Latest News
-
Trans Mountain Pipeline reaches agreement with oil shippers over toll dispute
Trans Mountain announced on Tuesday that it had reached an agreement with oil shippers following 18 months of negotiations. Trans Mountain, owned by the Canadian Government, has said that the deal represents "a substantial majority" of the contracted shipping volume and was submitted to Canada Energy Regulator. Trans Mountain has said that as part of the deal it negotiated, it would seek permission from the regulator for an increase in the percentage of its total capacity contracted, from 80% to 90%. That means the proportion of ?the 890,000-barrels-per-day pipeline that is currently reserved for spot shipments ?will drop to ?10% from 20%, if approved. Trans Mountain is Canada's sole east-west oil pipe, providing direct access to China as well as other Asian markets. This is at a time when Canada is looking to diversify its oil exports and move away from the United States. The Canadian government completed a major expansion of the pipeline in 2024. However,?oil firms have protested against the increased?tolls that Trans?Mountain charges to cover the cost overruns on the C$34 billion project. Trans Mountain - which has proposed to add up to '300,000 BPD of capacity by 2028 through various optimizations projects - announced on Tuesday that it will launch an open'season' on July 13, allowing shippers to bid for 90,000 BPD of this new capacity, expected to be available before the end of the year. (Reporting and Editing by Bill Berkrot.)
-
After a technical problem, a cargo plane with five people on board lost contact near Karachi
Five crew members aboard a Pakistan registered Boeing 737 cargo aircraft lost contact with air traffic control on Tuesday night after reporting a navigational problem while on the way from Sharjah, Pakistan to Karachi. This prompted search and rescue efforts, according to Pakistan aviation authorities. Pakistan Airports Authority reported on Facebook that the 27-year old aircraft, operated by K2 Airways?, had a navigational issue?at 2118 Pakistan Standard Time? (1618 GMT), while flying towards?Karachi. The authority stated that local air traffic control attempted to guide the aircraft, but after three minutes, radar systems showed the aircraft rapidly descending and communication was lost. According to the statement, the flight was 155 nautical mile west of Karachi. Flightradar24, a flight tracking service, said on X that preliminary data indicates a possible accident in the sea southwest of Karachi. Geo News, a local Pakistani media outlet, reported that the?aircraft disappeared while flying near Ormara?in Balochistan. K2 Airways and Boeing didn't?immediately reply to a request for comment. Reporting by Mrinmay Dey from Mexico City, and MubasherBukhari from Lahore. Editing and rewriting by Franklin Paul and Deepababington.
-
Norfolk Southern and Union Pacific defend proposed $85 Billion Merger
Union Pacific and Norfolk Southern have told an U.S. government agency that they are willing to sell?stakes? in smaller railroads, as part of the $85 billion proposed?merger. The deal will create the first U.S. coast to coast?freight railroad?operator. Union Pacific and Norfolk Southern have said that they will not be able to control the Terminal Railroad Association of St. Louis, Kansas City Terminal Railway or TTX Company following the merger. The railroads, which are owned jointly with other major carriers, are operated by independent management. Union Pacific and Norfolk Southern have said that they will divest their ownership in these smaller lines, if ordered by the Surface Transportation Board. They claim that other major carriers use the smaller railroads to delay or stop the merger, in particular?TRRA. Union Pacific and Norfolk Southern have stated that they plan to complete the transaction in the first half of 2027. The carriers claim that the deal will save shippers approximately $3.5 billion per year, improve service reliability and divert freight away from trucks onto rails, while retaining shipper options, as well as deliver broad public benefits, all while protecting union jobs. Attorneys general in several states, as well as freight shippers, who are concerned about higher rates, raised concerns regarding the merger. Railroads predicted that the new network would take?approximately 2,1 million trucks off of the road. This will result in savings for consumers. The deal could reshape America's freight rail sector, allowing for a more efficient operation and reducing interchange delays at hubs such as Chicago. The opposition to the deal is still active. This includes lobbying efforts from BNSF and Canadian Pacific Kansas City, two major rivals. Donald Trump, who publicly supports the merger, removed Robert Primus from the STB Democratic board, which could oppose the consolidation. He then appointed Republican Patrick Fuchs to the position of chairman. This move was seen as a way for the regulator to be more open-minded about approving the deal. (Reporting and editing by David Shepardson, Sabrina Valle)
