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India's Dreamfolks stop domestic airport lounge service
Dreamfolks Services announced on Tuesday that it has discontinued its airport lounge service in India. However, the company's other domestic services, as well as global lounge business, will continue to operate as normal. The company did not provide any further details, but said that the move would have an impact. Dreamfolks began to face challenges when airport operators decided to directly offer lounge access. In August, three of the company's customers -- Encalm Hospitality Adani Digital, and Semolina Kitchens - had been notified that they were going to be unable to continue their business. They would terminate their contracts It is also expanding its focus on the global lounge business. Dreamfolks announced earlier in July that it would be discontinuing some programs for Axis Bank clients and ICICI Bank customers. Dreamfolks said on Tuesday that its contracts with customers are active, and that there are ongoing discussions to explore alternatives services for clients. In 2025, its shares will be down by 65%.
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The U.S. restores Hungary to full status under the visa waiver program
Trump's administration announced on Tuesday that the United States had fully restored Hungary’s status as a visa-free country after the Hungarian Government took steps to address its security vulnerabilities. This decision is one the first tangible evidences of improved relations between President Donald Trump and the Hungarian government. Hungarian Prime Minster Viktor Orban is a long-time Trump ally. Visa Waiver Program allows citizens of about 40 countries to visit the United States without a Visa for a stay up to 90 Days. In 2021, U.S. Homeland Security Department revoked all electronic approvals already issued to Hungarian passport holders who were born outside Hungary, and continued to reject new applications from Hungarian applicants. The Biden Administration reduced, in August 2023 the validity period of Hungarian travellers from two to one year. They also limited electronic approvals to only one use. The restrictions placed by the previous administration on Tuesday have been lifted, DHS stated. "Now that Hungary has taken the actions requested by the U.S. Government to address security weaknesses, the restrictions imposed from the previous administration are no longer in place," DHS added. Orban and Trump may have a good personal relationship, but the relations between their countries are not free of friction. Orban's country, which is a member of the European Union, had hoped to have a broad-ranging Economic agreement It has yet to materialize. The U.S. On July 27, a framework agreement that imposed a 15 percent import tariff on the majority of EU goods was signed, averting an even bigger trade war. The deal was not without its flaws. Hungary, because its auto exports had previously been subject to a 2.5% tariff. Hungary is also heavily dependent on Russian crude and gas supplies. Trump's policies are not helping. Pressuring The EU should accelerate its efforts to stop all energy imports coming from Russia. Orban's antiimmigration policy has also earned the admiration of MAGA circles within the United States. Orban welcomed Trump's earlier decision to close USAID, which is the U.S. main foreign aid agency.
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Sources say that the Permian pipelines of Plains All American in Texas are facing quality problems.
Plains All American crude oil pipelines connecting the Permian basin to Corpus Christi's export hub, Texas, are experiencing quality problems due to high levels of mercaptans or naturally occurring sulfur compounds. This is according to sources who have been familiar with this matter, and an official notice. Plains, which has pipelines along the Gulf Coast, will begin charging a fee of a half dollar per barrel that does not meet the mercaptan specification. This is according to an notice sent to shippers and two sources. Sources requested anonymity in order to discuss confidential data. Plains didn't immediately respond to our request for comment. One source said that the quality issues may force Gulf Coast refiners to look for alternatives, particularly those in South Texas' Corpus Christi area, in order to obtain Midland crude oil from the Permian, which is delivered via the affected Plains pipelines. Plains is still trying identify the source of the contamination. It is therefore too early to say if this will have an impact on U.S. crude oil exports. According to the port website, Corpus Christi exports over 2 million barrels per day of crude oil. Plains has interests in several long-haul oil pipelines, which move roughly 2.1 million barrels per day (bpd) of crude out of the Permian basin to Corpus Christi, and then to Cushing, Oklahoma, the storage hub. Shariq Khan and Nicole Jao reported; Emelia Sithole Matarise, Liz Hampton, and Franklin Paul edited.
