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Suncor CEO: Despite government's oil-friendly stance, Suncor is not ready to accelerate output growth.
Suncor Energy's CEO said on Wednesday that the company is not ready to increase production plans, despite the large-scale reforms promised by the Alberta and federal governments to boost growth in Canada's petroleum industry. These comments highlight the uncertainty surrounding whether the federal government’s more friendly stance towards the energy sector will translate to increased company investment and a higher output for Canada, the fourth largest oil producer in the world. Suncor's outlook is unchanged since its investor day in March, Rich Kruger, CEO of Suncor, said during a conference call. He added that there's still work to be done to convert last month's Memorandum of Understanding between the oil-sands industry, and government, into legislation. Kruger stated that it is still unclear how the agreement will affect his plans. Kruger and other oil sands CEOs signed a nonbinding agreement with Alberta and Canada in July to set out the conditions for the development of the 'Pathways' carbon capture and storage project. This would reduce greenhouse gas emissions from oil sands. Mark Carney, the Canadian Prime Minister, has endorsed Alberta’s vision for a new pipeline that would export 1 million barrels per day to the Pacific Coast. However his support depends on whether the Pathways project is implemented. Carney's government has been working to mend relations with the Canadian oil industry for a number of years. The industry had fought many of Justin Trudeau's environmental policies. Carney has reversed or diluted many of these policies and promised to accelerate the permitting process for major energy projects. Many of the?proposed policy changes are not yet drafted into legislation. Enbridge, the Canadian pipeline operator, announced last week that it would 'postpone' a planned expansion of Mainline by 250,000 bpd due to oil producers unwillingness to commit significant production increases. Kruger stated that while the tone of the 'Canadian Government is more positive than in the past decade, the company wants to take its time before making any commitments to accelerate their growth plans. Suncor announced in March that it expected to increase its upstream production from 840,000 to 870,000 barrels per day (bpd) by 2028. Kruger stated that Suncor has the option of ramping up more quickly if so desired. He said, "We haven't changed to this mode at all. But we do have flexibility." (Reporting from Amanda Stephenson, Calgary; editing by Nia William)
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Iran Ministry: Iran and Oman have reached an agreement on the coordinates of the route through Hormuz
Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that Iran and Oman had'reached an agreement on the geographic coordinates of a shipping route across the Strait of Hormuz. A joint announcement is being finalised if certain third parties do not interfere. Baghaei said that such an agreement between Iran and Oman, would not guarantee the security of this strategic waterway. A senior Iranian official and two regional officials told reporters on Wednesday that the proposed deal between Oman and Iran would give Tehran control of ships entering the 'Gulf via the Strait of Hormuz. This is one of the biggest concessions made to Iran yet. Sources rebutted claims by U.S. president Donald Trump, that a deal to reopen the Strait of Hormuz was imminent. They said important details had to be agreed. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, described the negotiations between Tehran and Muscat as being "professional" in nature and "moving ahead", saying that "the two sides had reached a mutual understanding on the geographic parameters of the route discussed". Baghaei said that, "if third parties don't obstruct this process, then the joint statement between these two countries, which contains the?"main considerations" and "key points of understanding", is in the final stages. Reporting by Elwely Elwelly, Menna ala El Din and Alison Williams. Editing by Ros and Alison Williams.
