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WinGD will offer the first lower emission ethanol-fuelled ships engines in 2026
The Swiss manufacturer WinGD said that it will offer its first ship engine powered by ethanol next year. Ethanol is a fuel with lower emissions, which can be made from biomass like corn or sugarcane. The International Maritime Organization has set a goal of zero net emissions for the industry by the year 2050. To achieve this, the shipping industry is exploring ways to reduce pollution. One way to do so is by installing engines powered by low-carbon fuels. WinGD reported that the company was in discussions with several shipowners and ethanol fuel suppliers, as well as class societies, about its first commercial applications for its two-stroke ethanol-fueled marine engine. The company said that deliveries of the newbuild engine and retrofit applications will begin in 2027. Since 2014, the company has studied ethanol fuel which has similar combustion and emission profiles to methanol. Sebastian Hensel, WinGD's Vice-President of Research and Development, said that the engines represent "another lower-carbon option for shipowners". Other engine manufacturers are also looking at ethanol. Everllence, a German company, announced last week that the first two-stroke engines to run on ethanol were successfully tested in Japan. (Reporting and editing by Jan Harvey; Jeslyn Lerh)
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Hanoi is flooded by rains caused by Typhoon Bualoi, causing transport disruption
Authorities said that the most destructive storm in Vietnam this year caused heavy rains to cause floods throughout its northern region. Flights and train services were disrupted with Hanoi where many schools and homes were inundated. State media reported that the death toll had risen to 26 and 22 people were missing a day after Typhoon Bualoi, which brought huge sea swells as well as strong winds, downpours, and a landfall in central northern Vietnam. Hoang Quoc Uy, a 49-year old Hanoi resident, said "Water is flooding into my living-room." "I have never seen anything as strange before." The flag carrier Vietnam Airlines has cancelled or rescheduled a number of flights to the capital's Noi Bai International Airport "for the safety" of passengers, it stated. The weather in Hanoi has been evolving in a complex manner with heavy rainstorms that have affected visibility and operations. A company official confirmed that the state-run Vietnam Railways Corp. has suspended most of their services between Hanoi, and Ho Chi Minh City's business hub. The national weather agency warned that rains in some parts of Vietnam exceeded 300 mm (12 inch) over the last 24 hours. It also warned about the risk of flash floods and landslides. Thunder and lightning accompanied the persistent downpours which flooded streets and caused traffic to be paralysed in many parts of Hanoi. State media published photos of cars and motorbikes stranded in the floodwaters, some with dead engines. Many schools are closed before midday. Images on the state broadcaster VTV show that water was rising close to roofs in Nghe An Province villages. Ngo Thi Lon, 56, said that her belongings were all damaged and gone. The typhoon had blown off the roof, which left the home surrounded by floodwater a half a meter deep. The government reported that 105 people had been injured, and over 135,000 homes were damaged. Most of these homes were located in Nghe An Province and Ha Tinh Province. More than 25,500 hectares (63,00 acres) of crops and rice have also been flooded. Vietnam's long coastline, which faces the South China Sea is susceptible to typhoons. These typhoons are often accompanied by heavy rains and severe flooding. Bualoi, which struck the Philippines last week, killed at least ten people.
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Nigerian oil union strikes nationwide after Dangote refinery fires workers
The Nigerian oil workers' union is on strike, closing the offices of Nigeria's oil regulator as well as the state oil company. This has put fuel supplies and trade in West Africa at risk after the Dangote Refinery. More than 800 employees are unionized The walkout that began on Monday has escalated tensions within Africa's largest oil producer. Analysts warn that if this dispute spreads to another union, it may disrupt oil field operations and halt product flow, as well as cause fuel shortages in petrol stations. PENGASSAN (the Petroleum and Natural Gas Senior Staff Association of Nigeria) announced on Friday that the workers at the Dangote Oil Refinery, Africa's largest refinery with a crude-processing capacity of 650,000 barges per day, were fired on Thursday because they had unionised. Officials at Dangote Oil Refinery said that the dismissals took place as part of an internal reorganisation. They also accused the affected employees of sabotage. AFRICA'S LARGEST Refinery Fire Union Members PENGASSAN president Festus Osifo announced that the talks mediated by officials of the government to resolve this dispute on Monday ended in a deadlock and would be reconvened later on Tuesday. You must reinstate them. We will stop our action if you reinstate these people tonight. Unfortunately, this reinstatement didn't happen and we weren't able to come up with a conclusion on the matter," Osifo stated. The refinery obtained a court order prohibiting the union from blocking crude and gas supplies to it. PENGASSAN stated that the union had not received the notice in a formal manner. Lumumba Okugbawa, a union executive, said that court orders are not served through social media but by bailiffs. Since Monday, the strike has forced the closure of offices of the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority. In a Sunday statement, the regulator called on the parties to resolve the dispute amicably. NNPC said it was committed in maintaining a safe and stable operating environment. In a press release, Andy Odeh, a spokesperson for the company, said: "We closely monitor the situation and are engaged with relevant stakeholders in order to encourage a positive resolution." This year, the refinery that belongs to Africa's richest person Aliko Dangote started operations. It has been hailed as a game changer for Nigeria's imports of fuel. However, the dispute raises concerns about labour protections and investor confidence in Nigeria's private industry. (Additional reporting from Camillus Eboh, Abuja. Editing by Clarence Fernandez, Elisha Bala Gbogbo and Clarence Fernandez)
