Latest News
-
Esentia energy approves expansion plan worth $205 million
Esentia Energy, a Mexican 'pipeline operator', announced a board decision on Thursday to approve a $205 million expansion. This will add 295 millions cubic feet of daily gas transport capacity. The Phase II project is part of a five year expansion plan aimed at 660 million cubic ft / per day of capacity additions. It's expected to start commercial operations in the first half of 2028. Details of the project * "Phase 2 is a continuation to our expansion plan, focused on meeting the growing demand for industrial development and data center growth in Central Mexico," CEO Daniel Bustos said. * The project involves installing 'two' new turbocompressors at compression stations located in Chihuahua, and aguascalientes where construction has already begun. Esentia reported that Siemens Energy would make 'additional improvements' to the auxiliary services and other compression sites in the entire system. (Reporting and editing by Kyrry Madry)
-
US FAA investigates close call between United Jet and Army helicopter in California
Federal Aviation Administration (FAA) of the United States?said Thursday that it was investigating an incident between a United Airlines plane and a Black Hawk Army helicopter in California. The FAA reported that the 'United Boeing 737-8 jet was on final approach at John Wayne Airport, Orange County, California on?Tuesday - 8:40 p.m., when a Black Hawk flew in front of it. Flightradar24 (a flight tracking website) reported that the planes were 525 feet vertically apart. The FAA also investigates whether or not the incident violated their new policy that prohibits visual separation between helicopters and major airports. United stated that Flight 589 had left?from San Francisco and had been told by air traffic control, to keep an eye out for a military chopper flying near the airport. The pilots saw the helicopter and received a cockpit alert. They then leveled the aircraft and landed it safely. There were 162 passengers on board and six crew members. On Thursday, two U.S. House committees passed legislation to address concerns regarding separation between helicopters & airplanes as well as other issues. After the mid-air collision that resulted in 67 deaths near Reagan Washington National Airport on January 20, 2025, FAA regulations and legislation were passed. In issuing new rules, the FAA cited recent incidents including a "near miss" involving an American Airlines plane and a police helicopter near San Antonio Airport. The helicopter and the aircraft were on convergent courses when the 'helicopter' made a left-hand turn to avoid an American Airlines flight. A Beechcraft 99 cleared to land in Burbank Airport, southern California on March?2, as a helicopter flew through the final approach path. The helicopter turned away from the Beechcraft as the aircraft were on convergent courses. The FAA said that when helicopters are crossing airport arrival or departing paths, air traffic control will use radar to maintain specific vertical and lateral distances between the aircraft. The FAA has restricted helicopter traffic at airports such as Baltimore, Las Vegas, and Washington Dulles after the 2025 accident. (Reporting and editing by Mark Porter, David Gregorio and David Shepardson)
-
Europeans press US on Russian support for Iran
The European powers accused Russia on Thursday of assisting Iran in targeting U.S. troops in the Middle East War and said that they would bring the matter up with the U.S. Secretary of State Marco Rubio during a G7 meeting of 'foreign' ministers in France. Rubio will attend the second day gathering of Western Democracies ministers. This is taking place in the midst of wars with Iran and Ukraine, uncertainty over the economy and growing unease about the unpredictable U.S. Foreign Policy under Donald Trump. Two Western security officials and a regional official near Tehran have confirmed that Russia provided satellite imagery to Iran. They also said the country helped Iran upgrade their drones so they could emulate the versions of Russian drones used against Ukraine. Some media outlets have reported that Russia has aided Iran in the conflict between the United States and Israel just as Tehran has aided Moscow in its war against Ukraine. Kaja?Kallas, the European Union's foreign policy chief, told reporters that Russia was helping Iran to use intelligence to target Americans and kill Americans at the G7 summit in Vaux de Cernay Abbey near Paris. "Russia also supports Iran with drones now so they can attack the neighbouring countries as well as the U.S. bases." Playing down concerns Steve Witkoff, U.S. Special Envoy to CNBC earlier this month, said that Russia denied sharing intelligence on U.S. assets with Iran in the Middle East. Witkoff stated that "we can take them at their word." Rubio appeared to downplay the allegations against Moscow before he left for Europe. "I believe Russia is currently focusing on their war. "I don't think I have anything else to say at this time," he added. Two European diplomats, however, said that ministers would be pressing the issue at Friday's meetings. These wars are interconnected. If America wants to end the Middle East war and Iran stop attacking them, then they should also "put pressure on Russia to prevent them from being able to assist them in this", Kallas said. Jean-Noel Barrot, French Minister of Foreign Affairs, echoed these remarks at a press conference. He said: "It's a fact that there has been and continues to be cooperation between Russia and Iran, in both directions. We are well aware of this." "There's a good reason to believe that Russia today is supporting Iran’s efforts, both militarily and otherwise, that appear to be directed in particular against American targets." Washington's partners also hope to gain more clarity about the U.S.-Israeli military operations and whether there is a meaningful diplomatic channel to end the conflict. Since U.S. & Israel attacked Iran on February 28th, Iran has launched attacks against Israel, U.S. base and Gulf States, and effectively blocked Middle East fuel exports through the Strait of Hormuz. In an effort to show Washington that it is serious, France organised a videoconference with 35 militaries around the world on Thursday. It was looking for partners and proposals to launch a mission to open the Strait after the U.S. - Israeli war against Iran. The G7 ministers - Britain Canada France Germany Italy Japan, the U.S. and Britain - are all present at the two-day meeting. (Parisa Hafezi, Humeyra Pauk and Simon Lewis contributed additional reporting from Washington and Dubai; Sudip Kar Gupta edited the story).
