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Maguire: A refresher on Russia’s commodities clout before Trump talks
The talks between U.S. president Donald Trump and Russian president Vladimir Putin could be the beginning of Russia's return to the world stage, and the return of its commodities after Moscow was recently isolated internationally. Before its invasion of Ukraine, in 2022 Russia was the leading exporter and supplier of energy products into Europe. This included crude oil, natural gases, coal, aluminum, nickel, and steel. The sanctions imposed by the West on Moscow in 2022 have caused a major disruption of these commodity flows. Russia's gas exports through pipelines fell by half, and its oil shipments were diverted to new markets. Here is a breakdown on where Russia stands in terms of production and exports for some of the most traded commodities around the world. This will give you an idea of potential market impact should relations with Russia resume to normal. GAS CRUNCH The fallout from Russia's invasion in Ukraine has had the greatest impact on natural gas. Russia, the second largest gas exporter and producer in the world, has seen its outbound shipments severely cut after sanctions were imposed by Europe and the United States on Moscow in 2022. Many European nations, including Germany, had secured the majority of their gas supply from Russia. However, they quickly reduced imports by pipeline in an effort to punish Moscow for launching a war. The volume of Russian gas exported via pipeline fell by 38% from 2022 to 2023, as European buyers switched from gas to LNG and other fuels in order to replace the lost supplies. Data from the Energy Institute show that in 2024, Russia will export 108.2 billion cubic metres of pipelines, which is 46% less than 201.3 billion cubic metres exported in the year 2021. In an effort to compensate for the revenue lost from gas pipelines, Russia increased exports of natural gas liquefied. The Russian LNG export volume has risen by around 12% in the last 12 months and reached a record high of 44,3 billion cubic meters in 2024. The lack of pipeline connections to other regions led to an increase in Russian gas inventories in 2022. This in turn sparked a greater use of gas by industry and power companies and sparked ongoing efforts to boost LNG capacity. In 2023, the Russian industry cut production in response to the collapse of the export market. Since then, production has risen to around 630 billion cube metres in 2024. CRUDE DIVERSIONS Russians are the third largest crude oil producers and exporters in the world. This has had a major impact on the crude oil market. The Russian crude oil market has also been hit by a decline in production and exports since 2022. However, exports are down more than the production due to increased domestic stocks. Energy Institute data show that in 2024 the Russian crude oil production was estimated to be 10.75 million barrels per day, a decrease of 4% compared to 2022's output of 11.2 million bpd. In 2024, Russian oil exports totaled just over 7,000,000 bpd. This is a drop of 8% compared to the 7,6,000,000 bpd exported by 2022. The Russian crude oil trade also saw a significant shift in its destinations as traders had to find new homes for their barrels. Exporters had to find new markets for their oil, just as they did with gas. India, a country that has been a strong supporter of Russian oil traders in the past, is now stepping up its purchases as Europe reduces its oil imports. Kpler's commodities intelligence firm shows that India's imports from Russia of crude oil have more than doubled between 2022 and the year 2024. They went from 321 millions barrels to 651,000,000 barrels. Europe's imports from Russia of crude oil dropped 30% between 2022 and 2024. India became the largest market for Russian crude in 2013. China, the second largest Russian crude oil purchaser, bought 460 millions barrels in 2024. This is an increase of 17% over 2022. COAL, METALS & MUCH MORE The war between Russia and Ukraine has also affected the coal markets, since Russia is the world's sixth largest coal producer. It is also the third largest coal exporter. Due to a large fleet of coal-fired plants in Russia, the production of coal has remained largely constant since 2022. Local power companies have been using additional supplies previously exported. The total coal production in Russia is expected to be down around 2.3% by 2024 compared to 2022, and exports are down almost 10%. The competition between Indonesian coal and other producers has squeezed Russian coal off of several international markets. China and India, the two largest coal consumers, have also reduced their demand for coal imports. The Russian Federation is also the world's leading exporter and producer of key metals such as aluminium, nickel and cobalt, which are in high demand across a wide range of industrial and technical applications. Russia is a major producer of diamonds, industrial gases, wheat, barley and other crops. Any rapid resumption of trade between Moscow and international communities will have wide-ranging repercussions. Any further deterioration of relations with Moscow after the upcoming meetings could keep Russia's abundant commodities out-of-reach for many buyers. This would result in tighter global markets. These are the opinions of a columnist who writes 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. 