Latest News
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Iraq tries to increase exports through Turkey by transporting crude oil from the south of Iraq north.
The trial began on September 13 and lasted two days In 209 trucks, 38,000 barrels of oil were transported. Iran War disrupts Iraqi exports to the south By Aref Mohamed and Ahmed Rasheed BASRA (Iraq), Sept. 16: Iraq has launched a pilot project to transport crude oil from its southern oilfields by road to a Kirkuk oil storage facility. The goal is to increase supplies for the northern export system, and possibly to increase shipments via Turkey's Ceyhan Port. The initiative is part of Iraqi efforts to increase exports through the northern route, after the U.S. and Israeli war against Iran disrupted Iraqi shipments via the Strait of Hormuz. A spokesperson for the oil ministry confirmed that Iraq's Oil Ministry has contracted local company,?KAR Group, to transport crude oil using its fleet tanker trucks. A statement from the state-run Basra Oil Company confirmed that the arrangement had been made. BOC reported that the trial operation began on September 13 and lasted for two days. During this time, a little over 6 million litres crude oil, which is equivalent to 38,000 barrels was transported by 209 tanker truck each with a capacity of 30,000-litres. Saleem al-Rikabi said that the contract with KAR Group was based on the total volume delivered by tanker truck. He added that daily volumes transported depended on a number of factors, including road conditions, security clearances, and loading capacity. KAR Group didn't?respond instantly?to an inquiry for comment. Oil ministry figures indicate that current flows from northern Iraq into Turkey's Ceyhan Port are estimated to be around 200,000 barrels per day (bpd). This is down from 250,000 bpd prior to the Iran War. BOC sources say that the project faces logistical difficulties, including limited truck supply and limited loading infrastructure at southern oilfields. Initial volumes are too small to materially increase exports from the north without an expansion in transport and loading capacities.
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US Farm Agency prepares to reopen New Mexico Port to Livestock Trade next week
U.S. Agriculture Secretary Brooke Rollins announced on Wednesday that the Department of Agriculture is preparing to reopen an New Mexico port for livestock trade after it had been closed due to New World screwworm. Rollins stated during her remarks at the National Association of State Departments of Agriculture conference in Portland, Maine that she intends to travel to New Mexico Wednesday night. Rollins stated, "We are getting ready to reopen that New Mexico port in the next week." After months of port closures because of concerns about the screwworm parasite, the USDA resumed the cross-border trade of livestock with Mexico in late August. According to the agency there are currently two active screwworm infections, both in Texas, one in a horse, and another in a canine. Rollins stated, "What you have all 'proven for the past?20 days in Douglas, is that this situation is manageable and doable. And if we think there is another threat we will shut it down."
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Sources say that two pumping stations on the Saudi East-West Pipeline were damaged by a recent attack.
According to three oil and security sources, two pumping stations that serve the vital 'East-West Pipeline' in Saudi Arabia have been damaged by an attack last week. Saudi Aramco did not reply to a comment request. The company operates the 1,200 km (745 mile) pipeline that runs across the Arabian Peninsula. Saudi Arabia's media office did not respond immediately to a comment request. Saudi officials said that the?pipeline which had helped to relieve the blockage in the Strait of Hormuz was temporarily shut down after an?attack by a drone coming from Iraq. Sources claim that the strike has damaged pumping stations 8 and 9. According to industry estimates, the pipeline is serviced with 11 pumping and two pressure relief stations. Since?six months, the facility has been the main way to export Middle East oil globally. The Strait of Hormuz is largely closed due to war. Saudi Arabia has been able to avoid the disruptions that have crippled the other Gulf oil and natural gas exporters.