-
Trump is weighing executive action to ease airport safety snags.
Sources said that if Congress fails to reach a deal to resolve the security staff shortages which have caused airports to be clogged, President Donald Trump may take 'executive action' to pay 50,000 airport'security officers. Homeland Security Department reported that nearly 500 airport security guards have quit since February's partial shutdown. A dispute between Congress and the Transportation Security Administration over funding has forced the Transportation Security Administration to work without pay. Two congressional sources confirmed that Trump was considering various actions to pay airport employees. However, it is unclear for how long he will be able pay TSA payrolls if a deal with Congress cannot be reached. Karoline Leavitt, White House Press Secretary, said in a Thursday statement: "It's true that there are discussions at the White House about a variety of ideas for reducing the impact of the Democrat shutdown crisis. However, no plans or preparations have been made." The easiest and best way to pay TSA Agents would be to fund DHS." Democrats in Congress are holding up funding for DHS and demanding changes to the rules that govern its immigration operations after agents in Minneapolis killed two U.S. Citizens Renee Good, and Alex Pretti. Republicans have rejected Democratic proposals for funding TSA separately, while they negotiate reforms to how Immigration and Customs Enforcement (ICE) agents work. On Wednesday, the TSA said that if staffing problems worsened, it could be forced to shut down smaller airports. On Wednesday, more than 11, or 3,120 TSA agents, failed to show up at work. Absenteeism rates were higher in New York JFK airport, Houston's airports and the airports of Baltimore, New Orleans, and Atlanta. Chris Sununu is the CEO of Airlines for America. He reiterated on Thursday his call for Congress resolve this issue quickly. Even if the U.S. Senate reached a deal on DHS funding before Friday, he warned, "you are still likely to have a tough weekend because it won't be finalized immediately." Trump said that he could send National Guard troops to airports in order to meet security needs. Senate Republicans and Democrats are continuing to debate a plan that would allow funding for TSA, and other Department of Homeland Security agencies to resume while keeping funding for immigration enforcement on hold. TSA is dealing with a?surge in school spring break travel that is about 5 percent higher than last year. In recent days, absences have risen above 10%. This has led to long delays at airport security checkpoints. On Monday, hundreds of U.S. Immigration agents and Homeland Security Investigations (HSI) officers were deployed to 14 U.S. Airports for security screening. Some of these agents now check IDs using TSA equipment. They also assist with logistics and crowd control, as well as guarding exits and entrances. ICE and law enforcement personnel are paid even during the shutdown. (Reporting and editing by Chizu Nomiyama; Bill Berkrot, Edmund Klamann and Chizu Nomiyama)
-
Norway temporarily reduces petrol and diesel taxes amid Middle East War
The Norwegian parliament passed a bill on Thursday to reduce petrol and diesel taxes temporarily, in order to ease the soaring costs of fuel after the Middle East war, which drove up oil prices. The opposition Conservative Party proposed a vote on short notice, bypassing the traditional fiscal process which can take months to complete. The Labour Party minority government said that any changes to fiscal policy would be included in'regular committee review,' which would have delayed voting until at least June. According to Finance Minister Jens Stltenberg, a temporary tax reduction on petrol and diesel between April 1 and September 1 could cost the state at least $342 million in lost revenues. The voting record of the parliament also showed that several?proposals for temporary reductions in CO2 taxes were passed. This added several billion crowns to the?overall cuts. On Thursday, the Centre Party, who cast the final?vote said that it would support "any proposal" to reduce taxes. $1 = 9.6499 Norwegian Crowns (Reporting and editing by Terje Solsvik, Himani Sarkar, and Louise Rasmussen).
