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In May, Asia's fuel imports from Iraq reached a 4-month high.
According to analysts, trade sources and Kpler data, Asia's fuel imports from Iraq reached a four-month peak in May, as high refining margins increased output and exports. Baghdad's crude oil shipments are being cut to meet its commitments to OPEC+. Kpler data shows that Asia's fuel imports from Iraq reached 910,000 metric tonnes (or 186,400 barrels per day) during May. This was the highest level since January, and was up more than 40% from the month before. The Iraqi State Oil Company SOMO has not responded to a comment request. The surge in Iraqi exports follows a record-high increase in the refining premiums for Dubai crude oil, which reached 380-cst last month. A Singapore-based fuel oil dealer said that the cargoes were sent to Singapore for blending into the bunker pool, as demand for HSFO is low at Asian refineries. Iraqi fuel oil has a high sulphur content and can be refined into products with a better value by refiners or blended into marine fuel by traders to be used by ships. Iraqi fuel oil exports have increased in recent years. They reached a new annual high last. Trade sources reported that the supply influx in recent months has impacted Singapore HSFO bunker price and reduced profits for bunker suppliers, as ex-wharf 380cst spot bunker differentials have fallen to discounts on fuel oil quotations. The seller must transport the bunker fuel to the wharf. This is the dock, or terminal where the cargo can be loaded and unloaded. Analysts and traders said that Iraqi shipments will drop in the next few months, as refiners have reduced their margins on producing high-sulphur oil (HSFO), while demand for electricity in Iraq is expected to increase in the summer. Palash Jain is a Middle East oil market analyst at FGE. He said that export volumes will likely decline if economic conditions worsen. He added that Iraq will burn more liquid fuels to generate electricity in the summer months than last year. Based on LSEG data, the refining margins for HSFO are now closer to parity with crude prices.
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US Senate committee considers nomination of Republic Airways CEO as FAA head
The U.S. Senate Commerce Committee announced on Wednesday that it will hold an 11th of June hearing to discuss President Donald Trump's nominee for the Federal Aviation Administration, Bryan Bedford, CEO of Republic Airways. Bedford, an industry veteran with more than 30 year's experience, was nominated for the position in March. He previously led two other carriers, and oversaw significant expansions of Republic Airways which operates regional flights on behalf of American Airlines, United Airlines, and Delta Air Lines. Republic, based in Indiana, is one of North America's largest regional airlines. It operates a fleet of over 200 Embraer aircraft and 900 flights per day in the United States of America and Canada. Mesa Air Group and Republic agreed to merge in April as part of an all-stock transaction. Transportation Secretary Sean Duffy asked Congress to provide tens billions of dollars for the modernization of an aging U.S. Air Traffic Control System to alleviate airport congestion, flight delay and a lack of 3,500 certified air traffic controllers. Years of problems have plagued the FAA's air-traffic control network. But a series of high-profile incidents, near-misses, and a January crash involving a PSA Airlines-operated American Airlines regional aircraft and an Army helicopter that killed 67 people prompted new calls to action. The next FAA administrator faces challenges in overseeing Boeing, and determining when to lift a cap on production of 737 MAX planes at 38 per month, imposed following a mid-air emergency that occurred in January 2024. Last month, the FAA convened a task force to address an emergency and take urgent action to prevent further telecom outages in Newark's air traffic control facility. Three incidents had shaken public trust and caused hundreds of flight disruptions. On April 28, controllers who were overseeing planes near Manhattan's busy airport lost contact with them for 90 seconds. This incident was alarming. The FAA reduced the number of flights at Newark to 28 arrivals per hour and 28 departures an hour until runway construction is complete. Duffy wants to see new funding allocated to airport equipment that will prevent near miss incidents, and to create new incentives for air traffic controllers to increase their hiring and retention. At least $31 billion has been requested by airlines and other parties. The U.S. House of Representatives has passed legislation which includes $12,5 billion in initial expenditures on air traffic reform. This includes $2.5 billion to replace air traffic towers and contract-towers. Reporting by David Shepardson, Editing by Jacqueline Wong & Jamie Freed
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US Senate panel wants to reduce funds for climate and clean energy that are not being used