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Muto scores as Kobe win the Asian Champions League with a win
Vissel Kobe won 2-1 over Port FC on Wednesday thanks to a deftly executed goal by?Yoshinori muto. The Japanese team?made a perfect start in the league phase of?Asian Champion League Elite?in Thailand. Ren Komatsu, a former 'Japan - international', had given Michael Skibbe and his team the lead at the 10th minute. Issei Tahashi flicked Diego's throw-in into the Port penalty area and Komatsu pounced. In the fourth minute of stoppage time in the first half, he was able to redirect Issam al-Sabhi’s header past his own goal-line. Muto scored the winning goal after being played?on-goal by fellow substitute Yuya Osako. He then lifted a calm finish above Port goalkeeper Michael Falksgaard, as last season's semifinalists picked up all three of their points. Former champions Jeonbuk Motors came back from a goal behind to beat Kashiwa 2-1 in Jeonju. Kenshin Yuba scored an individual goal in the 30th-minute to put Japan ahead. However, Tiago Orobo equalized the score three minutes into second half by scoring a header. Italo scored the winning goal for Jeonbuk at the 69th-minute mark. The Brazilian slid his shot in the bottom right corner of Ryosuke's Kojima. The eight top teams in east and west Asia, who finished first or second respectively in the league phase of the competition (which has increased from 24 to 32 teams) will move on to the knockout round. The 'last 16 matches' will be played on a 'home-and-away basis' in March, while the quarter-finals (quarter-finals), semi-finals (semi-finals) and final in Saudi Arabia will be held centrally in April and may.
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Meloni, the Italian leader in the election campaign, has scrapped road tax on most cars.
Giorgia meloni, the Italian Prime Minister, announced on Wednesday that Italy will 'abolish road tax' for 14,5 million cars and motorbikes. This move is estimated to cost more than EUR2billion ($2.31billion) in state funds. The government is looking for ways to increase support in advance of the national elections next year. Meloni’s?conservative alliance is trailing in the polls the centre-left and is under pressure from National Future - a new far-right political party led by Roberto Vannacci that is steadily gaining supporters. Meloni stated in a press release released by her office that "today the government eliminates one of the taxes most disliked by Italians". The benefit is available for 'all motorbikes' and'more than 70% of small and medium-sized vehicles, according to the Cabinet Office. However, each citizen will only be able to use it once. The draft decree that was seen by us before the cabinet meeting indicated that the exemption would only be for one year, between January 1, 2027 and December 31, 2027. It will cost EUR 2,36 billion. Meloni did not reveal where the money would come from to fund the initiative. Italy's public debt is expected to reach 139% of its gross domestic product (GDP) in this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone. The coalition parties welcomed this measure as part the government's agenda to cut taxes, while critics dismissed it for a ploy to divert the attention away from the soaring fuel prices. Rossano Sasso is a senior assistant to Vannacci. Fuel prices have risen in Italy for several months due to the U.S. War against Iran, which has disrupted supplies around the globe. The government had to spend EUR2.8 to date to reduce excise duties.
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Italy eliminates road tax on most cars in the run-up to elections
Giorgia meloni, the Italian prime minister, announced on Wednesday that the government would abolish road tax for 14.5 million cars and motorbikes. The government is looking for ways to increase support in advance of the national elections next year. Meloni stated in a press release issued by her office that "today the government will eliminate one of 'the taxes most disliked by Italians. The benefit will apply to all motorbikes, and to more than 70% small-sized cars. However, citizens are only allowed to use it on one vehicle. The election next year is shaping up to be a close race between Meloni’s rightist coalition and centre-left opposition. The government has not said how much the abolition?of road tax will cost?public finances. Italy's public debt is expected to reach 139% of its gross domestic product this year under its latest budget plan. This will replace Greece as the most indebted nation in the Eurozone.
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Flydubai CEO: We expect to return to full capacity before the end of this year.
Flydubai, the airline of Dubai, expects to return to full capacity before the end of the year. This is as airlines 'across the region' recover from the impact of the Iran War. Ghaith al Ghaith, CEO of Arabian Travel Market, said to the media that by the end of the year, "we will go back to 100 percent, and maybe even more, because we'll be getting more planes." Ghaith said that Flydubai, Emirates sister airline, operates at 85% of its current network capacity. Its load factor (which measures how well a?airline fills available seats) is "good". Flights in the Middle East, and even beyond, were disrupted for weeks by the Iran War, which began at the end February. However, Gulf carriers - some of the largest in the world - have slowly resumed their activities. The EU Aviation Safety Agency issued an advisory this year to avoid the Gulf Airspace due to potential 'risks associated with the war. He added, "Our biggest problem, particularly in Europe, are all the (travel) advisory messages that continue to be issued." The CEO's comments come after the airline announced on Tuesday that it would take a further 11 aircraft this year. This includes seven?Boeing 737-9 MAXs and four Boeing 737-8 MAXs, bringing its fleet to over 100 aircraft.
