting by David Ljunggren Editing Rod Nickel
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Gaza ceasefire boosts Israel's main airport passenger numbers
Israel Airports Authority reported on Tuesday that passenger traffic at Ben Gurion International Airport, near Tel Aviv, rose by 33% in 2025. This reflects the return of many foreign airlines after they halted flights for two years during the Gaza War. A ceasefire brokered by the United States in October allowed carriers that had not resumed Tel Aviv routes to begin flying to Israel. In December, passengers increased by 59%. The airport handled 21.8 million passengers in 2023, the year war broke out after Hamas' October 7 attacks. In 2023, when war broke out after Hamas's October 7th attacks, the airport handled 21.8 millions passengers. El Al Israel Airlines' market share dropped from 48% to 37%, despite a 5% increase in passengers. El Al has posted steep increases in revenue and profits as a consequence of the conflict in which only a few carriers operated. El Al was followed by smaller rivals Israir with a 11% share of the market and Arkia, at 9%. Wizz Air had 1.23 million passengers in Israel, which is double the number of passengers it had in?2024. This represents a 7 percent market share. Wizz Air is looking to establish a hub within Israel. Aegean Airlines, flydubai, Etihad Airways, Lufthansa, and United Airlines all saw significant increases in passengers last year. Israel's Statistics Bureau reported that?tourist numbers in Israel increased 38% to 1.34 millions by 2025, but were still below the level of 3.24million for 2023. Israelis' outgoing tourism grew by 33% last year to 9.42 millions. Gaza war began in October 2023. The ceasefire has stopped most of the fighting but not all. Gaza's health officials report that Israeli airstrikes have killed over 400 Palestinians since the agreement was reached, most of whom were civilians. Palestinian militants also killed three Israeli soldiers. Both sides accuse each other of breaking the agreement's terms. (Reporting and editing by Steven Scheer)
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KLM runs out of deicing fluid in Amsterdam
Dutch airline KLM announced on Tuesday that they were running out of fluid to remove the ice from planes at Amsterdam's Schiphol Airport where cold weather had caused thousands of flight cancellations in the last five days. KLM's 25 de-icing vehicles have been continuously in use at its Amsterdam hub. They consume around 85,000 litres of heated water?and glycol per day to clear away snow and ice from departing aircraft before takeoff. The Dutch airline Air France-KLM announced that since Friday, KLM has de-iced aircraft at Schiphol round-the-clock using de-icing liquid delivered daily. Stock levels are low due to extreme weather conditions and delays in delivery from the supplier. The problem is widespread in Europe", it said. KLM has sent employees to Germany to collect more de-icing liquid. It could not provide a definite time frame for when the stock might run out. Anoesjka Aspeslagh, spokesperson for KLM, said: "We will do everything possible to prevent this." Schiphol Airport, on the other hand, said it had plenty of supplies of another type of deicing fluid that it uses to remove ice and slush from runways. KLM, the largest airline in Amsterdam, cancelled at least 300 flights to and from Amsterdam on Tuesday. The Netherlands is expected to experience more winter weather in the next few days, with snow and strong winds forecast for Wednesday morning.
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Chevron exports are flowing, despite Venezuelan oil deliveries to Asia being at a standstill.