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Air Canada and unions clash despite pleas from the government for a deal to avoid a Saturday strike
Air Canada and its flight attendants remain at odds despite the government's pleas that both sides return to bargaining in order to avoid a strike which would disrupt travel for tens thousands of passengers. Canada's largest airline has announced that it will cancel 500 flights before the strike on Saturday. This leaves 100,000 passengers scrambling to find alternatives. Flightradar showed that Air Canada cancelled 27 flights by 10 pm EDT (0200 GMT Friday). Flight attendants at the carrier are preparing to go on strike on Saturday morning just before 1 am EDT over stagnant contract negotiations on union demands of higher wages and compensations for unpaid labor. The strike will hit Canada's tourism industry during the peak of summer travel and put the Liberal government, led by Prime Minister Mark Carney to the test. The carrier has asked the government to intervene and enforce arbitration. Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers a day. Air Canada has the most flights from Canada to the U.S. despite recent reductions in travel due to trade tensions. The Canadian Union of Public Employees (CUPEU), which represents cabin crew, reported that Air Canada has stopped negotiating. It has also notified its flight attendants of its intention to lock them out. Patty Hajdu, the Canadian Minister of Jobs, has repeatedly encouraged both sides to negotiate. Arielle Meloul Wechsler, Chief Human Resources Officer at Air Canada, said that the airline was "ready to negotiate anytime as long as the negotiations are substantive." Air Canada and its union clashed on Thursday night over a deal to prevent thousands of passengers from being stranded abroad when the expected strike begins Saturday. The agreement would have delayed cabin crew's walkout until Saturday, when they return with their passengers. Air Canada announced on X on Friday that 25,000 additional passengers will be stranded as a result of the union rejecting the deal. They also said that the usual double number of flight attendants failed to report to work on Thursday evening. In a message to its members, however, the union stated that it supported the deal. This failed, because Air Canada refused to honor the collective agreements of their members when they return on Saturday, with passengers. The union stated that the flight attendants contract will cease to be valid when the strike starts on Saturday. The dispute revolves around the way airlines pay flight attendants. Traditionally, most airlines have paid flight attendants only when the plane is in motion. In their most recent contract negotiations, North American flight attendants have asked for compensation for the hours they worked. This includes tasks like boarding passengers or waiting at airports before and after flights. (Reporting by Allison Lampert, Montreal; Editing and proofreading by Christian Schmollinger).
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Hong Kong democrat Jimmy Lai trial delayed over heart problems
After his lawyer claimed that Jimmy Lai had heart palpitations, the closing arguments in a trial for national security against Hong Kong's pro-democracy entrepreneur Jimmy Lai was delayed until Friday. Closing submissions will resume on Monday, after the court adjourned for Lai to get medication and a monitor. Lai has pleaded no contest to two counts of conspiracy to collude and one of conspiracy for publishing seditious materials. Lai founded the Apple Daily, a newspaper that had to be closed in June 2021 after a raid by police and an asset freeze. Lai has been called to release immediately by some Western governments including the U.S. They claim that the trial is political and part of a long-running crackdown on national security in the China-ruled financial center. In a Thursday media interview, U.S. president Donald Trump stated that he will "do all I can to rescue him." (Editing by Greg Torode & Saad Sayeed).