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New York Times Business News - September 30,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. A court filing on Monday revealed that Alphabet, which owns YouTube, has agreed to pay the $24.5 million settlement to settle the lawsuit brought by U.S. president Donald Trump against the company for the suspension of the account after the January 2021 U.S. Capitol Riots. Trump announced that he would impose 10% tariffs on imported wood and lumber, and 25% on kitchen cabinets and bathroom vanities, as well as upholstered furniture. This is part of his ongoing tariff war against global trading partners. CSX Corp. has appointed veteran executive Steve Angel as its CEO. He replaces Joe Hinrichs. The U.S. rail operator is fighting off pressure from activist investors in light of the rapid consolidation of the industry. Electronic Arts, the developer of videogames such as "Battlefield", "Madden NFL", and others has agreed to sell to a private group of investors. The deal values Electronic Arts at $55 billion. If completed, it would be the biggest leveraged buyout ever.
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Maguire: Key trends to watch as US seeks coal revival
The Trump administration’s pledges to provide federal loans and land leases for the power sector may spark a short-lived revival of coal's fortunes. Other factors will determine if a more sustainable recovery can take hold in the U.S. Coal sector. The cost of transporting coal from new mines and power plants to existing ones, and the opposition to increasing emissions may prevent coal from making a comeback despite federal promises for land and money. Here are some key trends that track coal production, emissions and consumption. This will help you gauge the success of the latest efforts to reverse coal's long decline. CAPACITY TRACTORY The amount of electricity generating capacity that coal can produce is the single most important measure of its potential use. The coal industry is still the third largest source of electricity for the U.S., after nuclear power and natural gas. However, its production footprint has decreased so much over the last decade that it's impossible to quickly return to the previous highs. Data from the energy think tank Ember revealed that between 2010 and 2024 U.S. coal-fired electricity generation capacity dropped by 43 percent or 145 gigawatts. The approximately 194 GW coal-fired power plant capacity that is still in operation is at its lowest level since 2000. This means coal's maximum electricity production ceiling is now significantly lower than it was a decade earlier. For coal to have meaningful long-term prospects in the U.S. it will be necessary to bring online a large amount of coal-burning power generation capacity. Global Energy Monitor reports that only 0.4 GW new coal-fired power generation capacity is planned for the U.S. This new capacity will increase the total coal-fired power generation capacity by 0.2%. It has no impact on the total amount of coal used to generate electricity. The coal-fired power plant's place in the U.S. energy mix would be permanently improved with only tens or hundreds of gigawatts. Power SHARE Although coal's capacity has declined steadily in recent decades, its share of U.S. electricity production has fluctuated and even experienced a revival over the last year or two. Data from Ember revealed that between January 2025 and August 2025, coal fired power plants will generate around 16.3% (or a little more) of the electricity supplied by U.S. utilities. This share is up from a record-low 14.7% during the same period last year. This rebound gives coal supporters hope that the U.S. energy system will be able to sustainably increase its use of the fuel. It is possible that coal will lose its appeal as a source of power in the United States in the future. The surge in natural-gas prices in early 2025 pushed utilities to reduce costs and increase output by using coal-fired electricity. In the first half 2025, coal was around $1.15 less per megawatt-hour than natural gas. This gave generators a strong reason to reduce gas production and increase their coal use. Since June however, the coal price has flipped and is now a slight premium over gas. This has caused power companies to reverse their burn patterns, resulting in coal losing out to gas. To maintain a steady increase in coal use, it needs to be more cost-effective than gas. This will encourage power companies to continue using coal in their network. This discount could be hard to achieve, given that coal has higher logistic costs than natural gas pipelined, particularly from distant mines to distant power stations, where trucks and trains are often required. RENEWABLES RISE In the last five years, solar and wind power have surpassed previous records. Utilities added more solar and winds generation capacity over the last decade than any other source of power. This was due to the fact that government subsidies pushed the cost of adding clean energy below the cost of adding additional fossil fuel capacity. Most utilities will still prefer adding more solar power due to the speed at which sun-derived energy can be added to grids. Battery storage is also expected to be a priority for many utilities, since it allows them to maximize the use of their existing solar assets while potentially increasing power market revenue. POLLUTION OPPOSITION The coal's higher emission profile than other power fuels will also likely prevent it from expanding rapidly its current use footprint. Ember data shows that coal-fired power plants are responsible for 40% of the total U.S. emissions in the electricity sector, even though they generate less than 20%. According to Ember, coal-fired power stations emit approximately 950,000 metric tonnes of carbon dioxide for every terawatt of electricity produced. Natural gas plants, on the other hand, produce around 550,000 tons per terawatt. The hefty toll of pollution from coal, combined with the rapid growth rate of renewables in the U.S. utilities system will likely ensure that it continues to play a declining part in the overall U.S. energy system despite Washington's current support. 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. Follow ROI on You can find us on LinkedIn.