Shipping data shows that Venezuela's main oil port on Tuesday became the fifth day without delivering crude to the state-run PDVSA customers in Asia – the OPEC country's major buyers – as the U.S. pressed the nation with an oil embargo. Chevron, the main joint venture partner of PDVSA, resumed Monday exports of Venezuelan crude oil to the U.S., after a four day pause. It also called its?workers overseas back to their Venezuela offices, as flights into?the country re-started. In recent weeks, the U.S. company has become 'the only firm fluidly exporting Venezuelan crude. In early January, a dozen vessels under sanctions which had been loaded in December left Venezuelan waters with 12 million barrels worth of fuel and crude oil bound for China. The vessels left in "dark mode" or without transponders, breaking the U.S. blockade that had been in place since last month. Washington hasn't clarified whether it authorized?these departures. PDVSA didn't immediately respond to a comment request. A halt in oil exports to Asia may force PDVSA to intensify production cuts that it has already begun recently due to an excess of crude and residual fuel stocks. Reporting by Marianna Paraga; Editing and proofreading by Julia Symmes Cobb
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Lobby group claims that EU steel safeguards will lead to crippling price increases for manufacturing
A lobby group representing European steel-using industry said that the safeguards proposed by the European Union as a way to protect EU mills against the impact of imported steel would "lead" to crippling price increases for European manufacturers. The 'European Using Industries of Steel, a grouping of lobbies that represents manufacturers of products ranging from automobiles and home appliances to farm machinery, has said the measures go too far when it comes to enclosing the European market. It said: "We urge EU Policymakers to ensure that a more cautious and balanced approach is taken in the legislative process for the adoption of the measure. This must... adequately reflect the significant concerns and challenges facing European Steel Users." The European Commission has proposed a reduction of tariff-free import quotas for steel by nearly half, and a duty of 50% on excess shipments in an effort to maintain viable steelmaking within the EU. According to the European steel manufacturers, extra tariffs for protection of local mills can cost them anywhere between 5 billion and 9 billion euro each year. Steel buyers estimate that prices could rise up to 30 percent, which would affect their ability to compete on their respective international markets. A combination of rising imports from the U.S. and tariffs on EU steel products has resulted in a production capacity of only 67%. Due to rising imports and?U.S. tariffs, EU Steel producers were only operating at 67% of their capacity. The Commission proposed an import volume of 18.3 metric tonnes per year that is tariff-free, a reduction of 47% from the quotas for 2024, and a doubled duty on goods imported outside the quota to 50%. The EU Commission, as well as the countries with the largest industries in steel, are concerned that tariff-free imports will harm domestic producers. In October, car manufacturers and countries that sell steel in the EU like Britain criticised the measure.
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Energy Transfer plans to invest upto $5 billion on the natgas grid by 2026.
Energy Transfer, a pipeline company, said that it expects to invest $5.0 billion to $5.5 billion of growth capital by 2026. This will be primarily for projects that enhance its natural gas distribution network. The company anticipates that'several projects will ramp up or come online in 2026. These include the 'Nederland flexport NGL expansion and the Mustang Draw I & Mustang Draw II processing plants in the Permian Basin as well as the natural gas pipeline project serving data centers in Texas. Energy Transfer announced last month that it would increase its Transwestern pipeline's expansion project to the Desert Southwest region in order to meet increased customer demand. The company said on Tuesday that it expects its adjusted earnings, before taxes, depreciation, and amortization, to be between $17.3 billion - $17.7billion in 2026. (Reporting by Dharna Bafna in Bengaluru; Editing by Vijay Kishore)
Final report on the 1994 Estonian ferry disaster shows that bow failure was responsible for the tragedy.
Authorities said that the failure of the 'bow section' of the Estonia ferry was the cause of its sinking in 1994, and not an explosion or collision, as some claimed.
Investigators from Estonia, Sweden and Finland said that the MV Estonia sank due to the collapse of bow construction. "There's no need to launch a full-scale... investigation into the accident," said Estonian, Swedish and Finnish investigators.
The roll-on/roll-off ferry, which was a roll-on/roll-off, sank during a storm in the Baltic Sea on the night of the 28th of September 1994. 852 people lost their lives.
A 1997 official investigation concluded that the bow shield of the ferry had failed, causing flooding and sending the vessel to its bottom.
Alternative theories continue to thrive. In 2020, a video clip from a TV documentary revealed previously unseen holes on the ship's hull. This prompted authorities to re-examine the wreck.
The report concluded that rocks at the seabed caused the damage to hull. It was based on six different examinations of wreck site, interviews with the survivors, modelling, and technical analysis.
Investigators stated that "the inspections did not reveal any evidence" that the MV Estonia had collided with a vessel or object on its 'journey. "Nor is there any sign that an explosion took place on the ship."
In 2023, a preliminary report blamed the rocks for the holes. The report also concluded that it was not seaworthy when the ferry made its final trip.
(source: Reuters)