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Oil prices increase as the market considers Russia's supply risk and US rate decision
Oil prices rose Tuesday, as markets considered a possible disruption in supplies from Russia as a result of Ukrainian drone attacks against its ports and refineries. They also weighed the possibility of a U.S. interest rate cut. Brent crude futures rose 53 cents or 0.8% to $67.97 per barrel at 1221 GMT. U.S. West Texas Intermediate Crude was $63.93, an increase of 63 cents or 1%. Brent crude settled at $67.44 on Monday, up 45 cents, and WTI closed 61 cents higher, at $63.30. Three industry sources reported on Tuesday that the Russian oil pipeline monopoly Transneft warned its producers they might have to reduce production following Ukraine's drone strikes on key export ports and refineries. Ukraine intensified its attacks on Russia's infrastructure to undermine Moscow's military capabilities as the talks to end the conflict have stagnated. Analysts at JP Morgan said that an attack on a terminal such as Primorsk would have a greater impact on Russia's ability sell oil overseas, and thus affect export markets. They said that "More important, the attack indicates a growing willingness of international oil markets to be disrupted, which could add upward pressure on oil price." Goldman Sachs estimates the Ukrainian attacks has taken out approximately 300,000 barrels of Russian refining capability per day in August and this month. The bank stated that "while the uncertainty surrounding secondary tariffs and other sanctions remains high, it is only reasonable to assume a modestly lower Russian output as Asian buyers continue signaling their willingness to import Russian oil." U.S. Treasury secretary Scott Bessent said on Monday that the government will not impose any additional tariffs on Chinese products to encourage China's halting of purchases of Russian crude oil, unless European countries impose their own duties on China and India, which are the largest buyers of Russian crude. Investors are also watching the U.S. Federal Reserve meeting on September 16-17, where the bank is expected to reduce interest rates. Analysts were cautious about the state of the U.S. overall economy, despite the fact that lower borrowing costs usually boost fuel demand. The markets also factored in the possibility of a decline in crude inventories in the U.S. during the last week. Official data is expected to be released on Wednesday, 1430 GMT. In a note to clients, Macquarie Group's energy strategist Walt Chancellor said that U.S. crude stocks likely dropped by 6.4 million barrels in the week ending September 12 after a build of 3.9 million a week before. According to a poll conducted on Monday, analysts predicted that U.S. crude and gasoline inventories would have decreased last week while distillate stocks were likely to rise. (Anjana Anil contributed additional reporting from Bengaluru, and Trixie Yap contributed editing in Singapore. Alex Richardson and Joe Bavier edited the article.
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Sources say that Russia is close to reducing oil production due to drone attacks
Three industry sources reported on Tuesday that the Russian oil pipeline monopoly Transneft warned its producers that they might have to reduce production following Ukraine's drone strikes on key export ports and refineries. Since August, Kyiv has intensified its attacks on Russian energy assets in an effort to hinder Moscow's war efforts in Ukraine and to reduce the Kremlin revenues. This is because attempts to end the conflict by means of peace talks have failed. Over the last decade, oil and gas revenues accounted for a third to half of the total budget revenue of the Russian federal government. This makes the sector the most important source for financing the government. Ukrainian officials and Russian sources claim that drones from Ukraine have damaged Russia's two most important Baltic Sea ports, Ust-Luga & Primorsk. This has reduced Russia's refinery capacity by nearly a fifth. The Russian authorities have not commented publicly on the extent of damage or the impact on production or exports. Two industry sources from Russian oil companies said that Transneft has recently restricted the ability of oil firms to store oil on its pipeline system. Transneft warned that it might have to accept less crude if its infrastructure suffers more damage, according to the two sources. Two sources familiar with oil pumping operations and a third who is also aware of the attacks said that they could eventually force Russia to cut its output. Russia accounts for 9% global oil production. Three sources requested anonymity due to the sensitive nature of the subject. Transneft has not responded to requests for comment. What are the fastest working sanctions for drone strikes? The West has been imposing successive waves of sanctions against Russia for its invasion of Ukraine. They have focused heavily on the oil and gas industry. Moscow has rerouted most of its oil exports into Asia, where India & China are the main buyers. The first time that the war started in 2022, Ukrainian drones struck Russia's largest oil port, Primorsk, forcing the temporary shutdown of operations. Primorsk can export up to 1 million barrels per day of oil, which is more than 10% the total Russian oil production. The Ukrainian president Volodymyr Zelenskiy stated that the strikes caused significant damage, and called the attacks on Russian oil pipelines "the sanctions which work the fastest". Could not verify the extent to which the strikes caused damage. Russia, unlike the leading OPEC producer Saudi Arabia does not have a significant capacity to store oil. Primorsk resumed partial operations on Saturday. However, it is unclear how long the repairs will take. According to industry sources, Russian oil exports have already been affected by another drone attack on the Ust-Luga Oil Terminal in the Baltic Sea that occurred in August. Since April, the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia – a group that is known as OPEC+ – have increased production after years of cutting back to support the oil market. According to the latest OPEC+ deal, Russia's oil output quota will rise to 9,449 million barrels of oil per day in September from 9,344 million bpd last month. J.P. Morgan, a U.S.-based bank, said that limited storage capacity was threatening Russia's ability for it to increase oil production. Goldman Sachs said that refinery outages will have a negative impact on production because of the congestion in crude storage caused by lower refinery runs. Both banks stated that production would only decline modestly, as Asian buyers were still interested in Russian crude. (Reporting and Editing by Joe Bavier).
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Serbia charges 13 people for the roof collapse of a railway station that killed 16.
