Latest News
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Oman Air is targeting tourists with a new Singapore route and looking to expand into North Asia
Oman Air's CEO stated that the airline is considering expanding to North Asia in the next year. Con Korfiatis, CEO of Oman Air, said that the new nonstop Singapore service was backed by the lower cost base, and Oman Air's membership in the Oneworld alliance, which helps with connections. Serving the city with a Kuala Lumpur stopover failed nine years earlier. He said that Singapore is one of the largest global?hubs...and Singaporeans were among the world's most avid travelers. "Oman is no longer a transit country, but a destination for tourists. This has opened up a new market." Korfiatis stated that the airline was targeting a load factor, or percentage of seats, in the mid-to high 70% range, for the Singapore route during the first year, and the first-month bookings are tracking above this level. Four days a weeks, the eight-hour flight is one of longest in the world on a Boeing 737 MAX. The government-owned airline is launching the new service as it has been executing its transformation plan since early 2024. This includes cutting routes, renegotiating contract, increasing fleet utilization and reducing staff. Korfiatis expects to announce at least one new nonstop destination within the next 12 months. He refused to mention specific cities, but said that China, Japan, and South Korea were markets with a lot of interest. He cited their travellers' desire for nature-based, off-the-beaten path destinations. Oman's airspace was open during recent Middle East disruptions. This gave the airline a temporary?advantage? as passengers were rerouted in the early weeks of the Iran War,?Korfiatis stated. He said that load factors were still down by 8-10 percentage points during the peak of the disruption, but have since recovered. (Reporting by Julie Zhu; Editing by Jamie Freed)
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Asian Airlines' Europe windfall diminishes as Gulf competitors rebound
Industry data shows that Asian airlines, which gained passengers on European routes and charged higher prices after the Iran conflict began are now'seeing their advantages eroded as Gulf carriers restore flights?and offer lower ticket price. The shift was 'gradual', but it raises doubts about whether carriers such as Singapore Airlines, Cathay Pacific Airways and Korean Air Lines, ANA Holdings, can maintain much of the share gained during disruption. Nathan Gee is the head of Asia-Pacific Transportation Research at BofA Global Research. He said that the industry term for seat occupancy, or load factor, has reached its peak. But long-haul bookings are usually made within a six month window. This means that the biggest contribution to revenue will come in the next quarters. Cirium data shows that before the conflict, Emirates, Qatar Airways, and Etihad Airways transported nearly a third of passengers from Asia into Europe, and over half from Australia and New Zealand. Flightradar24 shows that at the beginning of the Iran War on February 28, the Gulf hub airports of these airlines were closed because of drone and missile strikes. By mid-June, however, the flights of these airlines had returned to 90% of their normal levels. According to the International Air Transport Association?data, between March and May, Middle Eastern carriers saw a drop of 28% in passenger numbers compared to a 60% drop a year ago. While non-stop traffic between Asia and Europe increased by nearly 30% on an annual basis in March, the increase had shrunk to only 15% by May. ASIAN FLIGHTS FULL In?June Australia lifted its "do-not-travel" warning, which?had invalidated travellers' insurance policies in Gulf hubs. Flight Centre Travel Group reported that its bookings for Emirates, Qatar and Etihad rose 36% in the week following. As they assessed the situation, some travellers who had booked flights on Gulf carriers before the war bought refundable back-up flights to Europe with Asian airlines. Michael Schischka is a senior advisor at Mary Rossi Travel, Sydney, which specialises in luxury European holidays. He said, "Not all customers but the majority feel more secure and comfortable when flying through the Middle East." "Many of the Asian flights had very high demand and there were no cheaper fares available." This has led people to look at Middle East airlines once again. Korean Air's spokesperson stated that it experienced an increase in load factor on its European routes from March