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Documents and data indicate that Venezuelan oil exports are progressing slowly under the supply agreement with US
Venezuelan oil exports, under a $2 billion deal, reached 7.8 million barrels of crude on Wednesday. Documents and vessel tracking data from the state-run PDVSA show that shipments increased after the U.S. eased its blockade, but not enough to allow PDVSA fully reverse production cuts. Caracas, Washington and the U.S. agreed on a deal after President Nicolas Maduro was captured by the U.S. in early January. The deal included selling up to 50,000,000 barrels of Venezuelan oil stored in tanks and vessels. The first U.S. licenses for loading and exporting cargoes of Venezuelan crude oil were obtained by trading houses Vitol, and Trafigura. The supply of oil has not yet helped to reduce PDVSA's large inventories. These grew as a result of a U.S. export blockade that lasted for nearly a week and left Venezuela with tens and millions of barrels in storage, including on tankers loaded and stranded on Venezuelan waters. The energy giant PDVSA has not yet fully reversed its early January production cuts because it did not have a place to store oil. Documents and company sources confirm that it is waiting for the storage levels to drop before it can completely reverse the cut. Sources familiar with the negotiations claim that sales have been slow because refiners refused to pay the prices demanded by trading companies for the oil. They said that the stranded oils have been a problem to store and transfer. Last week, refiners in the United States began receiving Merey heavy Venezuelan crude at a discounted price of between $6.50 and $7.50 a barrel. This was higher than Canadian crude, which is of similar quality and easily available, so refiners had no reason to switch to Venezuelan crude. Vitol, Trafigura and other companies made similar offers to refiners in India at $8-8.50 a barrel less than Brent. The same thing happened. There was little interest. Trading sources say that traders recently lowered their discounts to $9 per barrel but buyers have not shown much interest. Trading sources said that the U.S. continues to seize Venezuela-linked tanks in the Caribbean. As a result, shipowners are reluctant to participate in the trade. Vitol Trafigura have declined to comment. PDVSA didn't immediately respond to requests for comments. Curacao confirmed last week that Venezuelan oil is being stored in the island. U.S. officials announced last week that $500 million of the proceeds from the initial oil sales will be deposited into a fund managed by the U.S. Government. U.S. Energy Secretary Chris Wright said on Friday that initial sales were negotiated for a "fair" price of $45 per barrel, which is approximately 11 to 12 million barrels. Washington has not yet announced the mechanism it will use to sell future barrels in order to meet its 50-million-barrel commitment. However, many PDVSA customers and partners are waiting on U.S. licensing to resume or expand exports. SLOW DEPARTURES Shipping data shows that since the first two tanks left Venezuelan waters in January, heading for storage terminals in St. Lucia and the Bahamas, five more vessels have followed, transporting Venezuelan crude oil to these ports as well as to the Bullen Bay Terminal in Curacao. According to data, besides cargoes chartered through the trading houses the only company exporting Venezuelan oil is Chevron, PDVSA’s main joint venture partner. Chevron has increased its shipments from 100,000 barrels per day in December to 221,000 bpd so far this year. Since January 12, when traders began moving cargoes with U.S. licensing, export volumes have reached 780,000 barrels per day (bpd). Exports have now reached around 1,000,000 bpd. This is close to normal levels, but still far from clearing accumulated stock. The oil price?rose Wednesday due to optimism about tighter supplies after a temporary closure at two large Kazakh fields and because Venezuelan export volumes showed slow progress towards reversing PDVSA’s production cuts. Venezuela's crude production fell from 1.16m bpd to 880,000 bpd by late November, following PDVSA’s production cuts. These were mostly made in the Orinoco Belt, Venezuela's main oil producing region. Sources from the company said that some oilfields had begun to restore production in recent weeks, but the majority of areas remained below capacity. (Reporting Marianna Pararaga, with additional reporting from Shariq Khan and Arathy Sommesekhar. Julia Symmes, Louise Heavens, David Gregorio and Julia Symmes Cobb edited the article.
