Asia

Iraqi crude 'loadings' more than doubled in the first half July to averaging 1.2 million barrels per day, according to Kpler and a direct source familiar with the flows. This was due to the accelerated exports after months of restrictions. Kpler data showed that crude exports averaged around 500,000 bpd during June. Kpler reports that despite the increase in monthly exports, Iraqi crude oil from the southern port of Basra is still "dramatically" down from levels before the Iran War, when it was above 3.2 millions bpd. A drone strike on a crude oil tanker in Basra, Iraq on Thursday...

Iran warned that if U.S. strikes continue, its campaign to choke global energy markets may expand from the Strait-of-Hormuz?to the crucial Red Sea route. This threat is dependent on the Houthi allies of Iran in Yemen. Here's why it matters, and what that means for the Iran War and the global energy crises: How big is the risk to global energy markets? The Bab el-Mandeb strait, the gateway to the Red Sea, would be closed and open a whole new front in the conflict between Iran and the U.S. The Red Sea is now an important alternative outlet for Gulf...

According to three sources, the freight rates for tanker shipments from western ports of Russia's Urals crude to India have fallen in July compared to last month. This is because increased vessel availability and the summer season eased pressure on the market. The lower transportation costs are a relief for Russian oil exporters whose margins were under pressure due to the wider discounts on Urals crude, as a result of weak demand in Asia. Sources claim that the cost to ship a cargo of 100,000 metric tonnes of Aframax from the Baltic port of Primorsk, in the Baltic Sea, to...

Oman has said that it will 'keep' the Strait of Hormuz free of tolls for shipping and designated two temporary routes to the north and south of existing shipping lanes to ensure the safe passage of ships leaving the region. Oman, in coordination with the International Maritime Organization (IMO), established temporary maritime routes to assist ships leaving the region safely amid increased security risks. Since the United States and Israel launched their war on Iran, the Strait of Hormuz has been severely disrupted, with commercial shipping being slowed and global energy markets roiled. Oman warned mariners that the "existing Traffic...

Exxaro Resources, a South African miner, said Monday that it wants to 'transport more manganese by rail instead of road in order to reduce costs and improve efficiency at its newly-acquired assets. Exxaro CEO Ben Magara stated that the company, along with its competitors, were working together with Transnet, a state-owned firm in freight transport, to increase freight capacity. Transnet is opening up parts of its network for private investment. Exxaro reported that hauling manganese via road costs?37% higher than rail. Exxaro said that logistics costs accounted for 43% for the free-onboard costs of?the bulk minerals. Johan Meyer, Exxaro's head...

The grain freight rates in Ukraine are down despite the 'ongoing Russian attacks' on Black Sea ports, ASAP Agri said on Monday. They cited a seasonal decline in cargo flow. Last week, officials and industry executives told? Last week, industry executives and officials told? The Ukrainian Navy said Monday that a Russian drone?hit a Turkish dry cargo vessel, causing an extensive fire on board. Ukraine is a major grain exporter in the world, and its Black Sea port handles more than 90% of its exports. ASAP Agri stated that as Ukraine closes its 2025/26 summer-july export season, the historically low...

These are the top stories from the business pages of the New York Times. The New 'York Times has not?verified?these stories and does?not vouch?for their accuracy. Fox Corp. is purchasing Roku for $22 billion in cash and stock. This represents a major?bet by the broadcaster on the streaming platform to strengthen their advertising business and increase the reach of its sports and news content online. The preliminary agreement?to end?the war?between?the United States _and?Iran aims to reopen quickly the Strait of Hormuz. However, companies have said that they require more information before navigating this waterway. Iran announced on Monday that they...

The chief exec of Japan's Mitsui O.S.K. said that shipowners won't resume transiting the Strait of Hormuz until they feel "confident" about the U.S.Iran deal. Lines said in an interview with the Financial Times published on Tuesday. The Iran War that began with U.S. and Israeli strikes on February 28, along with products like?aluminium, urea and other liquefied gas and oil supplies around the world has largely stopped shipping. Mitsui O.S.K. is one of Japan’s three largest shipping companies with a fleet of over 900 vessels. This includes bulk carriers, tanks and ferries. "What must?come into place is not a...

