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Azeri BTC's daily oil exports for November are expected to increase by 3% m/m.
The differential between Brent and Urals crudes dated on Wednesday remained unchanged, but the Azeri BTC plan for exports from Turkey's Ceyhan Port in November was set at 15,3 million barrels compared to the 15.4 million barrels exported in October. Calculations showed that Azeri BTC crude exports would increase by approximately 3% per day in November compared to October. Alexander Novak, Deputy Premier of Russia, said that the country has gradually increased its oil production. It was very close to achieving the output quota set by OPEC+ last month. PLATTS WINDOW There were no bids or offerings reported on the Platts Window for Urals, Azeri BTC Blend or CPC blend crudes on Wednesday. According to sources, the U.S. delayed sanctions against Serbia's Russian owned NIS oil company that runs Serbia's sole oil refinery for a week, until October 15. The Nova Ekonomija portal in Belgrade reported this on Wednesday. (Reporting and editing by Kirsten Doovan)
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Brazil will not be introducing free public transportation soon, the chief of staff to the president says
Rui Costa said that the Brazilian president's chief of staff has no plans for the government to eliminate the public transport fares in Brazil this year or the next. This comes a day after Brazil's finance minister confirmed the results of studies assessing ways to fund the sector. Costa told a local radio station that there was no plan for this or next year. "I would like to be clear that the president has only asked for studies." A government source said that there were doubts about the logistical and the political feasibility of this proposal. Source: President Luiz inacio Lula da So has asked his economic team for an evaluation of the possible implementation of the measure. However, he is not in a hurry and doesn't intend to make it a part campaign promise. Costa said that the studies would be presented to President Obama so he could assess if the project was feasible and from where the money would come. If it is viable, the announcement will come at the right time. In an interview this week with Record TV, Finance Minister Fernando Haddad stated that the proposal will be included in Lula’s policy platform in Brazil next year when it holds its general elections. Haddad stated that "(Lula), knows this issue is very important for workers, environmental protection, and urban mobility." Investors' fears that the initiative might have negative fiscal consequences have caused the finance minister's comments to influence Brazilian markets. Reporting by Lisandra Parguassu, Writing by Fernando Cardoso, Editing by Rod Nickel
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ADNOC to pay out $43 billion as dividends to its subsidiaries by 2030
Abu Dhabi National Oil Company announced on Wednesday that six of its publicly listed subsidiaries would distribute 158 billion Dirhams ($43.02billion) in dividends between 2030 and 2035. ADNOC stated that the target amount is almost double the 86 billion dollars in dividends that the six subsidiaries collectively paid since ADNOC Distribution was listed in 2017 via an initial public offer. ADNOC has raised billions by selling stakes to its subsidiaries. It aims to be the top three petrochemical company in the world and top five gas company. Last year, it established the international investment arm XRG to help achieve these goals. ADNOC Gas and ADNOC Logistics & Services will also join ADNOC Drilling to pay quarterly dividends, providing more frequent returns for investors. ADNOC announced the news at an investor presentation of its listed subsidiaries. This was the first event that the group held. ADNOC Gas also announced that it had signed a 20 year gas supply contract with Ruwais LNG, valued at 147 billion Dirhams ($40 billion), to provide feedstock to the new LNG plant. The plant is expected to start production in 2028. It will more than double ADNOC’s LNG capacity. ADNOC said the merger between ADNOC and OMV, petrochemical companies Borouge and Borealis to create Borouge Group International is expected to be completed in the first quarter 2026. ADNOC and OMV have secured financing from global banks to finance the deal worth 56.6 billion Dirhams. This includes the acquisition of Nova Chemicals. ADNOC reported that BGI's deal with the companies will generate annual benefits worth 1.8 billion dirhams. The new entity will be the fourth largest polyolefins company in the world.
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Airbus delivered 507 jets during the first nine months
Airbus announced on Wednesday that it has delivered 507 aircraft in the first nine-month period. The fourth quarter will see 313 additional planes being delivered to meet the full-year goal of 820. In a sign that engine supply has improved, the world's biggest planemaker confirmed that it delivered 73 jets to customers in September. This was a record number for this month. Airbus' spokesperson confirmed that the number of gliders - or fully assembled aircraft waiting to be powered - had decreased from the peak of 60 reported earlier this year. However, the spokesperson did not provide a new estimate. The drop in gliders and the jump in September deliveries, from 50 last year to just 25 this month, suggest that the arrival of engines has accelerated in recent weeks after being affected by the recent strike at CFM supplier as well as the competing demand for spare engine from airlines. (Reporting and editing by Kirsten Doovan; Tim Hepher)
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Ryanair, a major Boeing customer, will see 737 production reach 48 units per month in April.