A proposal from the Senate Environment Committee, submitted on Wednesday, would cut all funds not spent for climate and clean-energy programs that were allocated under the former U.S. president Joe Biden's Inflation Reduction Act. The panel has released a draft budget reconciliation that would cancel all unspent funds, and create a charge that energy project developers like oil wells and pipelines could pay to expedite environmental reviews. The budget reconciliation text of the Environment and Public Works Committee would repeal all sections from the 2022 IRA that Biden signed. The 2022 IRA provided billions in grants, loans, and incentives to promote clean energy and electric cars. But under the plan of the Senate panel, all unspent funds will be revoked. The Republican Chair of the EPW Committee, West Virginia Senator Shelley Moore Capito said, "This legislation text sets in motion plans which Senate Republicans promised to take. For example, it stops Democrats' natural-gas tax and removes unobligated funds from the so called Inflation Reduction Act." Senate Republicans are battling to make substantial changes to the sweeping tax-and-spending bill of President Donald Trump, which was narrowly approved by the House of Representatives in late November. This is a sign of the significant obstacles that remain for this package. Some Republican Senators said that they were interested in preserving the IRA tax credits which were weakened by the House Bill because they benefit investment in their state. This measure would also suspend for 10 years the fee on oil and gas operators for methane emissions included in Biden’s law. The bill would also provide over $250 million for the repair of the Kennedy Center for the Arts, Washington. (Reporting and editing by David Gregorio; Valerie Volcovici)
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US Senate committee considers nomination of Republic CEO as FAA head
The U.S. Senate Commerce Committee is holding a hearing on June 11, 2018 to discuss President Donald Trump's nomination for Bryan Bedford, CEO of Republic Airways, as the new head of the Federal Aviation Administration. Bedford, who has been in the aviation industry for more than 30 year, was previously head of two other carriers, and he oversaw an expansion of Republic Airways. Transportation Secretary Sean Duffy asked Congress to provide tens billions of dollars for the modernization of the U.S. Air Traffic Control System to alleviate airport congestion, flight delay and a lack of 3,500 certified air traffic controllers. It has taken years for the FAA to fix its air traffic control system. But a series of high-profile accidents, near-misses, and a January crash involving an American Airlines Regional Jet and an Army Helicopter that killed 67 people prompted new demands. (Reporting and editing by Jacqueline Wong; reporting by David Shepardson)
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CBS News reports that Trump intends to end the TSA's "Quiet Skies" program.
A CBS News reporter told X on Wednesday that President Donald Trump intends to end the Transportation Security Administration’s “Quiet Skies” surveillance program. The source was unidentified. CBS reported that the closure of this program could happen as soon as Thursday, as officials have been discussing how to close it without compromising security. The TSA declined comment. The White House and Department of Homeland Security didn't immediately respond to requests for comments. Earlier this year, some Republican legislators had questioned the program when U.S. director of national intelligence Tulsi Gabriel was put on its watchlist. CBS reported on Tuesday that Senator Jeanne Shaheen’s husband had been placed on a list for 2023, but was taken off after she met with the TSA director at the time. CBS reports that the program uses analysts and undercover air marshals who identify and monitor passengers in airports and on flights who may pose a threat to security. CBS stated that it is unclear whether program staffers will be transferred to other departments within the administration, or if air marshals work will continue. (Reporting and editing by Caitlin Freed and Jamie Freed; Christian Martinez)
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A fired NTSB vice-chair sues Trump for removal from office
On Wednesday, the fired vice-chair of the U.S. National Transportation Safety Board filed a lawsuit against President Donald Trump. He claimed that his removal was illegal and would threaten the safety mission of the independent agency. Alvin Brown was the first African American to be elected as mayor of Jacksonville in Florida. He was appointed vice chair by Joe Biden in December after he had joined the five member board in March 2024. Brown's lawsuit, filed in U.S. District Court of Washington, also names the NTSB as well as its Chair Jennifer Homendy. He is seeking a court ruling to allow him to fulfill his duties as board member and to "ensure that the NTSB may resume the work mandated by Congress as Congress intended." The lawsuit stated that his removal would have "significant and detrimental consequences" for the Board's work and the investigation and reporting on major transportation accidents and fatalities. The NTSB refused to comment. The White House didn't immediately respond to an inquiry for comment. The NTSB investigates civil aviation accidents, as well as accidents involving other modes of transport - highways, ships, pipelines, etc. The NTSB investigates all civil aviation accidents as well as significant accidents in other modes of transportation - highway, marine, pipeline?? Brown's lawsuit said Trump could remove a member of