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Oil dips as OPEC+ plan stokes supply-surplus concerns
The oil prices dropped on Tuesday, as another OPEC+ production increase was anticipated. Also, the resumption in the Kurdistan region of Iraq via Turkey has reinforced the prospect for a looming surplus. Brent crude futures expiring Tuesday fell by 54 cents or 0.8% to $67.43 per barrel at 0320 GMT. The December contract, which is the more active, was down by 53 cents or 0.8% at $66.56 a barrel. U.S. West Texas Intermediate Crude was trading at $62.95 per barrel, down by 50 cents or 0.8%. These drops are a continuation of Monday's drop when Brent and WTI both settled over 3% lower, after recording their biggest daily declines since 1 August 2025. In a note sent to clients, IG analyst Tony Sycamore noted that oil's fall came after Iraq's Kurdistan Region resumed crude exports on the weekend. He also wrote that reports indicate OPEC+ will likely approve an increase in November production at its meeting this coming weekend. Three sources with knowledge of the discussions said that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, are likely to approve a further increase in oil production of at least 137,000 barallons per day during a Sunday meeting. Ed Meir, Marex analyst, said that "even though (OPEC+) is under their quota in any case, the market does not like the fact more oil is coming into the country." Iraq's oil minister said that crude oil began flowing through the pipeline on Saturday for the first time since 2-1/2 years after an interim agreement broke the deadlock. In recent weeks the market has been cautious, as it balances supply risks, which are mainly caused by drone attacks from Ukraine on Russian refineries with concerns about oversupply and low demand. In a Tuesday note, ANZ analysts said that the possibility of a U.S. shutdown had raised concerns about demand. A U.S. shutdown of the government could affect a range of services, and also delay the release economic data, such as the payroll report scheduled for Friday, which is vital to the Federal Reserve's policy-making decisions. Hamas, on the other hand, remained uncertain about its position. Reporting by Anjana Anil and Emily Chow, both in Singapore. Editing by Muralikumar Anantharaman.
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Shell CEO: LNG will be Shell's biggest contribution to the energy industry in the next decade
Wael Sawan, the CEO of Shell Europe, said that liquefied natural gases (LNG) would be the biggest contribution in value to the energy sector over the next ten years as the company aims to reduce emissions from fossil fuels production. Since taking over as CEO of Shell in January 2023 Sawan has increased Shell’s focus on natural gases to improve its financial performance compared to its peers in Europe, the U.S., and elsewhere. He has also shifted away from renewables, pulling out of several wind, solar, and other low carbon ventures. Sawan believes that LNG can be a very effective fuel in the fight to reduce global emissions, as it can replace coal for countries like India, China, and other Asian nations. He predicts that the demand for super-cooled fuel will grow by 60% between now, and 2040. By then, LNG sales are expected to account for about 20% of all global natural gas, up from 13% currently. Sawan, at an Economic Club of New York meeting, said, "We are totally committed to this sector." The company is planning a number of LNG-related projects in Abu Dhabi and Nigeria, among other places. Sawan, who visited Vancouver last week to celebrate the company’s LNG Canada facility said that the company still has to weigh a few factors prior making a decision about a second stage of the project. The expansion was included in a list of major nation-building initiatives that the Canadian Prime Minister Mark Carney wanted expedited. This is the first major LNG facility on the West Coast of North America and Canada. Sawan noted that the government had provided strong support both at the national and provincial levels. Everyone is very interested in seeing that project come to fruition. Shell will still need to analyze the market before making a final decision, particularly as the U.S. market is expected grow massively in the next few years. He said: "The number final investment decisions taken is surprising to me, because they are at the high end of the cost spectrum." "So, it's not fully rational from an economic standpoint." "We need to know when to increase capacity," he said. (Reporting from Shariq Khan, New York; Editing by Thomas Derpinghaus.