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Equinor plans LNG growth in early 2030s for European and Asian demands
Senior executives at Equinor said that they hoped to increase their liquefied gas supply portfolio between 10 and 15 million metric tons (tpy) per year in the early part of the next decade to meet demand from Europe and Asia. Ingvar Egeland is Equinor's Vice President for LNG. He said that the Norwegian producer will announce a second LNG deal with an Asian client this week. In May, Equinor signed a 15-year LNG deal with India’s Deepak Fertilizers &?Petrochemicals Corp. Egeland stated that Equinor has been in contact with many counterparts, particularly in India and other places in Southeast Asia. They are interested in finding new sources. The U.S. and Israeli war against Iran has?prevented Qatar, the United Arab Emirates, from exporting the majority of their LNG via the Strait of?Hormuz. A fifth of global LNG supplies used to pass through this Strait, forcing Asian buyers into seeking other sources. Equinor expects to double its portfolio of supplies to 7 million tonnes per year in 2030, when U.S. supplies reach full capacity. The Norwegian LNG plant Hammerfest is responsible for half of the total supply. Egeland stated that Equinor intends to increase its supply to between 10 and 15 million tonnes per year (tpy) by the early 2030s. This will include cargoes with a Brent price to diversify their exposure to prices. He added that the volume does not include Tanzania where Equinor has a project in progress which is being 'delayed' by government negotiations. Tanzania's deputy minister of energy said this week that a new law on LNG investments could be passed by the end the year. Egeland said that the East Coast of the U.S.A., West Coast of Canada, South America and other African countries, besides Tanzania, could be potential new sources of supply.
PetroChina announces record net profit for 2024 on the back of higher production
PetroChina, Asia's biggest oil and gas producer announced on Sunday that its annual net profit had risen 2%, to a new record, due to moderately increased production, which helped offset lower oil price.
PetroChina reported in a filing with the Shanghai Stock Exchange that its net profit in 2024 was 164.7 billion Yuan ($22.68billion), compared to 161.1 billion Yuan in 2023. Revenues also decreased 2.5%, to 2,938.0 Billion Yuan.
CNOOC Ltd, a domestic peer company, reported an 11.4% increase in net profits to 137.9 bn yuan on Thursday. However earnings at the refining giant Sinopec dropped 16.8% to 50.3 bn yuan.
PetroChina, a state-controlled company, produced 941.8 millions barrels of crude last year or 2,57 million barrels a day, an increase of 0.5% compared to 2023.
The natural gas production increased by 4.1% to 5,133.8 billion cubic foot (bcf).
The average realized price of crude oil is 3.8% less than 2023 levels.
The refinery's output dropped by 1.5%, to 1,38 billion barrels or 3.77 millions barrels per day. This is a sharp decline from the 15.3% increase in growth that was recorded last year, as a result of sluggish economic growth, and rapid electrification.
PetroChina will permanently close half of its largest refinery subsidiary in northeast China in 2023, in line with Beijing's policy that limits the country's total oil processing capacity in order to control industry overcapacity.
Gasoline sales fell 4.5% for the company, diesel sales dropped 6.9% and jet kerosene rose 9% due to an extended air travel recovery.
The production of chemical products has increased by 49.3% in the last year.
In 2024 "natural gas prices on the international market will fall further." PetroChina Chairman Dai Houliang stated in a filing that the competition in the domestic refined petroleum market has intensified and the consumption of natural gases has continued to grow rapidly.
He said that the demand for natural gas will continue to grow rapidly, but competition on the domestic refined-oil market will intensify.
PetroChina projects crude oil production at 936.2 millions barrels by 2025, and natural gas output at 5,341 BCF.
The refinery's output is also expected to reach 1.3 billion barrels this year, or 3.65 millions barrels per day.
The capital expenditures for this year are 262.2 billion yuan, while the 275.8 spent in 2024.
According to a separate filing, the company has also proposed a dividend of 0.25 Yuan per share. Reporting by Ethan Wang and Chen Aizhu from Beijing and Singapore. Editing by Jane Merriman
(source: Reuters)