to May. However, transfer traffic had weakened as Gulf carriers began resuming operations during the second quarter. ANA has not yet reported data for May, but its load factor on European flight'slid from 93.1% to 86.9% last month, though this was still an 8.7 percent increase year-on-year. Cathay Pacific said that the load factor on its entire network increased by 2 percentage points from a year ago to 86.8% in May, while in March it was 9.5 points higher at 92.2%. Brendan Sobie, an independent aviation analyst, said that the data indicated a gradual rebalancing rather than a sudden one. The trajectory of Singapore Airlines also illustrated the trend. In March, the airline's Europe-load factor soared by 13.8 percentage points. However, gains dwindled to just 4.9 points in both April and May. Sobie stated that "in May, the load factors for both Europe and Australia were normalized." "They saw a large increase in March. A smaller rise in April, and a still smaller one in May. "To me, it's more gradual and not overnight." Cherie Lavin is a Travel My Dear travel agent in Brisbane. She said that her clients who are looking to fly within the next three months were still hesitant to book with Middle Eastern airlines. She said, "But for next year I don't think there will be any hesitation in quoting this." "And it is being received well." Reporting by Julie Zhu and Christine Chen, Sydney; editing by Jamie Freed
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The largest US power grid PJM is moving to manage data center demand
On Tuesday, members of the PJM interconnection voted to advance a proposal to increase electricity supply to meet the 'rising demand for data centers' that threatens to overwhelm regional electricity supplies on the largest U.S. grid. PJM has been inundated with requests from Big Tech and developers over the past two years to connect data centers that are energy-intensive to the grid, which covers 13 states and DC. This has thrown the'supply-and demand balance' off, which is needed to provide power reliably and affordably to 65 million people within PJM footprint. PJM's capacity prices have risen by over 1,000% in the last few years. These are paid to power stations to ensure that they can supply 'enough power for the grid at peak demand times. PJM members voted on a non-binding basis for more than a dozen different proposals to supply 'data centers via a 'backstop - procurement process. Data center advocates and major electric utilities proposed a plan that was advanced. This plan proposed a process for procurement that would start on September 10, 2026, and end on November 20, 2026. That was also what PJM proposed. PJM encourages long-term contracts between power providers and data centers, but any?shortfall could be covered through the procurement process. The board will be informed by the votes, but ultimately it is the board that decides on the policies and terms. Members also voted to determine if and how they would reduce their energy use during times of grid stress, as well as who would pay for certain measures to connect and manage server warehouses quickly. PJM has 'proposed that data centers pay for new power supplies on the grid in order to cover their 'energy use, or agree to have their electricity cut off when the 'electricity usage of the entire grid is high enough. This will help to prevent broader blackouts. The group did vote against any of the proposed changes. Reporting by Laila K. Kearney, New York; editing by Chris Reese
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South Bow and Bridger will develop a new pipeline project to connect Wyoming with Cushing, Oklahoma
South Bow Canada and Bridger Pipeline will jointly develop a new 'pipeline project' from?Guernsey in Wyoming to Cushing in Oklahoma, Canada South Bow announced via email on Tuesday. South Bow stated that the project would be developed along an existing corridor acquired from another company. The Bridger and South Bow project teams have been working on the details and will release additional information as it becomes available. Two companies are proposing an Alberta to Guernsey oil pipeline. If it is approved, the pipeline could increase Canada's crude exports into the U.S. more than 12%. Analysts have stated that Guernsey does not represent a 'end market' for crude oil. Hence, additional links will be needed to transport oil to refinery hubs like Cushing, Oklahoma.
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Some Russian fuel prices are now over 100 roubles due to the crisis.
