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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)
Rubio to take up Trump's Panama gambit, migration crusade in Latam go to
When Marco Rubio shows up in Latin America this weekend on his first foreign trip as Donald Trump's secretary of state, he'll find a region reeling from the new administration's shockandawe approach to diplomacy.
In the first days of Trump's 2nd term, the brand-new president has actually doubled down on his intent to recover the Panama Canal, angered Brazilians by returning migrants in shackles and briefly imposed squashing sanctions and tariffs on Colombia in a tussle over deportee flights.
Rubio's very first stop will be Panama City as the Trump administration shifts back Washington's focus to Latin America, intending to counter the already extensive Chinese influence in the region and stem migration.
The first Latino secretary of state, Rubio has already indicated that the State Department will contribute in assisting Trump achieve his policy to suppress mass migration and the topic will be front and center as he advances to El Salvador, Costa Rica, Guatemala and the Dominican Republic.
The Trump administration has actually stepped up deportations, sending out migrants in military airplane to Latin American nations, including Guatemala. The flights sparked a brief spat with Colombia on Sunday after President Gustavo Petro refused to enable two military airplanes to land, before later on agreeing to send Colombian aircrafts to restore deportees.
Kevin Whitaker, a former U.S. ambassador to Colombia, said Trump's immediate imposition of tariffs as well as rarely utilized sanctions and visa constraints versus Colombia, a longstanding U.S. ally, in action signified to nations in the area how seriously the Trump administration is taking migration.
The message it sent out is how prepared the Trump administration is to use these tools, Whitaker, now at the Atlantic Council think tank, said in a call with press reporters.
Trump has indicated he wants to reassert U.S. dominance over the Western Hemisphere, saying Washington likewise requires to manage Greenland, an autonomous area of Denmark - an aspiration steadfastly rejected by Danish and Greenland officials - alongside his risks over the Panama Canal.
Rubio, the kid of Cuban immigrants and a fluent Spanish speaker, is a longtime hawk on Cuba and Venezuela policy.
During Trump's first term, he was a driving force behind a. rollback of predecessor Barack Obama's historical rapprochement. with Cuba and likewise played a major role in crafting a maximum. pressure campaign against Venezuela, consisting of sweeping. sanctions on the OPEC country's energy sector.
MIGRATION FOCUS
Right away after taking workplace, Trump declared a nationwide. emergency situation at the U.S.-Mexico border, prohibited asylum for people. fleeing conflict in their home countries and issued an order. that efforts to block the children of some immigrants from. ending up being U.S. citizens.
Rubio quickly took up the mantle.
Our diplomatic relations with other nations, especially. in the Western Hemisphere, will focus on securing America's. borders, stopping illegal and destabilizing migration, and. negotiating the repatriation of unlawful immigrants, Rubio stated. in a note setting out his top priorities.
Rubio could utilize his journey to press so-called 3rd nation. contracts, in which countries accept people of other nations. deported by the United States, as well as smoothing the method for. more deportation flights returning migrants to their own. nations, experts said.
Cuba and Venezuela have wintry relations with the U.S. and have actually considerably limited the number of deportees they are. going to accept, so Trump's administration will likely require to. find other countries to accept them-- possibly consisting of some. of the countries on Rubio's itinerary.
These are the locations Trump probably believes he can push. into taking these deportees from other countries, said Will. Freeman, a fellow for Latin America research studies at the Council on. Foreign Relations.
CHINA TENSION
Rubio's talks with Panama will take place in the shadow of. Trump's dangers. The president throughout his inauguration promised. that the United States would reclaim the Panama Canal however has. given no additional details on when or how he intended to recover. the canal - which is the sovereign area of a close partner.
Trump has actually blasted the fees U.S. shipping pays to use. the canal but seems most animated by the participation of a. Chinese company in its operations. The State Department's. representative stated the journey would partly have to do with countering. China in the region.
At his Senate verification hearing earlier this month,. Rubio said it might be argued that the terms of the U.S. arrangement with Panama that the canal can not be committed a. foreign power had been breached since of the participation of. Chinese business.
In reality, a foreign power today possesses through their. companies, which we know are not independent, the ability to. turn the canal into a choke point and a minute of conflict. And. that is a direct threat to the nationwide interest in security of. the United States, Rubio said.
U.S. Senators on Tuesday took part revealing alarm over. China's role in the canal, consisting of a Chinese business's work on. a bridge across the canal, and stated it positions risks to U.S. national security.
The Panamanian government has vehemently denied delivering. operation of the tactical waterway to China and insists it. administers the canal relatively to all shipping.
Isaac Kardon, senior fellow for China research studies at the. Carnegie Endowment for International Peace said he thought. there was area for contract-- something that would satisfy. Trump as a win without being disruptive.
I envision Rubio is going to be far more nuanced and I. think there's a little bit of a good police, bad cop style of. diplomacy underway, Kardon said.
Critics have actually implicated Trump of modern-day imperialism in his. hazards over the canal and Greenland, suggesting such rhetoric. could encourage Russia on its war in Ukraine and provide. validation to China if it decides to invade self-ruled. Taiwan.
China has in recent years gained financial and diplomatic. impact in Central America, where countries including Panama. have in current years stopped acknowledging the democratically. governed island of Taiwan, falling in line with Beijing's view. that Taiwan is China's territory.
(source: Reuters)