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Sources: Russian oil terminals attacked by terrorists unable to receive shipments for a second week
According to industry sources, Russia's Baltic oil hubs in Ust-Luga, and Primorsk, are unable to process shipments after a series Ukrainian drone attacks. This has prompted the country's refineries?to 'find alternative routes' for 'export'. At least five attacks on Ust-Luga occurred in a span of 10 days, causing damage to the port infrastructure. Sources claim that the restrictions on exports, as well as disruptions in large refineries, could lead to a drop in oil production in Russia. Since March 22, traders said that refineries have been unable?to deliver diesel fuel for export to Primorsk,?leaving them without their most viable export route. One industry source said that diesel fuel hasn't been accepted at Primorsk since the 22nd of March. They have promised to resume receiving deliveries to the system. Refiners are forced to use more expensive rail routes to reach other export terminals, according traders. In the last week, refineries that normally deliver fuel oil to Ust-Luga considered shipping their shipments to 'Vysotsk' further north on the Gulf of Finland coast or to Taman along the Black Sea Coast. Vysotsk, say?traders, has a lower?handling capability and shipping to Taman requires a larger number of rail cars. This week, Finnish maritime officials said that the number of vessels shipping from?Primorsk or Ust-Luga was down sharply to just "individual ships" as opposed to a weekly average between 40 and 50. Mark Porter (Reporting)
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Sweden releases oil tanker suspected to be source of oil spill
The Swedish Coast Guard announced on Friday that they had released an oil tanker, believed to be a part of the Russian shadow fleet. They suspect this is what caused a 12 km long oil spill near the island of Gotland. The tanker was believed to be a part of a fleet shadow tankers which Moscow used to fund their four-year conflict against Ukraine. Sweden and other European nations have intensified their efforts to disrupt this fleet. Russia has branded these actions as hostile. Swedish Coast Guard reported that the tanker Flora 1 was captured off Sweden's southern coast. The tanker had been seized by the Swedish Coast Guard off Sweden's?southern coast. MarineTraffic data shows that a ship departed from Primorsk, Russia with an unknown destination. The coast guard has said that the oil spill will not reach shore. The Swedish Prosecution Authority stated that it had interrogated two crew members and informed them of suspicions of environmental crimes. The individuals had not been arrested. The Prosecution Authority stated that "the spill occurred in Sweden's Economic Zone, meaning the investigative actions we can take are limited." We have done the necessary interviews and will not be taking any coercive action 'due to the suspected crime. The authority announced that it had begun?an investigation?into a possible environmental crime. The authority said that it believed the vessel was listed on the EU sanctions, and added?that the flag status of the vessel is unclear. The 'Russian shadow fleet', which consists of old, poorly-insured tankers that evade the sanctions, is a serious security and environmental concern, said Carl-Oskar Bohlin, Swedish Minister for Civil Defence, on X. He specifically mentioned the?Flora 1 as part of his remarks. The government takes the incident very seriously, even if it's not a major spill.