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Boeing starts early work on 737 MAX Replacement, WSJ Reports
The Wall Street Journal, citing sources familiar with the situation, reported that Boeing is currently in the early stages developing a single-aisle aircraft to eventually replace the 737 MAX. According to the WSJ, Kelly Ortberg, the CEO of the company, met with Rolls-Royce Holdings officials in the UK earlier this year to discuss a possible new engine for their aircraft. The report stated that the U.S. aircraft manufacturer has also designed the flight deck for a new narrow body aircraft. It added that the development is still in its early planning stages, and final decisions have yet to be taken. Could not confirm the report immediately. Boeing and Rolls-Royce didn't immediately respond to an'inquiry for comment. The 737 MAX was introduced in 2017 but grounded worldwide in 2019 after two fatal crashes.
Bousso: Big Oil's long-term bullish outlook is despite the short-term doom.
Energy companies may be retrenching due to a poor outlook for oil and natural gas in the near future, but their investment plans indicate that they are confident the situation will change dramatically by the end decade.
The spending plans of energy companies are a good indicator of their confidence about the long-term prospects for this sector, as it can take years to develop a new oil or gas field. It also takes many years before any profits come from these investments.
In recent years, it has become increasingly difficult to accurately predict the future fortunes of the oil and gas industry.
The energy transition has raised concerns about the future demand for fossil energies. The renewed focus of governments on energy security following the war in Ukraine in 2022 has revived the investment appetite. Companies such as BP, Shell, and others have redirected their strategies from renewable energy to their core oil-and-gas businesses.
Even though prices are expected in the short term to drop, the current investment and expenditure plans of the top Western energy companies suggest that bullish arguments regarding the future of fossils fuels have gained ground.
SHORT-TERM CAUTIONS
The price forecasts for crude oil in the next two-year period are rather gloomy. Many agencies and investors expect a significant glut of oil due to increased production by OPEC and non OPEC countries. According to the U.S. Energy Information Administration, Brent prices will fall from $68 per barrel on average this year to $50 in 2026. A surge in liquefied gas capacity, mainly from the U.S., Qatar and other countries, in the next few years is expected to place pressure on a key growth market in the sector.
The oil and gas industry has responded to the bleak outlook by cutting jobs, costs and most importantly - buying back shares.
In recent years, the majors have increasingly used share repurchases as a way to attract investors. After the COVID-19 outbreak, the scale of share buybacks increased dramatically. This was mainly due to the rise in energy prices that followed the Russian invasion of Ukraine.
Calculations show that the top five western energy giants BP, Chevron Exxon Mobil Shell TotalEnergies repurchased a combined $61.5 billion in shares by 2024. This is more than they paid out as dividends of $51 billion. This trend is now stagnant. TotalEnergies announced last week that it would slow down the pace of its stock buyback program from $2 billion per quarterly this year to between $750 million and $1.5 billion each quarter in 2019.
Justifications for this move included "economic and geopolitical uncertainty" and the need to "retain room to maneuver".
Chevron and BP slowed down their buyback rates earlier this year.
Reduced share repurchases come with deep cost reductions. Chevron has announced a $3 billion budget-cutting initiative by 2026, which will result in it laying off up to 20% (or 9,000) of its employees. ConocoPhillips, a rival company in the United States, plans to reduce its workforce by up to 25%. BP announced plans earlier this year to cut more than 7,000 jobs. Last month, a cost review was added on top of a $4-5billion cost-cutting goal for 2023-2027. Exxon, Shell and other companies are cutting expenses aggressively.
The cuts are the most significant in recent times, even during the pandemic. This shows a greater focus on the competitiveness of the industry and an increasing pessimism about the outlook for the energy price near term.
LONG-TERM FINANCE
Big Oil is more optimistic about the future, as evidenced by their willingness to invest in mega projects and acquire huge companies. BP announced on Monday that it would proceed with a $5 billion offshore project in the Gulf of Mexico. The Tiber-Guadalupe Project, which is expected to start oil and gas production by 2030, will feature a floating platform that can produce 80,000 barrels per day. TotalEnergies announced on Monday that it acquired assets in the U.S. producing gas onshore. Exxon is the largest western major and has maintained its capital expenditure plans for 2025 at $27-29billion as it continues to grow output in the U.S. Shale Basins and Guyana. In August, it said that the company was prepared to make acquisitions and take advantage of lower prices for oil.
This confidence is backed up by forecasts that indicate the strong growth of oil production in the next decade will reverse itself.
The International Energy Agency predicts that world oil production will grow by 4.5 millions bpd from 2024 to 2028, to 107.6million bpd. It then stagnates in 2029 before declining by 400,000bpd by 2030.
The natural decline in oilfields, along with the slower growth rate, means that companies must invest significantly to maintain their production.
Oil demand growth will also slow down in the next few years, largely due to the rise of electric cars. Even if oil supply grows slower, a faster-than-anticipated slowdown in demand could impact oil prices.
For now, however, the willingness of companies to ignore a possible downturn indicates that they believe crude oil prices will continue to rise through the decade.
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(source: Reuters)