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Riyadh Air, Saudi Arabia's cargo airline, launches operations
Riyadh Air is owned by Saudi Arabia’s PIF?sovereign fund. On?Wednesday, Riyadh Cargo?operations were launched. The kingdom is attempting to implement its plan to diversify the economy, reduce dependence on oil revenues, and become a global logistic hub. Saudi Arabia is the world's largest oil exporter and has already completed more than half of its Vision 2030 plan. This plan calls for government investments in tourism, logistics, and other sectors. Riyadh Cargo said it would use more than 120 wide body aircraft ordered by Riyadh Air to connect global markets via the airline's hub in Riyadh. The statement said that Riyadh Air expects to have a network of more than 100 destinations in Saudi Arabia by 2030, and to contribute around $20 billion towards the non-oil GDP. Reporting by Yomna Elimam and Ahmed Elimam, editing by Barbara Lewis
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Nearly 60% of Kyiv is without electricity as Russian strikes destroy the grid
Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday that more than half of Kyiv was still without electricity a day after Russian strikes against energy facilities. Ukrainians are enduring a bitter cold snap. Kyiv residents are a diverse group. Cold apartments Since a recent Russian attack on a grid that has been battered for nearly four years by missile and drone attacks, the grid is only getting a few hours or no electricity at all. Zelenskiy reported on X that "as of this morning about 4,000 buildings in Kyiv still lack heat and almost 60% of the capital is without electricity." On Wednesday morning the temperature in the capital reached minus 12 degrees Celsius (10,4?degrees Fahrenheit), but it rose slightly by the afternoon. On social media, some residents have complained about being without heat or electricity for more than one day. Oleh Syniehubov, the governor of Kharkiv's eastern region, said that 520,000 people were left without electricity on Wednesday. This is a drop from Tuesday, when more than one million consumers went dark. He claimed that Kharkiv's energy infrastructure had been attacked on Wednesday. DTEK, the energy company in Odesa's southern region, said that one of their facilities was 'badly damaged the morning before, causing several thousand homes to be without power. Even when power is restored to some households, there are rolling blackouts throughout the day. This is because a large part of Ukraine's electricity generation capacity was?taken away by Moscow. Ukraine's cell phone services have been severely affected by the outages. According to Kyivstar, Ukraine's biggest mobile service provider, just 10% of its grid is not functioning. Max Hunder, Yuliia Dyesa and Andrew Heavens (Reporting)
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Experts say that the part found near Spain crash site could be missing its undercarriage
Sources and experts have said that a large metal piece found near the crash site of a high speed train in Spain could be the missing undercarriage the investigators are searching for. At least 42 people were killed in the crash, which was one of Europe's largest, that occurred on Sunday near Adamuz, a small town located in the south of Turkey. Inaki Barron is the head of Spain’s railway accident investigation body CIAF. He said that on Monday, the investigation would be focused on a missing piece, called a bogie. This was because it was the main point of contact between a speeding train on the tracks, and could?shed some light on the cause for the derailment. Photos taken on Tuesday showed that the piece was partially submerged in a stream next to a bridge, about 15 metres (49 feet) below the tracks. The crash site is approximately 300 meters away. A Civil Guard spokesperson told? A Civil Guard police spokesperson told? by phone in Adamuz the piece was spotted earlier this week by search teams using drones and that it had now been examined physically by investigators. "We will examine it to determine what it's." Due to its weight and size, it was left where it was found? and has not been collected. BOGIE ?FLEW OUT LIKE BULLET, SOURCE SAYS Sources briefed about the investigation said that the component is believed to be the so-called bogie, the train's undercarriage on wheels. It belonged to the private consortium Iryo's first derailed train. The source said that due to the high speed of the two trains and their impact, the bogie, which was very heavy, flew out like a bullet. Over the last three days, investigators have cordoned off the area surrounding the crash site, marked and photographed every piece of evidence found on the track. This piece was unmarked and was outside the cordoned-off area when it was photographed on Tuesday afternoon. The state rail company Renfe sent an emailed message to the public on Wednesday after the photo was taken. It said that the part is under investigation by the railway accident investigation body CIAF. We cannot provide any information or make comments that are outside of the scope. Iryo, Adif and the Spanish Transport Ministry did not respond immediately to requests for confirmation from them that the part photographed was "the missing bogie". Ferrovie Stato in Italy, which owns Iryo majority, refused to comment on the matter due to the ongoing investigation. EXPERTS SAY PHOTOGRAPH APPEARS AS A BOGIE Gareth Dennis, a Scottish railway engineer who writes about the industry, said that bogies (the element that holds the wheels and suspension of the train) are frequently thrown out during high-energy accidents. Dennis said that the location of the bogie, and the section it left from, will help investigators determine the exact trajectories and energies of the derailed cars. (Reporting and writing by David Latona, Susana Vera and Corina Poons; Additional reporting and writing by Emma Pinedo and Leo Benasatto, Writing and editing by Aislinn Laing; Rachel Armstrong, Sharon Singleton and Aislinn Laing)
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The EU Parliament votes to keep the three-hour limitation on compensation for flight delays
In a plenary meeting on Wednesday, the European Parliament supported several amendments including those on carry-on luggage. In the EU process, it is likely that months of negotiations will be required before a compromise and law changes can be signed. The European Parliament and 27 member states of the European Union disagree on a package measures that was first proposed by the European Commission (the?EU executive) more than 10 years ago. Last year, EU countries agreed to raise the short-haul flight delay threshold from two hours to four hours. According to the existing rules in place since 2004, air passengers may be entitled to compensation if their flight is delayed for more than three (3) hours. Compensation can range from 250 euros (292.95) up to more, depending on how long the flight was delayed. The European Parliament would like to maintain the 300-600 euro threshold for compensation, whereas the EU member states are in favor of raising the threshold and reducing compensation to 500 euros. They also want to give passengers the right to receive a free cabin bag weighing no more than 7 kilograms (15 pounds). Weight and dimensions are less than current cabin bag limits of some airlines, such as Ryanair. Ryanair charges extra for large hand luggage up to 10 kilograms. The free seating of an accompanying adult adjacent to a child, or a person with reduced mobility, is another rule that is not in dispute.