The Serbian prosecutor indicted on Tuesday 13 people including a former Minister for their roles in the collapse of a railway station's roof last year, which killed 16 people. This incident sparked months of anti-government demonstrations across Serbia. The prosecutor's offices in Novi Sad and Novi Sad announced that the former construction, infrastructure, and transport minister Goranvesic, along with 12 others including his aide, and the head of the railway company, had been indicted for public safety offenses. Indictment included "using the station building even though construction was in progress and no permit had been issued (to keep it in use)," the statement stated. The charges include "failure of maintenance of the structure of station building and criminal offenses during the design phase and execution of the renovation of Novi Sad Railway Station Building." A court must verify the indictment. The protests in Serbia, which followed the collapse of the roof, and the university closures, have shaken the government of President Aleksandar Vucic. A former ultranationalist, Vucic converted to the cause for EU membership in 2008. They demand that Vucic, and his party, be removed from power within 13 years. They accuse Vucic, and his allies, of having ties with organised crime and violence against rivals. Vucic denies these accusations. (Reporting and editing by Ivana Skularac)
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Maguire: UK gas traders must be aware of the weather this winter.
Wind speeds in the UK this autumn and winter could have a major impact on the UK gas market, and even the gas and power markets of Europe. If the wind farm output continues to be below normal, it could lead to a sharp increase in gas consumption by UK power companies heading into winter. Gas supplies will likely become tighter and gas prices higher. The UK could export more gas and electricity during Europe's peak gas period in winter if wind power production increases. SUB-PAR FOR WIND 2025... SUB-PAR 2025 FOR WIND... Ember data shows that the monthly UK wind electricity production fell below the output total of the previous year during six of first eight months 2025. The total wind power output in the first six months of this year is just under 48 terawatt-hours (TWh). This is 8.3%, or 4.3 TWh, less than what was produced during the same period in 2024. Wind farms accounted for the lowest percentage of electricity generated in the UK since 2022. In the UK, wind farms produced 31.9% (or about 35% of utility-scale) electricity from January to August. This compares to almost 35% in the same period in 2024. GAS OFFSET Gas-fired electricity generation in the UK increased by 17.5% compared to the same period last year and reached its highest level in two years. The UK's final coal-fired plant was shut down in September last year. This helped to boost gas-fired production this year. It also resulted in the highest total power generation ever recorded from UK diesel-fired stations. Gas-fired electricity accounted for 33% in the UK, up from 29% during the same period of 2024. Gas will continue to be the main source of power dispatchable in the UK, particularly during times when wind farm output is intermittent and falls short of expectations. LSEG data shows that gas will be the main source of heating for the UK power sector during the upcoming cold spells. Temperatures are expected to continue trending lower, but remain above the long-term norm in the next month. Seasonal Upwings As we move into the last months of the calendar year, both wind and gas tend to increase. The wind speed at the turbines increases with the change in season, which has historically led to a dramatic increase in the production of wind electricity. Ember data show that between 2019 and 2024 the UK's wind electricity production during the last three months of the calendar year increased by 65% on average compared to what was produced during the quarter from July to September. The share of wind power in the UK's generation mix has also traditionally increased as the year progresses. It went from an average of 30% per month at the beginning of the year, to close to 40% by the end of winter. UK fossil fuel power plant generation also increases from mid-year to winter. The total amount of fossil fuel electricity generated between 2019 and 2024 is expected to be 18% higher than during the summer months, due to the increased demand for heating during winter. In the past, gas and coal-fired plants have been cranked to produce more power, but now that the UK coal plants are closed, gas plants will be doing the bulk of the heavy lifting in the winter. TIGHT STOCKS The volume of gas available during sudden cold snaps that trigger an increase in demand will be a major constraint to the UK's gas generation capacity during the winter. The UK relies on its own pipeline network and exporter nations to supply its gas. It does not keep a lot of inventory in its domestic storage tanks. The UK power system will likely consume more gas during peak demand times, due to the absence of backup coal plants after 2024. This will put pressure on the existing gas supply network during unexpected spikes in demand, and cause a regular reduction of existing stocks. The stock drawdown has already been apparent this year. Average inventories between January 1 and September 15 were 41% lower than the same period in 2020, the lowest since the 2021. Gas traders traditionally stock up in September and October before the winter rush. This year, you still have plenty of time to do so. And power companies can rely on wind farms for a greater supply of power to meet any additional load requirement during cold, breezy days. Some power providers may worry that UK wind output will remain below the year-earlier level for the remainder of 2025 and that more gas generation may be required to balance system requirements. Gas traders could see a consistent increase in gas demand throughout the year. They may also experience periods of higher gas demand when power demand spikes due to cold snaps. Gas traders need to be more aware of the impact that wind farms will have on gas consumption. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Kuwait Petroleum Corp tries to revive a pipeline lease-leaseback agreement