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S./Iran conflict has disrupted oil flows through the Strait of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports & ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 at sea, and 67 strikes?on port infrastructure. Ukraine is estimated to have targeted dozens tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. FESCO, a Russian shipping company, said 'this week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. Russia has intensified its strikes on civilian vessels and the port infrastructure in southern Odesa, Ukraine. Through this hub, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. More than four years after the end of the war, agricultural products are still Ukraine's main source of export revenues. Kyiv seeks alternative export routes. However, Agriculture Minister Taras Voysotskyi said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped via Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk and Tuapse continues, but at a lower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk as well as the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh crude. In a report published this week, shipbroker BRS stated that the CPC system was a vital?export route in Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could have a negative impact on regional supply. Ambrey, a British maritime security company, advised clients that vessels continuing to call at Black Sea port should carry out comprehensive voyage threat assessment and that crews should remain within designated safe muster areas during drone attacks. Stephen Cotton, General Secretary of the International Transport Workers' Federation, a leading union of seafarers, said: "The killings of innocent civilian seafarers are?unacceptable. They cannot be considered 'collateral damages' in order to achieve military goals - this is an immoral precedent and a very dangerous one." BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to rising security risks. According to market estimates, the average daily Black Sea oil tanks costs have increased from $200,000 to more than $300,000. According to insurance sources, war insurance costs for port visits to terminals in the Black Sea have increased to 2% of ship value, up from 1% just two weeks ago. Insurance sources say that even small increases can add up to hundreds of thousands in extra costs for each voyage. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Gulf oil exports stable in July but still 40% below prewar level
Shipping data showed that the Gulf countries' crude and condensate oil exports remained largely stable in July, and were about 40% lower than pre-war levels. However, signs of a decline emerged in the second half as fighting intensified in the region. The relatively stable levels of exports have eased concerns over a more severe disruption in supply and offset the drawdown in global inventories. Tanker traffic in the Strait of Hormuz, and Bab el-Mandeb, two of the most important Middle Eastern waterways, remained below the levels seen before the U.S./Israeli war against Iran started on February 28. Kpler reports that crude and condensate oil exports from Saudi Arabia, the United Arab Emirates (UAE), Iraq, Kuwait, and Iran increased by just 2% in July compared to June, averaging 10.7 million barrels a day. Kpler data and Vortexa showed that exports peaked between 12 and 13 millions bpd during the first half of this month, before dipping as the fighting between the United States and?Iran resumed. Iraq's exports doubled from June. Kuwait and Iran contributed to the increase, but Saudi Arabian and UAE shipments declined. George Morris, Vortexa analyst, said that nine additional very large crude carriers loaded in July boosted Iraqi Exports. However, flows through Hormuz are slowing as the fighting intensifies. In July, the International Maritime Organization received reports from at least 14 vessels in the region. This is up from 8 in June. Exports are up, allowing some producers to increase production. Kuwait increased crude production in July to 1.971 mbpd from 1.65 mbpd, according to a source familiar with the situation. Saudi Aramco CEO Amin Nasser said on Tuesday that the world has lost over 2.6 billion barrels since the war began. Rebuilding inventories would take 18 months, at a rate 2.1 million bpd. RED SEA EXPORTS SLOPING Last month, Yemen's Iran-backed Houthis stepped up their attacks near the Bab el-Mandeb strait. This caused Saudi crude exports - from the Red Sea port at Yanbu - to slow down. According to Energy Aspects, the Yanbu loadings dropped to 3 million BPD after July 20, from 3.8 millions BPD in April-June. Richard Bronze, co-founder of Energy Aspects, said that many tankers load?at Yanbu without their Automatic Identification Systems transponders on. Others are rerouting through the Suez Canal, and using the SUMED pipe connecting the Red Sea to the Mediterranean in order to avoid the Bab el-Mandeb. Reporting by Enes Tunagur and Ahmad Ghaddar, London. Editing by Tomasz Janovski)
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the?consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S.-Iran war has disrupted oil flows through the 'Strait Of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports as well as ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 on sea, and 67 strikes against port facilities. In 2025, the vessels were only attacked 14 times. Ukraine is believed to have targeted dozens oil tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. The Russian shipping group FESCO announced this 'week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. In the meantime, Russia has intensified its strikes against civilian vessels and the port infrastructure in the southern Ukrainian hub of Odesa. Through this port, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. Even after four years of war, Ukraine's top export source is agricultural products. Kyiv seeks alternative export routes. However, Agriculture Minister Vitaliy Kval said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped through Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk continues, but at a slower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk and the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh oil. In a recent report, shipbroker BRS stated that the CPC system was a vital export route for Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could be a concern for regional supply flows. BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to the rise in security risks. According to estimates, the average daily Black Sea oil-tanker cost has risen to more than $300,000 per day, up from just under $200,000 per day a week earlier. According to insurance sources, war insurance costs for port visits to Black 'Sea terminals has risen from around 1% to 2% of the value of the vessel. Even small increases can add up to hundreds of thousands in extra costs per trip. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Tewolde Gebremariam is appointed as the new CEO of Air India
Air India appointed former Ethiopian Airlines Chief Tewolde Gebremariam to its 'CEO' post on Wednesday. The Indian airline is currently struggling with persistent losses, and increased regulatory scrutiny after a fatal crash last year. Gebremariam succeeds New Zealander Campbell Wilson. Wilson was a former Singapore Airlines executive who was appointed in 2022 as the new leader of Air 'India after it had suffered years of decline under state ownership. Air India reported that Wilson had informed Chairman N Chandrasekaran of his intention to step down in this year 2024. The 'Tata Group owned airline is suffering heavy losses, not only because of a heightened regulatory scrutiny following the '2025 crash but also as a result of operational disruptions caused by a conflict in the Middle East. These have increased costs and compounded effects from Pakistan banning airspace.