Sources at retail chains say that independent filling stations have started selling fuel in Russia for more than 100 rubles ($1.27) per litre, as a result of the unprecedented rise in spot prices for gasoline and diesel due to Ukrainian attacks on oil refining facilities. Fuel restrictions have been imposed across the country due to intensifying strikes against Russian energy infrastructure. Sources said that independent retailers were close to crossing the 100-rouble threshold for a litre of gasoline two weeks ago but didn't because their software wasn't configured to display?three digit prices on display panels. According to sources, the worsening conditions on the market forced these filling stations to update their technical equipment to allow them to sell gasoline and diesel for up to 120-140 rubles per litre. The prices at chain stations run by vertically integrated oil firms are not much different from the pre-crisis level: AI-92 is about 63-66 roubles a litre and AI-95, about 70-73 roubles a litre. The traders stated that these companies adhere to an informal agreement with regulators, which states: "price increases must remain within inflation's pace." Fuel is selling out fast at the oil company stations due to the price difference, which has caused them to suspend their operations until they receive another delivery. Vladimir Putin admitted that Ukraine's drone war had caused fuel shortages on Sunday. He said, however, that the authorities are addressing the issue. According to estimates by industry experts, Russia's gasoline output has been below the consumption level since May. Diesel production, however, has been at or near the consumption level. Slow wholesale deliveries further squeeze supply Industry sources claim that on the wholesale side of things, "demand is significantly greater than supply, with many purchase bids not being filled." Sources said that wholesale sales volumes of AI-92 diesel and gasoline fuel on the St. Petersburg International Mercantile Exchange are now less than half of what they were in June 2025. AI-95 volumes have also dropped by approximately a third. Delivery delays are reducing supply. Exchange participants reported that sellers are routinely delaying shipments. Delays of up to two months now seem the norm. Spot fuel is only available at those depots which have received wholesale quantities purchased on the exchange, or who still have volume stockpiled from the winter. This price is double the average SPIMEX wholesale price for such small wholesale lots.
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The largest US power grid PJM will vote on managing demand for data centers
The PJM Interconnection is scheduled to vote Tuesday on the'most important issue facing the U.S. grid operator: How to manage the 'rising demand for data centers that threatens to overwhelm regional electricity supplies. PJM has been inundated with requests from Big Tech and developers over the past two years to connect energy-intensive, data-centers to the grid covering 13 states and 'the District of Columbia. This has thrown the supply-and demand balance off needed to reliably - and affordably - supply power to 65 million people within PJM footprint. This imbalance has sent PJM's capacity prices, which power plants are paid for to ensure that they provide enough?power during peak demand periods, soaring more than 1,000% since around?2024. On Tuesday, voting members of PJM will try to decide protocols for how data centers are supplied, how they can reduce their power consumption during times of grid stress, and who is responsible for certain measures to quickly 'connect and manage' the server warehouses. PJM proposes that data centers can either pay for new power supplies on 'the grid' to cover their energy consumption or agree to have their electricity cut off if the grid is overloaded. This would help to prevent a broader blackout. A decision could be made at the meeting on the date of the "backstop" purchase. PJM encourages 'long-term contracts between data centers & power providers. However, any shortfall incurred by this process will need to be covered. The members are expected to vote around 2:30 pm EDT. Reporting by Laila KEARNEY in New York, Editing by Chris REESE
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CPC Blend Oil Exports to Decline 6% in July from June After Karachaganak Cut Output
Two trading sources reported that the Caspian Pipeline Consortium will 'export around 1.6 million barrels per day of CPC blend crude in July. This is down from the 1.7 million barrels per day planned for June, after drone damage caused a Russian gas plant to reduce production. The Russian Orenburg?gas plant normally receives gas from Kazakhstan's Karachaganak oil and gas condensate fields, which export?oil through the CPC pipeline. Karachaganak had to cut production after the Orenburg gas plant was attacked. Calculations show that daily?CPC blend oil?loadings are expected to decline by 6% from June in July. Karachaganak's production is now back to 31,000 tons per day but it remains lower than the 28,000 tons that were produced before the drone attack. This was confirmed by Askhat Khasenov of KazmunayGas which owns a stake in the oilfield operator Karachaganak Petroleum Operating. Last October, another drone attack forced the Karachaganak field to reduce its production. CPC Blend Oil loadings have been revised up by 17% from the original plan in June after the "giant Kashagan" oil field decided to delay maintenance. CPC shareholders include Russia with 31% and Kazakhstan with 20.75 %, U.S. giant Chevron with 15 %, as well as several private companies. Barbara Lewis (Reporting and editing)
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India increases petrol tax in July and cuts windfall tax on diesel
According to a government directive, India has lowered windfall tax on diesel and aviation turbine fuel exports as 'global oil prices' have eased, but increased the duty for petrol exports. Duty on diesel exports was cut from 14 to 8.5 rupies per litre. Aviation turbine fuels were set at 7.5 rupies/litre. To ensure a domestic supply, the?export tax on petrol has been raised to 4 rupees from 1.5 rupees. New rates will be effective July 1. As a result of a reduction in fears of a prolonged supply disruption, oil prices have dropped sharply since peaks of $126 per barrel. Analysts and economists predict that Brent crude oil will average $84.50 a barrel in 2026, down from the $90.44 predicted last month. (Reporting by Nikunj Ohri, Chandni Shah in Bengaluru. Mark Potter edited the article.