-
Algerian national airline orders 10 Boeing 737 MAX-8 planes to modernize its fleet
Air Algerie, Algeria's national carrier, announced?on Thursday that it had placed an order for ten Boeing 737 MAX 8 aircraft as part of the country's strategy to develop civil aviation. The airline stated that the acquisition is part of its efforts to modernize their fleet, expand its route network and improve customer service. Five of the aircraft will be delivered this year in the second half, and the remaining five next year. No financial details have been disclosed. Air Algerie said the move was part of a broader strategy to meet the needs of the domestic and international markets and keep up with the aviation sector. They added that it would improve the airline's market position and competitiveness. (Reporting and editing by Susan Fenton; Tarek amara)
-
United Airlines tentatively agrees to a labor agreement with flight attendants
United Airlines flight attendants'reach a tentative labor agreement of five years with the carrier, according to their union, which announced this on Thursday. Cabin crews voted against an earlier proposal last year. The union said that the 'agreement' includes higher base salaries and new restrictions on overnight flights. United Airlines said that the agreement would provide flight attendants with immediate increases?upon the ratification of the contract. The top?pay would reach $100 an hour by the end, making them the highest paid in the industry. The agreement includes a boarding bonus, compensation for long gap between flights and signing bonuses for each flight attendant. United said that these bonuses would amount to $740 million. According to estimates, the previous tentative agreement, which was rejected by the 'flight attendants' last year, would deliver a '40% financial gain in the first year of the new contract. (Reporting and editing by Rod Nickel; Rajesh Kumar Singh)
-
Anchorage, a crypto platform that brings Sun's Tron cryptocurrency to US investors
Anchorage Digital, an U.S. crypto platform regulated by the federal government, announced on Thursday that it will 'add Justin Sun’s Tron Blockchain to its network', increasing access to investors in the U.S. investors. Sun has reached another milestone in its regulatory history with the deal with Anchorage. This month, Sun settled charges brought by the U.S. Securities and Exchange Commission for $10 million. Sun and his companies have not admitted or denied wrongdoing according to the SEC. Anchorage, based in San Francisco, is the only federally chartered cryptocurrency bank in the United States. It provides services such as crypto custody, settlement, and other services to financial firms, hedge funds, and other crypto players. Nathan McCauley, CEO and co-founder of Anchorage Digital, said in a press release that by supporting Tron through Anchorage Digital’s regulated platform we are helping to bring one of crypto's biggest ecosystems into a framework. Anchorage clients can now custody Tron’s tronix. This could pave the way for a greater adoption of this token in the U.S., and boost Tron’s goal to expand in the country. Singapore is home to the Tron Foundation which oversees this blockchain?network. Investors in the United States who want to trade and invest in Tron’s token do so primarily through decentralized exchanges. These aim to eliminate the middleman, allowing users to transact on a blockchain directly. Donald Trump promised to change policies towards digital assets on the campaign trail, and has been pushing to make the U.S.?a global hub of cryptocurrencies. Sun, who is a major supporter of the Trump family's crypto-?venture World Liberty Financial said in a statement that Tron’s partnership with Anchorage would help to "expand secure institution access" to blockchain network. (Reporting and editing by Michelle Price, Alexander Smith, and Hannah Lang in New York)
Bousso: Mideast oil shock signals a supply crunch.