The Indian shipping ministry confirmed that all 20 crew members are'safe' after a suspected U.S. attack on the 'asphalt-tanker Jalveer, off Oman. This follows two other similar strikes in the region this week. Three Indian sailors were killed in a U.S. attack on the Settebello oil tanker off Oman one day earlier. British maritime risk management firm Vanguard? said that the Jalveer, a vessel flying the flag of Guinea-Bissau, sent out a distress signal after an engine room fire and a funnel caught on fire. Officials from the Indian Shipping Ministry said that the crew was being evacuated with coordination...

Officials from the maritime industry said that two crew members are missing and another is injured after a suspected U.S. missile strike on a fuel tanker near Oman's coast. Ambrey believes that the 'blockade of Iranian ports by U.S. Ambrey, a British maritime security organization, said that the blockade of Iranian ports was likely to be responsible. In the past, crews were warned to gather at the bow of the vessel before an attack. Another maritime security source said that the ship was also likely to have been?hit by a U.S. rocket. The United Kingdom's Maritime Trade Operations agency reported...

The Houthis, who are Iran-aligned in Yemen, announced on Monday they would stop ships from Israel leaving the Red Sea. This comes after Israel re-initiated its military strikes against Iran. Here's why it matters, and what it means to the Iran War and the global energy crisis. How big is the risk to global energy markets? The Iranian closure of the Strait of Hormuz, since Israel and the United States attacked it on February 28, has disrupted the majority of?oil exports and other energy from the Gulf. Prices have risen and there's been a major energy shock. Saudi Arabia responded...

Houthi rebels in Yemen, who are allied with Iran, announced on 'Monday they would prohibit Israeli shipping from the Red Sea. This will add to the challenges facing?global shipping throughout the Middle East during the Iran war. In a press release, the?group claimed that it had launched a military attack against Israel and banned all Israeli shipping from the Red Sea. It warned of further escalation. Houthi attacks against Red Sea shipping could worry energy markets more than three months after Iran closed the Strait of Hormuz and with the war re-igniting over night. Houthi sources said that stopping Israeli...

Fuel shortages are affecting Russians in all 11 time zones. Ukrainian attacks on oil refineries have disrupted supply and caused long queues, high gasoline prices, and even rationing?in some regions. Fuel access has improved in Moscow and other cities, mainly due to measures such as increasing imports and clearing low-quality fuels for use. However, the situation in Russian-annexed Crimea is still tense. Fuel shortages began in June, when some regions began to restrict gasoline and diesel use. Here is the situation in some Russian regions: CENTRAL RUSSIA According to 'witnesses, local media, and service aggregators who monitor the availability of...

Trafigura has "walked away" from a proposed 2,050 megawatt transmission line that would have transported surplus hydropower in Angola to copper mines and cobalt deposits in Zambia and the Democratic Republic of Congo, according to two sources who are directly involved. This is one of three private-backed transmission projects, worth billions, that aim to supply electricity from Angola – which has an abundance of stranded hydropower – to vital minerals operations in neighbouring countries facing power shortages. Trafigura signed a non-binding agreement in July 2024 with the Angolan Government and engineering firm ProMarks to conduct feasibility studies. One industry source...

In the last two weeks, Ukrainian forces have intensified their attacks on Russia's infrastructure for energy. Fuel shortages are worsened by the drone attacks in Russia. People have reported high prices and long lines at fuel stations in most regions. Here is a brief summary of recent attacks, starting with the latest. SALAVAT According to industry sources, the Salavat Petrochemical Complex, located in Bashkortostan's Urals region, stopped operations on July 14th following an attack by a Ukrainian drone. A fire broke at the Afipsky refinery, in southern Krasnodar Region of Russia. The cause was drone debris that fell from the...

The main Ukrainian farmers' union has said that Ukraine has lost a third of its ability to export grain via its Black Sea ports because of the 'intensifying' Russian missile and drone strikes. Ukraine has been at war with Russia for more than four years, but agricultural exports such as grains and vegetable oil remain its biggest source of foreign exchange earnings. More than 90% are shipped through three ports located in southern Odesa. Odesa ports handled about?6 millions metric tons per month of cargo under a deal that allowed both countries to ship grains through the Black Sea. Moscow...