-
Panama Canal could reduce Neopanamax draft from 44 feet to 44 inches in 2027 according to incoming official
At a Tuesday event, the Panama Canal Authority (ACP), the new administrator, Ilya Espino, said that the ACP could reduce the maximum vessel draft for its largest locks from 44 feet to 44 feet in the summer of 2027 depending on rainfall levels. She added that the canal does not plan to reduce the number of vessels allowed to transit each day. As part of its water conservation measures, the authority said that it would reduce the maximum draft for ships transiting through its larger "Neopanamax" locks. The authority informed shippers that the maximum draft would be reduced by 49.5 feet from July 3 to 49 feet on?July 24?and to 48.5 feet in August 15 as part of water-conservation measures. These measures are part of a water management strategy to protect operations from the threat of El Nino later in this year. The draft restrictions will limit the depth of the water that vessels can sit, forcing some ships to reduce their cargo before transiting the Canal. Espino said that the authority, which is expected to assume the post from?2026-2033, was still assessing the anticipated rainfall levels. She said: "We need to prepare for the summer of next year." If El Nino impacts rainfall through December we could end up with a situation similar to?2023. A severe drought in that year forced the canal authorities to drastically reduce the vessel?draft limit and the traffic on the waterway. The Middle East conflict has caused disruptions to?shipping in the Suez Canal, which have increased demand for a?passage via Panama this year. Espino stated that the canal 'currently handles 36 to 37 transits daily through its locks compared to 40 to 41 transits a few months ago. (Reporting and editing by Elida Moreno, Marianna Parraga)
-
US airline fuel costs rose by $3 billion to $1.5 billion in May
Fuel costs in the?U.S. Fuel costs for?U.S. In May 2025, airlines spent $3.62 Billion on fuel, compared to $6.66 Billion in the same month of this year. USDOT said that the cost of fuel per gallon in May was $4.09 - up $1.88 from May 2025. In recent weeks, jet fuel prices have dropped sharply as tensions between Iran and the United States eased. Fuel prices in April rose by 80%, to $6.5 billion. The price of jet fuel is?down by around 40% compared to their April highs, but the oil price rose on Tuesday more than 2% after reports of attacks against vessels near the Strait of Hormuz rekindled fears of "disruptions" in shipping along the vital energy transit route. The cost of air travel has risen significantly since the Iran 'war' began. However, it is not yet down as a result of falling jet fuel prices. U.S. Airlines raised ticket prices, added bag fees and cut schedules as fuel costs rose. However, these steps offset only a portion of the increase. About 80% of domestic flights in the United States are operated by Delta Air Lines, United Airlines?American Airlines, and Southwest Airlines.
-
Sources say that the discount for Urals crude in India has risen to $10 or more per barrel.
Three sources claim that discounts for Russian Urals crude have increased to more than $10 per barrel in Indian ports due to a weaker refinery demand and a large supply of alternative products. Between March and June, Urals traded at a higher price than Brent on its two main markets of India and China. This was due to supply disruptions caused by the Middle East conflict. Sources said that the support for Russian crude has waned, as Middle East producers and Iran have resumed exports. This leaves Asian refiners with a variety of options, as well a cooling in demand. Sources said that Urals cargoes scheduled for delivery in August to India were recently trading at discounts of up to $10 per barrel, which is close to the highest levels seen and comparable to those before the Iran conflict. Two sources claim that weak Chinese purchases - as it increased its oil purchases in the Middle East - have also affected the Urals price. China and India account for the majority of Russia's crude oil exports. As a result of the Ukrainian drone attack on refinery infrastructure, Russia has increased Urals exports to record highs. (Nidhi in NEW DELHI; reporters in MOSCOW, editing by Joe Bavier.)