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Sources say that gasoline and diesel exports to Russia from Belarus reached a new record in July.
According to industry sources, and calculations, Belarusian gasoline and diesel supplies to Russia reached a monthly record in July. Fuel shortages were caused by unplanned outages at Russian oil refineries after months of relentless 'Ukrainian drone attacks. According to industry data and calculations, the Russian gasoline production had dropped early in July, to around 65% the average seasonal consumption. Diesel production had also fallen to the same level as domestic demand. The?Russian Government, in response to rising fuel prices at retail and wholesale, banned diesel exports. However, it allowed exemptions under previous contracts and intergovernmental agreements. Export restrictions for gasoline and jet fuel had already been implemented. Source data shows that gasoline shipments by rail from Belarus to Russia increased 13% from June to 212,000 tons. Diesel deliveries also doubled, reaching 162,000 tons. The total amount of jet fuel delivered from Belarus to Russia in July was 13,100 tonnes, compared with 16,100 tons in June. Belarus provides fuel to Russia from its two refineries that process Russian oil. They have a combined capacity of 24,000,000 tons per year or 480,000 barrels a day. In the first seven months of this year, the total amount of gasoline shipped by rail from Belarus into Russia increased 25-fold compared to the same period in 2025. Diesel deliveries also increased almost sevenfold, to 418 tons. According to industry sources, Russia has also begun importing gasolines from India, Kazakhstan, and Morocco.
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CPC oil loadings fail due to safety concerns and tanker shortages
The Caspian Pipeline Consortium suspended operations several times this week due to safety concerns and a shortage of tankers. This is because the main export route for Kazakh crude has been hit by drone attacks. Since the middle of the last month, the loadings of the pipeline have been disrupted. The pipeline carries around 1.8% of the global oil supply, from Kazakhstan to Russia’s Black Sea Coast. This adds to the supply disruptions linked to the U.S. and Israeli war against Iran. Sources said that the pipeline was only temporarily reopened this week and closed on Wednesday. Shipowners are reluctant to embark on CPC voyages due to the possibility of drone attacks. On Tuesday, the Russian group FESCO halted operations in the area. A CPC Blend seller said it took multiple attempts to find a ship to load a cargo during recent weeks. The Russian Foreign Ministry accused Ukraine on Monday of attacking oil tankers at the terminal for the Caspian Pipeline consortium in Novorossiysk and claimed that Kyiv is trying to destabilise oil markets worldwide. Kyiv did not claim responsibility for the incident or make any comments on why they may have expanded their campaign against Russia by targeting a pipeline which carries crude oil mainly produced by U.S. majors and European oil companies. No one of the eight people we spoke to was able to be identified because they were not authorized to speak in public. The Energy Ministry of Kazakhstan said that it was not considering a total shutdown of CPC operations and that everything was under control. On Wednesday, the ministry still had not responded to a?request for comment. CPC declined to comment. Kazakhstan is a landlocked country that relies heavily on Russian ports for exporting crude oil by sea. This means that disruptions to the pipelines and loading can cause?production reductions. When attacks on tankers increased in July, Kazakhstan's oil production?fell 14% compared to June. Sources said that Tengizchevroil intends to export 100,000 metric tonnes of oil by rail in August to Georgia's Black Sea Port of?Batumi. CPC Blend?differentials are weaker due to disruptions. CPC blend cargoes for August loading were sold at a price nearly $4 per barrel lower than dated Brent last week. This is compared to the premium that was paid a few short weeks ago. Reporting by Robert Harvey, LONDON; and MOSCOW reporters; Editing by Barbara Lewis
The robotaxi industry will be shaped by the radical differences between Tesla and Waymo.