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Updates for 6 PM
Please update the Daybook to include the following: ADDS TIMES PRESIDENT TRUMP'S SCHEDULE (early schedule) All times in Anchorage and Washington are Eastern. 6:30 a.m. ET: Departure from the White House. 6:45 a.m. ET: Departs Joint Base Andrews. 2:10 p.m. ET: Arrives Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska 3:30 p.m. ET: Meets Russian President Vladimir Putin. Joint Base Elmendorf Richardson in Anchorage Alaska 7:30 p.m. Holds a press conference. Joint Base Elmendorf-Richardson, Anchorage, Alaska Departs Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Return to Joint Base Andrews Returns to White House Note: FOX News anchor Bretbaier will interview President Trump on the Air Force One Flight to Alaska. (Excerpts of the interview will air all afternoon on "Special Report With Bret Baier." Sean Hannity, FOX News' host, will interview President Trump following the Trump-Putin Summit (to be aired Friday at 9 pm ET). ET). Baier will interview Trump as well on the Air Force One flight returning to Washington after the summit. ------ ------ The Daybook August 15, 2025
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President Trump's schedule
ADDS TIMES The Daybook for President Trump Friday, August 15, 2020 The daybook editor is Timothy Ryan (reachable at 202-843-6282 or [email protected] or [email protected]). Call 1-800-435-0101, option 5, if you are having problems receiving the daybook. The content is only intended to be used as a guide and should not appear in the official record. PRESIDENT TRUMP'S SCHEDULE (early schedule) All times in Anchorage and Washington are Eastern. 6:30 a.m. Departure from the White House. 6:45 a.m. ET: Departs Joint Base Andrews. 2:10 p.m. ET: Arrives Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska 3:30 p.m. ET: Meets Russian President Vladimir Putin. Joint Base Elmendorf Richardson in Anchorage Alaska 7:30 p.m. ET: Holds news conference. Joint Base Elmendorf-Richardson, Anchorage, Alaska Departs Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Return to Joint Base Andrews Returns to White House Note: FOX News anchor Bretbaier will interview President Trump on the Air Force One Flight to Alaska. (Excerpts of the interview will air all afternoon on "Special Report With Bret Baier." Sean Hannity, FOX News' host, will interview President Trump following the Trump-Putin Summit (to be aired Friday at 9 pm ET). ET). Baier will interview Trump as well on the Air Force One flight returning to Washington after the summit. The Daybook for Trump August 15, 2025
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Updates for 5pm
Please update the Daybook to include the following: ADDS NOTE PRESIDENT TRUMP'S SCHEDULE (early schedule) In Washington and Anchorage Early morning: Departure from the White House. Early morning departure from Joint Base Andrews. Arrives Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Meeting with Russian President Vladimir Putin, at Joint Base Elmendorf-Richardson, Anchorage. Departs Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Return to Joint Base Andrews Returns to White House Note: FOX News anchor Bretbaier will interview President Trump on the Air Force One Flight to Alaska. (Excerpts of the interview will air all afternoon on "Special Report With Bret Baier." Sean Hannity, FOX News' host, will interview President Trump following the Trump-Putin Summit (to be aired Friday at 9 pm ET). ET). Baier will interview Trump as well on the Air Force One flight returning to Washington after the summit. (AFGHAN-TALIBAN-RUSSIA/PROTESTS) ADVISORY -- At 4 p.m., Afghanistan Impact holds an online event "to condemn the Taliban's rule and Russia's recognition of the regime." Contact: Sadiq Amini, 202-802-6823 Note: Go to: https://us06web.zoom.us/j/86376308533?. ------ ------ The Daybook August 15, 2025
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President Trump's schedule
The Daybook for President Trump Friday, August 15, 2020 The daybook editor is Timothy Ryan (reachable at 202-843-6282 or [email protected] or [email protected]). Call 1-800-435-0101, option 5, if you are having problems receiving the daybook. The content is only intended to be used as a guide and should not appear in the official record. PRESIDENT TRUMP'S SCHEDULE (early schedule) In Washington and Anchorage Early morning: Departure from the White House. Early morning departure from Joint Base Andrews. Arrives Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Meeting with Russian President Vladimir Putin, at Joint Base Elmendorf-Richardson, Anchorage. Departs Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Return to Joint Base Andrews Return to the White House Note: FOX News anchor Bretbaier will interview President Trump on the Air Force One Flight to Alaska. (Excerpts of the interview will air all afternoon on "Special Report With Bret Baier." Sean Hannity, FOX News' host, will interview President Trump following the Trump-Putin Summit (airing Friday at 9 pm ET). ET). Baier will interview Trump as well on the Air Force One flight returning to Washington after the summit. The Daybook for Trump August 15, 2025