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Ethiopia announces resolution of debt with China
Ethiopia's Finance Ministry announced on Friday that it had reached an agreement on debt treatment with China, reaffirming both nations' commitment to progress within the G20 Common Framework in order to formalise bilateral deals. Ethiopia is facing mounting legal challenges as bondholders plan to sue the Government following the resistance of bilateral creditors to a preliminary agreement to restructure Ethiopia's $1 billion Eurobond. Ethiopia could be unable to emerge from default on its external debt due to the dispute. In a Facebook post, the finance ministry stated that a resolution was reached at a meeting held in China between?Ethiopian finance ministers and Chinese finance minsters. The discussions included "debt restructure, implementation of existing projects, and financing opportunities" as well as plans to develop a new Bushoftu International Airport. The statement said that the two sides had reached an agreement on debt treatment, and had reaffirmed their commitment?to work constructively within the G20 Common Framework parameters towards signing the?bilateral deal. Ethiopia announced that in 2021 it would restructure its debts under the G20 initiative after its finances had been severely affected by COVID-19 pandemic. The East African nation defaulted in 2023 on its $1 billion Eurobond due to a missed coupon payment of $33 million. Reporting by Nairobi Newsroom; Writing by Elias Biryabarema, Editing by Bate Fels)
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Trump wants to privatize US airport security operations
On 'Friday, President Donald Trump proposed that the Transportation Security Administration, the federal agency created in the wake of 'the September 11, 2001 attacks, begin the process of privatizing the airport security operations. The White House budget proposes to cut the TSA budget of $52 million. Small airports would be required to enroll in a TSA-funded program that pays for private screeners. TSA employs?about 50 000 federal employees to handle screening in nearly all U.S. Airports. Budget documents stated that airports using the program had shown savings when compared with?federal screen operations. Major U.S. Airports have been experiencing massive disruptions in recent weeks after Transportation Security Administration (TSA) security?officers were not paid since mid-February due to a budget dispute. Trump has not nominated anyone to replace David Pekoske as the Transportation Security Administration's head. He fired him on his first official day and never appointed a successor. The White House demanded funding cuts for the TSA of $247 million last year. They claimed that the TSA had consistently failed audits and implemented intrusive screening methods that violate Americans' dignity and privacy. This budget cut represents a 3-4% reduction in?TSA personnel levels, with the majority of the staff being located at the exit lanes. The remaining 2% is for transportation security officers who are spread out across 435 airports. As air travel has increased in recent years, the Biden administration has increased the size and staff of the TSA. It now has more than 60,000 employees. The TSA screened 904 millions passengers in 2024. This was a record and a 5% rise over 2023.
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United Airlines introduces tiered fares for premium cabins
United Airlines announced on Friday its plans to "introduce" a new tier-based fare structure in premium cabins this year. United announced that it would offer base, standard, and flexible fare options in the premium cabins of its long-haul international flights, transcontinental U.S. flights, and selected Hawaii flights. These fares will join United's existing basic, flexible, and standard fares for economy cabins. According to the new tier fare structure, customers can choose from a range of benefits, including free seating and extra checked baggage, in the standard category. Tickets in the flexible category, however, are fully refundable, and include all the same benefits as standard tickets. United Airlines announced last month a "broad aircraft and interior overhaul" centered on premium seating. The airline is pushing forward with its long-term plan, despite warnings that oil prices could remain above $100 per barrel until 2027. It also revealed plans to reduce some flights. Since the COVID outbreak, big U.S. airlines have built their business around corporate accounts, loyalty-program participants, and premium travelers. They bet that these customers will be slower to pull back on fares when they rise. United Airlines said that it would launch the new categories this month in certain markets and expand them to include additional long-haul flights, transcontinental U.S. flights and longer Hawaii routes later this year. Andrew Nocella said that the new tiered options would give customers greater choice, and allow them to find a fare with the benefits they desire - whether it's great value, extra perks or maximum flexibility. (Reporting and editing by Alison Williams in Bengaluru, Sneha S. K. in Bengaluru)