Asian Airlines' Europe windfall diminishes as Gulf competitors rebound
Industry data shows that Asian airlines who gained passengers and increased fares for European routes following the start of the 'Iran conflict' are now losing those advantages as Gulf carriers offer lower ticket prices and restore flights.
Although the shift was gradual, it raises doubts about whether carriers such as Singapore Airlines, Cathay Pacific Airways and Korean Air Lines, or ANA Holdings, can maintain much of the share gained during disruption.
Nathan Gee is the head of Asia-Pacific Transportation Research at BofA Global Research. He said that the industry term for seat occupancy, or load factor, has reached its peak. The booking window for long-haul flights is usually six months, so the biggest contribution to revenue will come in the next quarters.
Cirium data shows that Emirates, Qatar Airways, and Etihad Airways transported nearly one-third (and more than half) of all passengers traveling from Asia to Europe, and from Australia and New Zealand to Europe, before the conflict. Flightradar24 shows that at the beginning of the Iran War on February 28, the Gulf hub airports of these airlines were closed because of drone and missile strikes. By mid-June, however, the flights of the 'airlines' had returned to 90% of their normal levels.
According to data from the International Air Transport Association, between March and May, Middle Eastern carriers saw a drop of nearly 60% in passenger numbers compared to a year ago. While non-stop flights from Asia to Europe were up by nearly 30% on an annual basis in March, the increase had shrunk to only 15% by May.
ASIAN FLIGHTS FULL - In June, Australia lifted its "do not travel" warning which had voided insurance policies for travellers at Gulf hubs. Flight Centre Travel Group reported that its bookings for Emirates, Qatar, and Etihad rose 36% in the week following.
As they assessed the situation, some travellers who had booked flights on Gulf carriers before the war bought refundable back-up flights to Europe with Asian airlines. Michael Schischka is a senior advisor at Mary Rossi Travel, Sydney, which specialises in luxury European holidays.
He said, "I'd say that the majority of clients are now more comfortable in the Middle East and feel safer and more secure when flying there." "Asian flights were full, and cheaper fares weren't offered." People are now looking again at Middle East airlines.
Korean Air's spokesperson stated that the airline had seen an increase in its load factor on European routes from March to May. However, the demand for transfer traffic had weakened as Gulf carriers resumed their operations during the second quarter.
ANA has not yet reported data for May, but its load factor for European flights'slid from 93.1% to 86.9% last month, even though it was up 8.7 points on the year. Cathay Pacific said that the load factor on its entire network increased by 2 percentage points from a year ago to 86.8% in May. In March, it was up 9.5 points.
Brendan Sobie, an independent aviation analyst, said that the data indicated a gradual rebalancing rather than a sudden one. Singapore Airlines' trajectory was also indicative of the trend.
In March, the airline's Europe-load factor soared by 13.8 percentages points. However, gains dwindled to just 4.9 points in both April and May.
Sobie stated that "in May, the load factors for Europe and Australia both normalized." "They saw a large increase in March, then a small one in April and a still smaller one in May. "To me, it's a gradual increase and not an overnight one."
Cherie Lavin is a Travel My Dear travel agent in Brisbane. She said that her clients who are looking to fly within the next three months were still hesitant to book with Middle Eastern airlines.
She said, "But for next year I don't think there will be any hesitation in quoting this." "And it is being received well."
(source: Reuters)