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Sources say that Russia's Tuapse Port resumes fuel exports following a drone attack.
According to three industry sources, and LSEG data, Russia's Black Sea Port of Tuapse resumed exports of oil?products last week following a?two -week suspension due to a Ukrainian??drone??? attack. The strike on December 31 damaged equipment at Rosneft and one berth in the port. According to the Krasnodar regional operational headquarters, there is a nearby export-oriented Tuapse refining plant. Since the beginning of the conflict, drones from Ukraine have repeatedly attacked the port and refinery. According to "market sources", at least five tankers have loaded diesel and fuel at Tuapse Port since last week. Cargoes from Rosneft refineries were delivered by rail. After the attack, unplanned maintenance is still being carried out at the?Tuapse Refinery - which exports a large portion of its output. Traders said that the?refinery may restart processing by the end of this month or later. The plant has a production capacity of 244,000 barrels per day. Rosneft has not responded to our request for comment.
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Ukraine wheat exports are low amid Russian attacks and weak demand
Ukraine's wheat imports were relatively low in the first half January, despite Russian attacks on Ukrainian seaports. The Ukraine is one of the largest European wheat producers and exporters. Since the end last year, Russia's attacks on Ukrainian ports have accelerated, not only targeting port terminals, warehouses, and civilian vessels, but also increasing their intensity. UGA reported that Ukraine exported 292,000 metric tons of grain in the first six months of the year, compared to 293,000 tons during the same period in December. This compares with 610,000 tons between November 1-15. The?economy minister said that wheat exports have totaled 8.2 millions tons for the July-June 2025/26 season, compared to 10.3 million tons during the same period of 2024/25. Low shipments are attributed to the global trend and low demand for Ukrainian Wheat, as well as competition from cheaper Russian wheat. Barva Invest, an analyst on Telegram Messenger, said that "insufficient interest - from importers" was limiting the sales. CORN EXPORT RATE RISE UGA reported that despite the military risks, Ukraine continues to export high quantities of corn, increasing shipments from 1.06 million tons between December 1-15, and 822,000 tons during 'the first half November', UGA. Barva Invest stated that the corn market is "one of the most liquid, and it shows significant activity from both exporters and farmers". Ukraine has exported 7,07 million tons so far of corn in 2025/26 compared to 11,15 million tons for 2024/25. (Reporting by Pavel Polityuk Editing by Alexandra Hudson)
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Spanish train drivers strike after fatal derailments
Spain's largest train drivers union called for a strike on Wednesday to demand guarantees for the safety of their profession after one of Europe's worst train accidents left at least 42 people dead, and a second derailment killed a driver. A commuter train derailled on Tuesday, after a retaining-wall collapsed onto track during heavy rains in Barcelona. The driver was killed and four passengers were seriously injured. Rail network operator Adif? said that a third derailment on Barcelona's regional rail network was not caused by an accident, but a rock fell on the track during the storm. In a press release, the SEMAF train drivers' union said that they would "demand criminal liability" from those who are responsible for the safety of the railway infrastructure. These accidents happened just two days after a derailment on Sunday in Cordoba, about 360km (223miles) south of Madrid. The train was hit by another train, killing 42 people, including the driver. SEMAF warned Adif last August about the severe wear and tear on the?railway tracks where the two trains collided. According to a copy seen by, potholes and bumps as well as imbalances of overhead power lines caused frequent breakdowns. PRISING APART CARRIAGE The Andalusian Regional Government said that rescuers were tearing apart the second carriage, which was the cafeteria of state operator Renfe. They wanted to find out if there were any more bodies. Overnight, cranes were used to remove the last carriage of the derailed Iryo train. Adif announced on Wednesday that it had added a speed limit to the Madrid-Barcelona route after a driver reported poor track conditions in a stretch of 78 kilometers. It had already ordered that drivers limit their speeds on Tuesday due to 'concerns over the condition of the track. Adif's maintenance team worked over night to inspect the track and found four areas that needed repair. Accidents are creating chaos for commuters and travellers who have to scramble for alternative routes. Wednesday, regional trains in Catalonia were stopped to allow track inspections following recent storms. Renfe published a photo showing its President Alvaro Fernandez Heredia boarding a replacement bus to travel back to Madrid after Adamuz.