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Canadian Finance Minister discusses supply chain integrity at meeting in China
The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to 'international standards. The U.S. Trade Representative's Office announced in March that it had launched a second round of Section 301 unfair trading practice investigations of 60 economies including Canada. This was due to the failure to act on what they called forced labor. China is Canada's second-largest trading partner, with bilateral trade worth C$120 billion (US$86.1 billion). According to the official Chinese summary of Champagne's Friday meeting with Vice Premier He Lifeng, the two have agreed to hold a high-level financial and economic dialogue in the second part of this year. Champagne said that Stellantis had not been in contact with the automotive sector, despite reports that they were discussing building 'electric vehicles' in Canada with Zhejiang?Leapmotor Technology. ($1 = 1.3934 Canadian dollars)
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Japanese LNG tanker crosses Strait of Hormuz
Mitsui O.S.K., the co-owner of the tanker, confirmed that a liquefied gas tanker owned by Japan had crossed?the Strait of Hormuz. Lines announced?that a Japanese-owned LNG tanker had crossed the Strait of Hormuz on Friday. Mitsui O.S.K. confirmed that the crew members of the Panama flagged ship "SOHAR LNG" are safe. Lines spokesperson refused to reveal when the ship crossed the Strait or whether any negotiations were required. Asahi reported earlier on the crossing. Until the U.S. and Israel?attacks against Iran began in February, leading to an effective closure of the Strait?, the Strait was the route used by about a fifth?of global oil and liquefied _natural_ gas supplies. Japan was especially dependent, as 90% of its oil imports and 6% of its LNG imports passed through the Strait. DOZENS JAPANESE VEHICLES ARE STANDARDIZED According to the Japanese transport ministry, as of Friday morning, 45 Japanese-owned or operated ships were stranded in the Strait because they couldn't cross it. TBS reported that among the?tankers were 12 crude oil tanks, 12 tankers with chemical or refined products, 9 car carriers, and 6?LNG tanks. Mitsui O.S.K. Lines said last month that one vessel it owns and operates suffered a minor damage in the area. No one was injured and the cause of the incident was not known. The vessel tracking data showed that a container ship belonging to the French shipping group CMA CGM also passed through the Strait on Thursday. Since the beginning of the Iran War, Chinese ships and Indian-flagged tankers have passed through the Strait. (Reporting and editing by Tomasz Januaryowski and Barbara Lewis; Additional reporting and reporting by Katya Glubkova)
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Zelenskiy accuses Russia 'of Easter escalation,' after massive attack kills 2
Officials said that a large-scale daytime Russian strike on Ukraine killed at least two people, as part of a "Easter escalation" as Moscow changes tactics to avoid Ukrainian air defenses. Since the start of the war, more than four-years ago, Russia has carried out most major drone and missile attacks at night. It has sent drones and missiles in the daytime on several occasions over the past few weeks. One strike, which took place on March 24, set a new record for 'the number of weapons that were used. Telegram said that drones killed one person each in the central Zhytomyr region and Kyiv on Friday. Volodymyr Zelenskiy, President of X, said: "Essentially, Russians have only intensified their strikes. They have turned what should have been a silence in the sky into an Easter escalation." Zelenskiy had proposed earlier this week that strikes be halted for the Easter holidays. He also said Ukraine would reciprocate, if Russia stopped its attacks on energy sector. Moscow rejected the idea. The purpose of these strikes during the day is obvious. "Russia is deliberately trying increase the number civilian casualties, disrupt life, cause fear and damage Ukraine's Infrastructure," said Prime Minister Yulia Shvyrydenko on X. VETERINARY CLINIC HIT BY STRIKE Ukraine's Air Force announced on Telegram that it has destroyed 515 of the 542 drones, and 26 of the 37 missiles fired by Russia. Air Force spokesperson Yurii Ihnat told state television on Friday that "we can see the enemy using new routes, drones they are continually modernising and new tactics." The strike in Kyiv's region damaged a veterinary hospital, along with private homes, residential buildings, and administrative buildings. Mykola Kalashnyk, the governor of Kyiv region, said that around 20 animals had been killed. Authorities reported that 18 buildings, including houses, were destroyed in Zhytomyr and more than 100 others were damaged. Poland's military has said that it scrambled its fighter jets despite the fact that there is no evidence of any violation of Polish airspace. According to Oleh syniehubov, the governor of Kharkiv's northeastern region, over two dozen people have been injured in missile, drone and bomb attacks during the past 24 hours. Kharkiv mayor Ihor Terekhov stated that "the current series of strike has been the most intense and heavy since the start the war, if not since the beginning the year."