Ryanair, a major Boeing customer, said that it is confident that the U.S. aircraft manufacturer will be granted permission to increase the monthly production rate for its flagship 737 to 42 by October and to 48 by March orApril next year. Boeing, Boeing's biggest European customer, has repeatedly had to cut its growth forecasts because of delays. Boeing is currently working to stabilize production following a mid-air blowout panel on a new 737 MAX that occurred in January 2024. This exposed widespread quality and safety issues. Michael O'Leary is the Chief Executive Officer of Ryanair Group. His team regularly meets with Boeing management. He said he felt "fairly confident," that the U.S. Federal Aviation Administration will approve an increase in production monthly from 38 to 42 aircraft in October. RYANAIR - 'Pretty Confident' about progress at Boeing Will the FAA allow them to move to rating 48 next March or April? That would be a big jump. He said in an interview that he was "pretty confident" this would happen. After the panel explosion, the FAA capped 737 MAX output at 38 per months in early 2024. On September 26, it said that Boeing has not requested a rate hike, but if they did, FAA safety inspectors on site would do extensive reviews. Boeing stated earlier in the month that there were no supply chain issues that would prevent it from increasing monthly 737MAX production to 42 by the end of the year. Boeing's other major concern is when the MAX 7 and MAX 10 will be approved by regulators. Ryanair has placed 150 MAX 10 firm orders. Will they be able to get the MAX 7 or MAX 10 certified by 2026? Boeing tells us that they are now confident in the certification process. O'Leary, while praising recent achievements at Boeing and expressing his gratitude for them, said that there are no guarantees. He said, "We're confident but there is still a chance that it will be disrupted." Corina Pons is the reporter. Conor Humphries wrote the article. David Latona, Mark Potter and Mark Potter (Editing)
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As the shutdown continues, airlines prepare for a third day of flight delays
The major U.S. carriers are bracing themselves for a third consecutive day of delays as the U.S. Federal Aviation Administration continues to face staffing problems for air traffic control as the stalemate regarding funding for the government continues. Nearly 10,000 flights were delayed on Monday and Tuesday. Many of these delays were caused by the FAA slowing down flights due to air traffic controllers absences in facilities all over the country, as the shutdown entered its eighth day. The air traffic control shortages during the shutdown are more severe than during the last major government funding halt in 2019, which occurred during U.S. President Donald Trump's second term. Maryland Governor Wes Moore, along with congressional Democrats, called on Wednesday for an end to the airport shutdown at Baltimore-Washington International Airport. They noted that air traffic control officers and Transportation Security Administration agents are working without being paid. Moore, a Democrat from Maryland, stated that President Trump was unable to "close a deal" in order to keep the federal government open. Kwiesi mfume (Democrat) called for supplemental laws that would pay air traffic control during a shut down. He said that people are starting to be concerned about flying, and as a country we shouldn't get to this point. During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York. This put pressure on legislators to end the standoff quickly. They are not paid. During the shutdown of the federal government, 13,000 air traffic control officers and 50,000 Transportation Security Administration (TSA) officers still have to report for work. The controllers will receive a partial pay on October 14, for work done before the shutdown. Moore stated, "Our BWI employees are still here." Moore said, "They do it because they are patriots." They do it because they understand the importance of their work. Sean Duffy, Transportation Secretary, said that since the FAA shutdown began last week there has been a slight rise in sick leave. Staffing in certain areas of air traffic has also decreased by half. Air traffic control shortages have been a problem in the U.S. for over ten years. Many controllers were working six-day work weeks and mandatory overtime even before this shutdown. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels.
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Container traffic at Rotterdam's port is disrupted by a strike by lashers for higher wages
On Wednesday afternoon, the largest seaport in Europe, Rotterdam, went on strike for 48 hours to demand higher salaries. Meanwhile in the neighbouring Belgian port's main port Flemish harbourpilots were protesting pension reforms. The FNV union said that all workers of International Lashing Services (ILS) and Matrans Marine Services (Matrans Marine Services), the two lashing firms active in the Dutch ports, stopped working at 3:15 pm (1310 GMT), and will continue their strike to the same time Friday. The FNV stated that during the two-day strike, no container ships can be unloaded or loaded at the port while lashers are securing the ship's cargo. Niek Stam, FNV's spokesman, said: "Without lashers, the entire port grinds to an halt." The Rotterdam Port Authority said that the strike would certainly affect traffic but it is too early to estimate its impact. International Lashing Services and Matrans Marine Service were not available for immediate comment. Port authorities in Belgium have reported that the maritime traffic at Antwerp-Bruges was severely disrupted for four days by Flemish harbourpilots who were protesting federal pension reforms. The port of Antwerp, which normally processes 60-80 ships per day, only processed 31 vessels on February 2, with some delayed or stranded, and others headed to other destinations.
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Ryanair CEO: airline is on track to recover from last year's 7 percent fare decrease
Michael O'Leary, the Chief Executive of Irish budget airline Ryanair, told reporters in Madrid that it believes it will recover its 7% decline in fares from 2024 during this financial year. "The traffic has exceeded the target...Fares are expected to rise by 7% over the course of the year," O'Leary stated, adding that this summer's prices were "pretty close" to those of the summer of 2023. The CEO stated that the full-year results will depend on the pricing of the company's third-quarter, which includes Christmas, and the fourth-quarter, for which the company currently has "very little visibility". He said that the economic weakness in Britain, France and Germany was causing price sensitivities. This led consumers to switch to Ryanair over flag carriers such as British Airways or Air France. O'Leary stated that "there is less demand to travel across the Atlantic to America at the moment - (U.S. president Donald) Trump alienated people. More people are choosing to holiday in the Mediterranean or Europe and this has been good for Ryanair's businesses." (Reporting and writing by Corina Poons; editing by Kirsten Doovan)
Iran brokering talk with send out innovative Russian rockets to Yemen's Houthis, sources say
Iran has actually brokered continuous secret talks between Russia and Yemen's Houthi rebels to transfer antiship rockets to the militant group, three Western and local sources stated, an advancement that highlights Tehran's deepening ties to Moscow.