-
Sleepless Ukrainians are wondering when Russia will strike next
Diana Bobrovska, a Kyiv resident, was so worried about a Russian air strike on her neighbourhood following a devastating strike?on Monday she spent a 2nd night "sheltering" with her 2-year old son. The 31-year old said, "Two night without sleep is difficult," standing next to the wreckage of the apartment building that was ripped apart in the attack. "Plus, the nerves -- it's very bad to be honest." Bobrovska, and other witnesses at the scene - where eight victims were killed in their homes – said that they expect strikes to get worse as Russia takes advantage of Ukraine's critical lack of U.S. made interceptors. The air defences failed to intercept any of the 23 missiles fired by Russia in the attack on Kyiv, and the surrounding area overnight. This attack resulted in the death of 25 people. Serhii Beksrestnov, a defence ministry adviser, said on local TV that Ukraine has effectively "run out" of Patriot missiles required to intercept ballistic projectsiles. Volodymyr Zelenskiy, the Ukrainian president, has repeatedly asked allies for more Patriot missiles. He will ask this question again at NATO's summit in Turkey next week. According to data from the air force, in July, only 'four' of 49 ballistic rockets fired by Russia were shot down. In recent months, Russia has intensified its air war against Ukraine as its ground forces struggled on the battlefield while also being attacked by Ukrainians on its oil and military industry. 'IT'S GOING TO GET WORSE' Roman Starostyshyn lives just a few steps from the destroyed building in Kyiv. He recalled that on Monday, a series explosions shook his home and it sounded as though he heard "the smash of a hammer". If the attacks get worse, he said, he might consider moving his entire family out of city. Starostyshyn said that it would get worse before getting better. "I think the darkest period is before dawn and we may still be in for a dark time," said Starostyshyn, a doctor. Vladimir Putin said that he would continue his war despite Russia's increasing?difficulties. Moscow wants Kyiv to cede its eastern 'Donetsk Region' that it has not been able to conquer after four years of war. Donald Trump, the U.S. president, has spoken to both Zelenskiy and Putin. He said on Tuesday in Ankara that he believes the war can be "settled soon". Anastasia Rybak, 32, who is on maternity leave and whose husband serves, was defiant during what she called a "Russian Roulette" of attacks. She said, "You may leave the country but I will not." "Our country is a country." (Written by Dan Peleschuk, edited by Daniel Flynn and Barbara Lewis).
-
Canada - 7 July
These are some of the most popular stories in selected Canadian newspapers. The?newspapers have not?verified?all of these stories and?doesn't?vouch? for their accuracy. THE GLOBE AND MAIL BP agreed to sell its share in the Bay du 'Nord offshore project in Canada to partner 'Equinor, as the British energy giant sharpens its focus on opportunities with higher returns. The federal government will invest hundreds of millions of dollars in the 'Teck Resources' trail metals complex in British Columbia in order to increase production of germanium. This is part of a move to strengthen North American supplies of defence metallurgy. Air Canada has again reduced flights to the United States. High jet fuel prices and a lower demand for trips southward are to blame. NATIONAL POST The Bank of Nova Scotia will 'team up with Lightworks Sun Life, and TELUS in order to build and share infrastructure that would help them deploy AI technology more quickly, safely, and at lower costs. (Compiled by Bengaluru Newsroom)
South Sudan oil ban relaxed after BB Energy awarded 3 cargoes
The BB Energy commodities trading company has announced that it will relax a court order against South Sudan's prepayments of oil. showed.
The?agreement follows BB Energy being awarded three crude oil cargoes between August and November, according to the company. It is the latest step in the legal challenge it has brought against South Sudan for allegedly failing to deliver the oil that BB Energy paid for. According to a consent ordered filed on July 3, BB Energy received?600,000.0-barrels of Dar Blend crude for August and November, and a Nile 'Blend cargo the same size for September.
The agreement allows prepayments for South Sudan Dar and Nile Blend Oil under certain conditions, except if BB Energy receives the cargoes.
In consideration of?these award, BB Energy agreed to relax existing injunctions that prevented the Republic of South Sudan accepting advance payments for crude-oil cargoes," a spokesperson from the company said. The relaxation will remain in place until November 30.
Court documents confirmed the agreement. London's High Court ruled first in May that South Sudan'may not enter any new prepayment contract for Dar Blend - or Nile Blend - crude oil until it clears outstanding debts with BB energy and pending further proceedings.
BB Energy stated that the three 'cargoes' will help to pay down the outstanding amount owed by BB Energy. The amount of oil or cash outstanding was not specified. BB Energy shipped a 'first cargo' in February of this?year, as part of a prepayment contract for 2025.
BB Energy stated that the multi-party legal problem was resolved by discussions with Republic of South Sudan, other market participants and BB Energy.
(source: Reuters)