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Source: Panama Canal will launch an auction for the construction and operation of two ports
A source familiar with the preparations told us on Thursday that the Panama Canal is soon to begin consulting with companies in order to launch a competitive bid in the first quarter next year for the construction and operation of two new ports within its zone. The ports are part a larger expansion plan organized by the administration of the canal. The plan aims to improve services for cargo handling including storage, trans shipment and gas transportation and ensure fresh water is available to operations. At a Thursday conference, Ricaurte Vaquez, the head of waterway, said that there was a high demand for terminals and facilities. She did not elaborate. The Panama Canal Authority didn't immediately respond to a comment request. The Panama Canal Authority's top executives said previously that the waterway planned to invest $8.5 billion over the next five-year period to upgrade and expand its infrastructure. The Panama Supreme Court will discuss a key project in the planning that involves the construction of a dam to contain Indio River and create a reservoir. This comes after the affected communities filed a suit against the project last month. Source: Another tender for a project of building a liquefied gas pipeline in the canal zone is also being prepared and could launch next year. The source said that Donald Trump, the U.S. president, threatened to seize control of the Panama Canal this year amid criticisms of what his government called the growing influence of China in the Central American nation. Panama's president Jose Mulino, in response to criticism about the contract terms, has decided to terminate a 25-year concession granted to CK Hutchison of Hong Kong for the operation and management of two important ports located outside the canal zone. CK Hutchison announced on Thursday that a $22.8-billion deal to sell its global ports, including two Panamanian ports, with a group headed by BlackRock and MSC, has a "reasonable" chance of being completed.
Hong Kong delays the trial of Jimmy Lai, a democrat who has heart problems
After his lawyer claimed that Jimmy Lai had heart palpitations, the closing arguments in a trial for national security against Hong Kong's pro-democracy entrepreneur Jimmy Lai was delayed until Friday.
Closing submissions will resume on Monday, after the court adjourned for Lai to get medication and a monitor. Lai founded the Apple Daily paper that was closed in June 2021 after a raid by police and an asset freeze. He has pleaded no-conviction to two counts of conspiracy to collide with foreign forces and one charge of conspiracy for publishing seditious materials.
Robert Pang, Lai's lawyer, told the court Lai had experienced episodes when he felt "collapsing". He added that he accepted the recommendations of a visiting specialist and was still making arrangements.
Esther Toh, one of the judges said, "He doesn't have the medication prescribed by the specialist or the monitor. I am concerned."
Lai, who is a British national, has been in solitary confinement since more than 1,700 day, and his son had previously expressed concern about his declining health.
The prosecutor Anthony Chau informed the court that there was a medical team on standby and that medication and a heart monitor would be available before Monday's hearing resumed. Several Western governments, such as the U.S. have called for Lai to be released immediately, claiming that the trial was politically motivated in light of a long-running crackdown on national security in the China-ruled financial center. Hong Kong and Chinese officials have insisted that Lai is receiving a fair trial, and they've condemned foreign governments who interfere with domestic affairs. In a Thursday media interview, U.S. president Donald Trump stated that he will "do all I can to rescue him."
The closing arguments are expected to take eight days. Three judges will then be expected to deliberate for several months, over five years since Lai's first arrest in August 2020.
Lai, wearing a windproof white jacket, arrived at the court Friday. He smiled and waved his family and supporters - some of whom had waited for hours for a ticket to the packed courtroom.
His trial for national security
In December 2023, the process began. Lai, in the witness box said that he was defending freedom of speech and denied allegations that he had lobbied for the U.S. imposing sanctions on Hong Kong or China. (Editing by Greg Torode & Saad Sayeed).
(source: Reuters)