7 sources said that Russia has yet to choose to transfer the Yakhont rockets-- also known as P-800 Oniks - which specialists said would enable the militant group to more accurately strike industrial vessels in the Red Sea and increase the risk to the U.S. and European warships safeguarding them.
The Wall Street Journal reported in July that Russia was considering sending out the rockets. Iran's function as an intermediary has not been formerly reported.
The Houthis have introduced repeated drone and missile strikes on ships in the vital Red Sea shipping channels since November to reveal assistance for Palestinians in the Gaza war with Israel.
They have actually sunk at least 2 vessels and took another, interfering with international maritime trade by forcing shipping companies to divert freights and, according to industry sources, increased insurance coverage costs for ships plying the Red Sea.
In response, the United States and Britain have actually struck Houthi positions but have actually stopped working to stop the group's attacks.
Two regional officials knowledgeable about the talks said that the Houthis and Russians fulfilled in Tehran at least twice this year and that the talk with provide lots of the rockets, which have actually a. series of about 300 km (186 miles), were ongoing with further. Tehran conferences expected in coming weeks.
Russia has actually formerly provided the Yakhont missile to. Iran-backed Hezbollah.
Among the sources stated the talks began under Iranian. President Ebrahim Raisi, who passed away in a helicopter crash in May.
Russia is negotiating with the Houthis for the transfer of. Yakhont supersonic anti-ship missiles, stated a Western. intelligence source. The Iranians are brokering the talks but. do not wish to have their signature over it.
Neither Iran's U.N. objective nor the Russian Defense Ministry. responded to ask for remark.
We have no knowledge of what you have mentioned, stated. Mohamed Abdel-Salam, the official representative for Yemen's Houthis.
A senior U.S. authorities decreased to name the specific systems. that could be transferred but confirmed that Russia has been. discussing supplying missiles to the Houthis, calling the. development really worrisome.
A U.S. Defense Department authorities stated any efforts to. bolster the Houthis' capabilities would weaken the shared. global interest in worldwide freedom of navigation and. stability in the Red Sea and broader Middle East.
CLOSER RUSSIA-IRAN LINKS
Russia and Iran have actually been supporting closer military ties. amid Russia's war in Ukraine. Tehran has actually allegedly moved. ballistic rockets to Moscow for usage against Ukraine, the United. States stated previously this month.
One inspiration for Moscow to arm the Houthis, 3 sources. said, is the possibility that Western states might decide to. allow Ukraine to use their weapons to strike further into. Russian territory.
The senior U.S. official stated the Russia-Houthi talks seem. to be connected to our posture in Ukraine and what we want. or not happy to do relating to Kyiv's ask for the lifting. of limitations on its use of long-range U.S.-supplied weapons. to strike targets deep inside Russia.
Russian President Vladimir Putin alerted in June that Moscow. could send out sophisticated long-range weapons - similar to those the. United States and its allies give Ukraine - to the West's. foes around the world.
The Yakhont is considered among the world's most advanced. anti-ship missiles, created to skim the sea's surface area to prevent. detection at more than two times the speed of noise, making it. challenging to obstruct.
' VIDEO GAME CHANGER' FOR REGIONAL SECURITY
Fabian Hinz, a professional on ballistic missiles with the. International Institute for Strategic Studies, stated that the. transfer of Yakhont rockets by Russia to the Houthis would be a. video game changer for regional security.
The P-800 is a much more capable system than the anti-ship. ballistic and cruise rockets the Houthis have utilized so far,. stated Hinz.
Not only could the Houthis fire them at U.S., British and. other warships that have actually been safeguarding business vessels in. the Red Sea from Houthi drone and missile attacks, however they can. be used as land-attack weapons that Saudi Arabia would see as a. risk, Hinz stated.
The senior U.S. authorities stated that a delegation of U.S. officials discussed the Russia-Houthi settlements with their. Saudi counterparts throughout a see to Saudi Arabia this summer season,. and that Washington has actually raised the issue with Moscow.
The Saudis have actually also conveyed their concerns straight to the. Russians, 3 sources told Reuters.
The Saudi federal government did not react to a request for. remark.
Hinz said Russia would need to help with the technical. aspects of a rocket delivery, including how to transfer and. make them functional without the United States identifying and. damaging the weapons. The Houthis would also need training on. the system.
The senior U.S. official cautioned of alarming effects if the. transfer happens.
The Saudis are alarmed. We are alarmed, and other regional. partners are alarmed, the official said. The Houthis are. already developing adequate damage in the Red Sea, and this would. allow them to do more..
(source: Reuters)