Elon Musk, the CEO of Tesla, told investors in June that the driverless taxis of the company would be available for "half of the U.S. population" by the end this year.
Alphabet Waymo, the U.S. leader for autonomous ride-hailing, launched a similar service in Phoenix eight years ago. It operates in areas that have about 3% U.S. residents.
Musk's statements about Tesla's robotaxis expanding at a "hyperexponential" rate contrast with Waymo, which takes a deliberate approach before entering new markets. Musk believes Tesla's use of cameras and AI will allow it to scale faster than Waymo, which uses more sensors and high definition mapping. These differing strategies will have a profound impact on the early rankings in the emerging autonomous-driving market. Some analysts and investors believe that the market could grow to a multi-trillion dollar one over the next fifteen years.
Waymo’s expansion plan involves mapping out new cities and gradually introducing autonomous ride-hailing, after testing it with employees and drivers as passengers. Tesla claims its robotaxis are powered by a different autonomous techniqe than Waymo, which allows them to skip much of the tedious preparation work. These cars, which are still in testing, use AI to react to road conditions like a human. Tesla claims that this requires less extensive road testing and mapping.
Musk said in an April conference call that once the technology is able to work in some cities, it can be used anywhere in America. Musk has described Waymo as "fragile" and said its expansion is "limited". Many investors have embraced Musk's vision. Analysts attribute the majority of Tesla stock market value to its autonomous driving capabilities. Investors are betting that Tesla can scale up much faster than Waymo. Robotaxi could be a major growth engine for Tesla if it is successful in its rapid commercial expansion.
We interviewed 12 current and former executives in the industry, as well as regulators, police officers, and city planners, to compare Tesla's initial expansion efforts with those made by Waymo. The differences between their technical and marketing strategies were striking.
Former Waymo executives and current Waymo executives agree that the market-by-market mapping and testing prior to expansion is crucial to ensure safety. This helps factor in the particularities of each city’s roads, such as steep inclines on San Francisco's streets, which make it hard to see ahead.
Aman Nalavade said, "We need to really understand the core components of each of these towns," in an interview. There are a lot more risks involved in getting this wrong.
Musk has also spoken about the importance safety. Musk said in a statement last month that he didn't want to risk anything, so he would proceed cautiously.
Tesla has not responded to any requests for comment.
CONTRASTING TECH
Tesla and Waymo use AI for autonomous driving. Waymo uses a more step-by-step approach, where the system gathers data from high-definition mapping and advanced sensors in order to identify objects and plan its vehicle's route.
Tesla says that its system is more human-like in the way it makes driving decisions. The company claims to use an AI method in which video taken by the car's cameras are interpreted by software, and then instantly translated into driving choices. This is unlike the waymo system.
Waymo experimented with some aspects of Tesla’s approach, but stated in a research report last year that its performance has "challenges" and "limitations". Musk has set a deadline of "millions" of Teslas autonomously driving by the second half next year. This compares to Waymo fleet of approximately 2,000 vehicles. Tesla launched its pilot program in Texas back in June. It is now awaiting approval from Arizona, and it hopes to expand into other states such as Nevada and Florida. Tesla is under pressure to fulfill these promises because its electric vehicle business is facing headwinds. The company's global vehicle sales are down, with a steep drop in Europe. If Musk's robotaxi timeline is not met, it would delay the creation of a new revenue stream.
Waymo, the only ride-hailing company in the United States that offers a fully autonomous service for a fee to everyone, is unique. It is available in parts of Los Angeles and Phoenix, as well as Atlanta, Atlanta, Austin, and San Francisco Bay Area.