Kuwait's national oil company announced on Tuesday that it is looking to revive the project of leasing out its crude oil pipelines and then leasing them back. Kuwait joins Gulf counterparts like Saudi Arabia and United Arab Emirates who are leveraging private capital to acquire strategic energy assets. Media reports last week citing sources familiar with the situation said that the company was considering leasing a part of its network to fund an investment plan covering everything from upstream and petrochemicals. Kuwait Petroleum Corp, at a forum in Kuwait on Tuesday, did not disclose figures. This move is similar to the lease-and-leaseback deals made in recent years by Saudi Aramco and Abu Dhabi National Oil Company, as well as Bahrain's Bapco Energies. These deals offer upfront cash for the payment of tariffs over time. Kuwait's official news agency reported earlier this month that BlackRock will open a Kuwait office and have appointed Ali AlQadhi as the head of operations. BlackRock's involvement in the potential KPC deal was not immediately apparent. BlackRock did no respond immediately to a comment request. Kuwait Petroleum Corp announced in late 2023 that it would spend $410 billion between 2023 and 2040 to implement a strategy aimed at increasing production to 4 million barrels of oil per day. Kuwait Gulf Oil Company (KPC), a KPC-owned subsidiary that operates in the Neutral Zone, shared with Saudi Arabia has made significant progress in the Dorra Gas Field Project in partnership with Saudi Aramco. Initial engineering designs have been completed, KPC said at the forum. Kuwait also wants to implement a program to drill offshore oil explorations wells as part of an overall push to increase reserves and production capability. Reporting by Ahmed Hegagy. Writing by Tala RAMAdan and Sarah El Safty. Editing by Kirby Donovan and Ros Russel.
Sources say that STS transfers have helped to boost Russian Arctic oil exports from China.
According to traders and Vortexa data, Russia's Arctic Oil exports to China will rise dramatically this month. This is due to a surge in ship-to -ship transfers on the seas to ensure that tankers arriving at ports are not listed as U.S. sanctioned ships.
In January, the U.S. imposed broader sanctions on all crude oil tankers such as ARCO, Novy Port, and Russian producer Gazprom.
According to traders and Vortexa Senior Analyst Emma Li, to avoid the curbs, STS transfers of cargoes take place in international waters near Singapore and Malaysia, where cargoes will be loaded onto Very Large Crude Carriers that aren't subject to sanctions, before heading to Chinese ports.
Li estimated that at least 4 million barrels Arctic oil finished STS last month and 16 millions more are arriving, or will arrive in the South China Sea, this month.
She added that China's Arctic Oil imports have risen due to the abundance of oil. However, the final volume will depend on logistical hurdles and whether Chinese refiners show interest in buying it.
Gazprom, the Russian oil exporter, did not respond immediately to a request for a comment.
Vortexa reports that China imported Arctic oil from Russia at an average of 25,000 barrels a day (bpd) in March.
China has stated that it is opposed to unilateral sanctions imposed by the United States and other countries in order to curb Russian, Iranian and Venezuelan energy revenues.
According to one trader STS transfers have been used because Chinese buyers are wary about secondary sanctions, and willing to pay more for STS cargoes.
Kpler data show that the VLCC Atila, for example, loaded 2,07 million barrels ARCO in March from two tankers sanctioned in Singapore waters and delivered the cargo in April to China's Dongying port in eastern Shandong Province.
Atila has previously been involved in STS transfers of Iranian oil.
Arctic grades, ARCO, Novy Port and Varandey, are produced in Russia’s northern regions where harsh winter weather impacts production and oil project investments require huge investment.
It is difficult to track the exports of these grades because they are usually shipped from oilfields into floating storage in Murmansk, and then sent to end users.
The STS adds to the shipping costs. The North Sea Route to China (NSR), the shorter route, is closed until July.
One trader stated that the route was very expensive and long. "The only solution is to evacuate the barrels."
The traders stated that light Arctic oil was offered at a discount to Brent benchmark prices. Previously, it had been sold at a premium.
Some of the Arctic oil cargoes will not be able to find a new home anytime soon, as they are currently being stored on vessels.
LSEG data shows that the tanker Fast Kathy, for example, loaded Arctic oil at Murmansk in March and has been cruising off Port Said (Egypt) since April 9.
Traders said that India, which was previously the largest buyer of Arctic oil due to sanctions has reduced purchases. Traders said that the majority of Arctic oil sold to India by Litasco is Varandey, supplied by Russia's Lukoil.
Lukoil didn't immediately respond to our request for comment.
The Indian authorities have banned a tanker, carrying a cargo of Russian crude oil, from conducting an STS operation near the port of Mumbai.
Myanmar and Syria are also Arctic oil buyers. Myanmar received its first shipment of Arctic oil earlier this year.
(source: Reuters)