a board "only for inefficiency or neglect in duty." Victoria Nugent, a lawyer for Brown said, "at a moment when transportation safety is a top priority, we should strengthen, not weaken, the systems that are meant to protect Americans." Trump has dismissed two Democratic members of his Federal Trade Commission, as well as members of other agencies, including the Merit Systems Protection Board, the National Labor Relations Board and the Federal Election Commission. The U.S. Supreme Court allowed Trump to continue firing two Democratic members from federal labor boards while their legal challenges were pending. This dispute tests Trump's power over independent government agencies. Brown's removal as NTSB chairman came amid increased concern over aviation safety after the mid-air collision between a U.S. Army chopper and an American Airlines regional plane on January 29, which killed 67 people. Sean Duffy, Transportation Secretary, wants Congress to provide tens billions of dollars for a major overhaul of air traffic control in the United States. (Reporting and editing by David Shepardson)
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CANADA-CRUDE-Discount on Western Canada Select heavy crude widens; some oil sands production restarts after wildfire disruptions
On Wednesday, the discount between the North American benchmark West Texas Intermediate (WTI) and Western Canada Select (WCS), widened as some oil sands output that was temporarily halted due to the threat from nearby wildfires this week was restarted. WCS for Hardisty, Alberta delivery in July settled at $9.10 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $9 per barrel below the U.S. standard on Tuesday. As wildfires raged in Canada's oil producing province of Alberta, several oil sands companies evacuated workers to be on the safe side. As a result, about 344,000 barrels of production per day, or 7% of Canada’s average daily crude oil production, were disrupted. Canadian Natural Resources (CNR), Canada's biggest crude producer, has restarted its Jackfish 1 facility and said that it expects to be back at full production by Friday, with approximately 36,500 barrels per day. Martin King, an analyst at RBN Energy, believes that the 238,000 bpd production currently shut down by Cenovus Energy’s Christina Lake oil-sands facility will likely also resume in the near future as the threat to oil sands equipment in the area appears to be lessening. Cenovus has not responded to the request for comment made on Wednesday. King said that the fact that the discount on Canadian Heavy Crude has increased suggests the market is looking beyond the wildfire shutdowns. King said that when the production disruptions were short-lived, barrels could be pulled from storage by the market, which would limit any impact on WCS prices. King stated that there had never been a real threat to the supply of goods in the short term. * Oil prices fell just under 1% globally on Wednesday, after U.S. government data revealed a surprising large increase in gasoline and diesel stocks. OPEC+ is planning to increase production, and trade tensions are clouding the outlook for energy demand.
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AJet, a Turkish airline, will begin flights to Damascus
Turkish Airlines subsidiary AJet announced that it would begin flights to Damascus International Airport in mid-June from Istanbul and Ankara. AJet announced in a press release that flights will begin on 16 June from the Sabiha Gokcen Airport in Istanbul. The flights will begin with four weekly flights, before becoming daily in July. The airline also announced that flights to Damascus will begin on June 17 at three times per week from Ankara, Turkey's capital. Turkish Airlines resumed its flights to Damascus after a 13 year suspension in January. According to the Syrian state news agency SANA, starting on June 10, Syria's flag airline Syrian Air will begin direct flights between Damascus and Istanbul. Turkey, an ally of Damascus' new government, has promised to help rebuild the country. The Turkish Transport Minister said that Ankara had already assisted in the maintenance and improvement of Syria's airfields. Reporting by Ceyda Kaglayan, Additional reporting by Menna al-Din from Cairo; Writing and editing by Ezgi Erkoyun.
SoftBank invests $40 million in Irish fintech Nomupay
Nomupay, an Irish fintech company, announced on Tuesday that it received a $40-million investment from a unit of SoftBank Corp. The investment is valued at $290 million and will help the company expand into Asian countries like Japan.
Nomupay began operations in 2021, after purchasing licenses from Wirecard. The payments company had collapsed in the biggest fraud scandal in Germany since World War II a year before.
Nomupay raised $120 millions since then, and the latest round of $37million in January valued it at $200million.
Peter Burridge, Nomupay's CEO, said: "We will integrate Japanese payment methods provided by SoftBank so that the rest of world can now have access to Japan. Then we will expand together into other markets."
Nomupay, a payment processor that focuses on local and international payments, operates in a market dominated by Stripe and Adyen.
Burridge stated, "We hope to be profitable before the end of this year." Supantha mukherjee reported from Stockholm. Mark Potter (Editing)
(source: Reuters)