Waymo tests its technology in virtual simulators and on closed courses, including a 113-acre California track, before expanding into new markets.
It took more than three year for Phoenix to offer test rides in which a driver was in the driver's seat. In 2020, the public could pay for driverless ride hailing. Waymo took almost four years to open autonomous service at any time in Phoenix's terminals. This was August 2024.
Waymo claims it will reduce the time for testing in new cities, as its autonomous technology becomes more experienced and learns from previous experiences.
Bank of America analysts estimated that Waymo lost $1.2 billion to $1.5 billion in 2017. Analysts expect Waymo to be profitable in the future as vehicle costs drop and ridership increases.
Morningstar analysts predicted in a report published in March that Waymo will have a rapid ramp-up over the next several years, while Tesla's initial robotaxi rollout would be "slower" because its software would not be "ready." Morningstar anticipates Tesla to launch fully-autonomous robotaxis by 2020 and surpass Waymo’s ride-hailing share by the end the decade.
"A HUGE CONCERN"
Even though Waymo has been meticulous in its approach to analyzing new markets, some city officials have complained about the problems it has encountered.
Austin Police Lieutenant William White said that Waymo's vehicles have been known to ignore the hand signals of officers and drive in dangerous situations.
In May, the driver of a Waymo car drove into floodwaters and had to get out. White said that this is a major concern for us. If that person had been killed, we would have faced a serious crime.
A Waymo vehicle repeatedly tried to get around an officer blocking the road during a charity event in downtown Austin last year. White said that the police eventually disabled it by wrapping tape around its sensor.
White explained that Austin police had to develop a new traffic citation system to deal with repeated incidents where Waymo cars froze up and blocked traffic. Since March, the police have issued three traffic citations. The process of issuing citations to a driverless car can be so lengthy that officers often avoid doing it.
White stated that if they pursued it each time, there would have been hundreds of citations.
As the service is still in its early stages, there has been limited interaction between the department and Tesla's Robotaxi service.
Chris Bonelli, a spokesperson for Waymo, said that the company had been "robustly engaged" with Austin fire and police officials for over two years. Waymo "takes all observations and concerns serious" and uses this feedback "to improve our technology," said Chris Bonelli, a Waymo spokesperson.
SOOTHING SKEPTICS Besides technical challenges, autonomous vehicle firms must navigate a patchwork regulations and reassure community leaders who may be apprehensive of driverless cars.
Waymo, for example, began meeting with local officials over a year prior to its launch in March and participated in city-organized meetings, including those with representatives of the Texas School for the Deaf. Before the launch, school representatives rode in Waymo cars.
Peter Bailey, the school superintendent, said that he met with Tesla representatives a few weeks before Tesla's launch in June. He learned of this timing through news reports. A reporter saw a Tesla robotaxi traveling between 40-45 mph near the school in a zone where the speed limit was 35 mph. The sign nearby warned drivers to be aware of deaf pedestrians.
Bailey declined to comment about the community outreach strategies of Waymo or Tesla. He stated that he expected "all drivers to obey posted speed limits, including autonomous cars, and drive with caution in school zones." Waymo's experiences show how different regulations across the country can stymie expansion plans. Washington, D.C., where the company hoped to launch its autonomous vehicle in 2026, is one example. However, it's not clear if the city can pass necessary regulations on time.
Before moving forward, the D.C. City Council waited years for the transportation department to submit a report on recommendations for commercial rules for driverless vehicles. Charles Allen, a councilmember, stated that while the regulations could be ready by 2026, the timeline for their passage is not known.
Waymo hired three outside lobbying companies and circulated online petitions asking residents to "help Bring Waymo to DC!"
D.C. Department of Transportation says Tesla hasn't reached out. Reporting by Chris Kirkham, Norihiko Shrouzu, in Austin, Texas, and Rachael LEVY in Washington. Additional reporting by Abhirup RAY in San Francisco. Editing by Mike Colias, Matthew Lewis.
(source: Reuters)