Gassier but cleaner United States power system strikes brand-new output record in 2024: Maguire
U.S. power producers have actually raised overall generation to new highs in 2024, sustained generally by record natural gasfired output alongside a. sharp dive in generation from sustainable sources.
Gas plants stay the key pillar of U.S. generation,. representing a record 42% of overall power production from. January through November, according to LSEG. That gas share will. likely hold constant in December.
However, utilities have likewise released record volumes of. clean power, with tidy energy sources on track to create over. 40% of overall annual power output for the first time this year.
Additionally, cuts to coal-fired output have actually permitted power companies. to minimize emissions per unit of electrical energy generation, making. excellent on commitments to curb pollution while raising overall energy. output.
In 2025, power companies will require to raise generation higher. still due to anticipated increases in overall energy intake by. data centres, other companies and homes.
To satisfy that greater need, brand-new tidy generation capability is. expected to be brought online which must lift total clean. power output to a fresh record next year.
However the inbound administration of President Donald Trump is. also anticipated to spur more fossil fuel production, which could. lead to fossil fuel-fired generation increasing by much more.
FOSSIL FLUX
U.S. power generation from nonrenewable fuel sources throughout January. through November increased by around 1% from the same months in. 2023, to the greatest since 2019.
Generation from clean energy sources increased by 6% to a. record-high.
The faster growth of clean source of power relative to fossil. power has actually resulted in nonrenewable fuel source's share of the U.S. generation. mix declining below 60% for the very first time, which marks a. significant milestone in U.S. energy transition development.
The skin tone of U.S. nonrenewable fuel source generation has also. gone through a substantial modification over the last few years, thanks to a 30%. drop in coal-fired generation and a 22% boost in gas-fired. output since 2019.
That switch-out of high-polluting coal for rather. cleaner-burning gas has actually sealed natural gas as the foundation of. the U.S. power system, and supplied U.S. natural gas manufacturers -. the world's largest - with a growing market for their products.
The greater gas emphasis within fossil power generation has. also led to a stable decline in total power sector. emissions per system of generated electrical energy.
Just over 381,000 metric lots of co2 (CO2) have. been emitted by U.S. power producers so far in 2024 for every. terawatt hour (TWh) of electrical power they generated, according to. information from think tank Cinder.
That emissions toll compares to an average of 390,144 loads. of CO2 per TWh in 2023, 408,200 lots of CO2 per TWh in 2022, and. 437,720 tons of CO2 per TWh in 2019.
TIDY GROWTH
A 14% boost in clean power generation because 2019 has also. played an essential function in driving down U.S. power emissions per unit. of electricity production.
Generation from wind farms increased by 8% during January to. November from the exact same months in 2023, while solar output. increased by 37%. Considering that 2019, wind output has climbed 55% while. solar output has leapt 218%.
Output from nuclear plants and hydro dams - the 2 largest. sources of tidy power in the United States - held largely flat. up until now this year from 2023. Nuclear output this year is around. 7% down from 2019's levels, while hydro generation is down 14%.
Utilities and other power suppliers have actually prioritised the. development of tidy power over fossil fuel power in recent. years, with tidy generation capability climbing by 34% since. 2019, according to Ember.
Solar power capability has actually grown the fastest - by 126% from. 2019 to 2023 - followed by wind capability, which has actually grown by 43%. over that duration.
Power companies have plans to include more eco-friendly capability in. 2025 and beyond, which must sustain the recent development path of. tidy power materials through the U.S. power system.
However with Trump returning to the White Home in 2025, his. more oil and gas-friendly administration is anticipated to authorize. more nonrenewable fuel source extraction and use moving forward.
That in turn could spur utilities to lift the proportion of. nonrenewable fuel sources within their generation mixes, especially if demand. loads continue to rise at a much faster pace than new clean capacity. can be connected to the nationwide grids.
The viewpoints expressed here are those of the author, a market. analyst .
(source: Reuters)