The U.S. and Israeli war against Iran has caused a sudden and acute disruption in Middle East oil supply, forcing buyers to use every barrel available. This is quickly destroying?forecasts that an oil glut would occur this year. The International Energy Agency predicted in February that the global oil supply will exceed the demand by 3.7 million barrels a day (bpd). This surplus would continue into 2026. One month later, this projection seems redundant. After the near-complete closing of the Strait of Hormuz, nearly 15 million barrels per day of crude oil production and another 4.5 millions barrels per day of refined fuels are effectively stuck in the Gulf. The chokepoint closed shortly after the launch on February 28 of a joint U.S. and Israeli aerial bombing 'campaign' against?Iran. Tehran responded by attacking Gulf states, regional energy infrastructure, and other Gulf countries. Losing such a large volume of oil - almost a fifth the global daily consumption – has caused shockwaves in the oil markets and wider economy. Brent crude, the global benchmark, surged over $90 per barrel on Friday. This is a gain of nearly 30% in the last week since the conflict began. Asia, whose crude imports come from the Middle East at around 60%, has been hit the hardest. To conserve feedstocks, refineries and petrochemicals in the Middle East have reduced production or closed their doors. Other energy-intensive industries such as ceramics, car manufacturing, and others are also facing severe shortages. It is impossible to know how long the conflict and the Hormuz shut down will last. The pressure on the oil chain is increasing, not decreasing, with every passing day.
You are running out of time and space
The Gulf producers have run out of options. Crude is being pushed to offshore and onshore tanks due to the blockage of exports. Iraq has a limited number of storage options and has already stopped at least one quarter of its production of 4.3 million barrels per day. Kuwait, United Arab Emirates, and Saudi Arabia - the world's biggest exporter - have some storage capacity left – but it is measured in days not weeks. Saudi Arabia and UAE are able to divert crude oil through other export routes but this only partly offsets the loss of Hormuz. Storage?fills up, forcing more refineries to idle and reduce output as storage fills.
It is difficult to shut down oil fields in a safe manner. It can take weeks or even days to restart them and reach full production. This will have a far greater impact on the market than any eventual reopening. Refiners, particularly in Asia, are scrambling to get barrels.
TAPING AVAILABLE STOCK The good news is that inventories have been increasing in recent months thanks to increased production from producers, including OPEC. According to the IEA, global oil inventories increased by 1.3m bpd or 477m barrels in 2025. This is their highest level since march 2021.
Kpler data shows that around 80 million barrels are stored on tankers in the ocean, and nearly two thirds of them are in Asia.
Most buyers are unable to access a large portion of this "floating storage", as it comes from Iran, Venezuela, and Russia. All three countries are subject to Western sanctions. Around 50 million barrels of Iranian crude are alone. But some of this oil is beginning to move. On Thursday, the U.S. granted India a waiver for buying Russian crude in order to assist refiners. New Delhi cut its imports sharply last month in accordance with a deal reached with Washington.
By March 6, the amount of Russian crude oil in floating storage had already dropped from 7,7 million barrels, just before the Iranian strikes.
Independent Chinese refiners are expected to take the majority of Iranian barrels located outside of the Gulf, or those that can get through the Strait.
Middle East producers will almost certainly draw on their overseas stock to meet contractual obligations.
If the disruption continues, governments will be under increasing pressure to tap into their own reserves. OECD member countries hold strategic petroleum reserves that were created in the 1970s to cope with supply shocks. According to IEA regulations, countries that import oil net must have stocks equal to 90 days' worth of imports. The U.S. is the world's biggest oil consumer and producer. It currently has more than 400,000,000 barrels in its Strategic Petroleum Reserve. This is well below the 700 million barrels that it can hold, but since it is not a net importer of energy, there is little risk in reducing its reserves. China is the biggest unknown. According to the IEA, Beijing quietly accumulated vast reserves of oil in recent years. It added an average amount of 300,000 bpd just last year. It hasn't announced any plans to release the stocks yet, but it has told refiners to reduce fuel exports.
CRISIS UNPRECEDENTED Global reserves are limited, even though they were plentiful at the beginning of this crisis. This is a shock that has never been experienced before: the Strait of Hormuz was completely blocked for the first time. Even if the Strait of Hormuz were to be reopened tomorrow it would take weeks to restore finely calibrated supply chain and rebalance markets.
If some Gulf oil production was diverted, it would take more than 100,000,000 barrels of stored oil to offset a disruption in supply of 15 million bpd. A prolonged outage at that rate would quickly erode global inventories.
Paul Horsnell is an independent oil analyst. He said, "It's very difficult for stock to compensate for flows. Especially when the reduction in flows is that large." In the event that stocks are depleted then governments and traders will need to replenish them. This would mean a higher demand for oil, and higher prices in the next year. Middle East supply shock has already flipped expectations of a glut to a scenario that is more realistic: undersupply.
You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)