Bousso: Europe's weak energy spot is re-emerging in Greenland dispute
The U.S.-Europe trade war over President Donald Trump’s bid to purchase Greenland has left the EU vulnerable because it is heavily dependent on one supplier for all its energy needs.
In less than four years, Europe's economic situation was severely impacted by the full-scale Russian invasion of Ukraine. Nations were forced to find alternative sources to the Russian natural gas that they had been relying on for decades. This scramble caused a major supply shock, and the European gas price quadrupled in the first half of the conflict. Europe solved this problem by swapping one dependence for another. After the Russian share of EU gas imports dropped to 12% in 2012, from 45% prior to the invasion, Europe quickly turned to U.S. LNG. According to Kpler, the imports of U.S. LNG soared from 18 million metric ton in 2021, to 65 million ton last year. This represents 57% of all LNG that will be imported by Europe and Britain between 2025 and 2025. The U.S. currently supplies almost a quarter (25%) of all EU gas imports. In addition, the U.S. and EU trade agreement signed last August stipulated that Brussels would buy $250 billion worth of energy from the U.S. in 2026-2028. This figure dwarfs the $75 billion it spent on energy purchases last year. Now, fast forward to this past week. European leaders are faced with the uncomfortable truth that their lopsided relationship in the energy sector has made the region vulnerable. Trump may use Europe's dependence on energy as a bargaining tool?in an escalating battle over Greenland.
STRATEGIC LIABILITY
Trump threatened on Saturday to levy a 10% tax on imports coming from several European countries who have been opposed to his plan to take over Greenland. The EU ambassadors met quickly the next day to discuss possible responses. The EU could impose tariffs on imports from the US worth 107.7 billion euros or use its "Anti-Coercion Instrument", which is still untested. This would restrict services, reduce access to investments, and limit financial systems. France said it would support the suspension of the trade agreement if the spat intensified.
The tit-fortat threats could spark a new economic war between two global powers.
It is too early to tell how this conflict will unfold, but two things are certain. The showdown is a low in the transatlantic relations between NATO allies who have shared economic and security concerns for decades. Second, Europe's strategy on energy remains a liability for national security.
LESSONS NOT LEARNED European Leaders do recognize this vulnerability and are attempting a longer-term solution. Several governments are attempting to increase the use of renewable energy and nuclear power. Others are rethinking their stance on exploitation of domestic oil and natural gas reserves. There are many reasons to not panic in the near future. To begin with, despite their size, the U.S. imports of LNG by the EU are far more secure than they were in the past, despite the rising tensions between Washington, Brussels and other countries. U.S. gas supplies are supported by a number of long-term contracts that are governed under international trade rules. Russian gas was primarily delivered through the Kremlin controlled Gazprom.
The heavy dependence on Europe is a problem in both directions. Last year, around half of U.S. exports of LNG went to Europe. The U.S. has seen a meteoric rise in the past few years and is now the top producer of super-chilled fuel. A disruption of exports to Europe will have a tangible impact on LNG producers, gas drillers and the Trump administration. Energy as a weapon of political warfare has always been considered a high-risk strategy, which tends to drive buyers towards alternative suppliers. Gazprom's profits have been shrinking since 2022, as European customers moved away. This does not mean that Europe can relax. Under the Energy Policy and Conservation Act, the U.S. President has the power to limit exports of goods and energy for national security purposes. Trump declared a "national emergency" when he returned to the White House in January last year, giving him additional powers.
The long-standing alliance that exists between Europe and Washington may allow the icy relations to ease. Europe's heavy dependence on U.S. Gas will remain a significant strategic vulnerability, if or when the next dispute arises with the White House.
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(source: Reuters)