A State Department official stated on Tuesday that the United States is supporting Iraq and Syria in their efforts to revive an oil pipeline between the two countries. This could reduce Iran's ability to block oil through Strait of Hormuz. The U.S. is expecting American companies to be involved in the construction of the Kirkuk-Baniyas Pipeline, which has been largely out-of-service since it was damaged during the 2003 U.S. led invasion?of Iraq. The pipeline will run from the Iraqi oilfields in Kirkuk all the way to 'Syria’s western coast. This is just one of several attempts by oil producers to...

Drones are cheap, mass-produced and have revolutionized modern warfare. They expose critical energy infrastructures as the Achilles heel of modern economies. Unmanned aircraft are able to evade air defences on the battlefields in Ukraine, Russia, and the Middle East. This makes oil refineries and power stations as well as export terminals and pipelines prime targets. The energy industry is affected by the implications. Swarms of drones, which cost a few hundred dollars up to several thousand dollars each, can threaten facilities that have taken decades and billions to build. This will dramatically shift the balance of power between attackers and...

EU data revealed on Monday that the European Union imported record volumes of liquefied gas from Russia's Yamal facility during the first half of this year. This is ahead a ban which will come into effect in 2019. The EU banned Russian LNG imports from April, but imports of long-term contracts are allowed until January 1, 2027. According to data from commodities intelligence company Kpler, EU countries imported 136 loads containing 9.97 metric tons of LNG from Yamal between January and June, an increase of 16% over the same period in the previous year. Novatek, a private Russian company, controls...

The lawyer for the three Thai sailors said that the?Labour Court of Thailand accepted on Friday a 'petition by the Thai sailors seeking damages after a fatal attack on their cargo ship in the Strait of Hormuz during the U.S. and Israeli war against Iran in March. The petition seen by seeks at least one million baht ($30,000), per sailor, from companies and agencies connected to Precious shipping, the vessel's owner, and its captain. Kunpat Singhathong, their lawyer, told reporters that the sailors had accused?their employer of taking them to dangerous areas and putting their lives in danger. They also...

The lawyer for the three Thai sailors said that the Labour Court of Thailand accepted their petition on Friday, seeking damages following a deadly attack on their cargo ship in the Strait of Hormuz during the U.S. and Israeli war against Iran in March. The petition seen by seeks at least one million baht ($30,000), per sailor, from companies and agencies connected to Precious shipping, the vessel's owner, and its captain. Kunpat 'Singhathong, their lawyer, told reporters that the sailors had accused their employers taking them to dangerous areas and putting their life at risk. They also claimed their employers...

Open-source analysis shows that Russia is using small drones to damage high-voltage substations of electricity in the frontline region of Sumy in northern Ukraine. The Centre for Information Resilience in London is an open-source investigative group that has verified the footage of a new wave of strikes posted on Russian social media. Throughout the war, Russia bombarded Ukrainian power plants, particularly in frontline regions. As a response, Ukrainian authorities covered high-voltage converters with concrete sarcophagis and anti-drone webs. Ukraine's frontline areas are also filled with electronic warfare systems, which aim to interfere with the radio signals that control drones. As...

Ukraine's Deputy Prosecutor-General denied Kyiv's role in the 2022 explosion of the Nord Stream Gas Pipelines and suggested forming a joint investigative team with Germany. Germany suspects Ukrainian state entities are behind the explosions. The explosions occurred months after Russia invaded Ukraine in February 2022. They damaged the Nord Stream 1 pipe, a crucial route for?Russian exports of gas to Europe. In a press release, the Prosecutor's Office said that, according to the findings of the investigation, there was no evidence that Ukraine or its officials or officials had been involved in the explosions that occurred in the Baltic Sea...

90% of Tulsans can expect to be able order deliveries by autonomous drones within the next 12 months, said Manna on Wednesday. The company has begun a push in the American Southwest it believes will "be the battleground" for this?fast-growing sector. Executive chairman Kenny Jacobs said that the Irish-founded startup, based in Oklahoma City, will begin flying orders for partners like DoorDash, McDonald's, and Uber Eats by mid-2027. It will operate 40 bases throughout Oklahoma's second largest city. Jacobs said at the launch of the first full-scale U.S. operations. The technology has been proven. It's now about commercial scalability, and...