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Urals are stable, but clarity is needed on the impact of new Western sanctions
The differential between dated Brent and Urals crude remained unchanged on Monday as buyers of both grades awaited clarity about the impact of new Western sanctions on Russian oil imports. Last week, the European Union (EU), Britain and the U.S. imposed sanctions on Russia, including those affecting its two largest oil producers, Lukoil, and Rosneft. The U.S. gave companies until November 21, 2011 to end their transactions with Russian oil producers. Four sources familiar with the discussions said that OPEC+ is likely to increase output modestly in December as it continues with its monthly increases aimed at regaining market share. PLATTS WINDOW There were no bids or offers reported for Urals, Azeri BTC Blend or CPC blend crude in the Platts window. Government data released on Monday showed that India's crude imports increased 1.7% from September to 19,93 million metric tonnes, the highest level since June. (Reporting from ;)
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As the government shutdown enters its 27th day, flight delays have risen to 1,660.
The air travel chaos has intensified with over 1,660 flights nationwide delayed on Monday, and more than 8,600 on Sunday. Air traffic controllers are absent in greater numbers amid the federal government shutdown which is now in its 27th week. The Federal Aviation Administration blamed staffing shortages for delays at Newark Airport, New Jersey and throughout the Southeast. At Los Angeles International Airport, the FAA implemented a ground delay that caused flights to be delayed by 25 minutes on average. FlightAware's flight tracking website reported that Southwest Airlines was responsible for 45% of their flights, or 2,00, on Sunday. American Airlines, however, had nearly 1,200 flights, or one-third, delayed. United Airlines' flights were delayed by 24% (739) and Delta Air Lines' flights by 17% (610). An official with the U.S. Department of Transportation said that 44% of Sunday’s delays were caused by controller absences, a sharp increase from the usual 5%. Around 13,000 air traffic control officers and 50,000 Transportation Security Administration (TSA) officers will work without pay on Tuesday and miss their first full payday. The public's frustration is increasing as a result of the delays and cancellations, and lawmakers are under pressure to solve the budget impasse. (Reporting and editing by Howard Goller; David Shepardson)
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Trump dismisses a 2028 run for VP as 'too adorable,' leaving the door open to a third term discussion
U.S. president Donald Trump ruled out running as vice president for the 2028 elections but refused to say definitively that he would never seek a third-term, keeping speculation alive about his possible plans to extend his tenure in office. Trump has flirted repeatedly with the idea of serving more than the two-term limit set by the constitution. He jokes about it and teases supporters with "Trump-2028" hats. Some allies took those signals seriously and suggested that they were exploring legal or politically feasible ways to make it happen. Most constitutional scholars have dismissed this possibility. The 22nd Amendment to the U.S. Constitution prohibits anyone from being elected as president of the United States a third. Some supporters suggested that a way to circumvent the ban would be for Trump run as vice-president, while another candidate ran for president and resigned. This would allow Trump to assume the presidency again. Trump told reporters on Monday that he would be allowed to fly from Malaysia to Tokyo in Air Force One. He added, "I would never do that." It's just too cute. It's just too cute. I don't think people would like it. It's just too cute. It would be wrong." Scholars claim that Trump cannot run for vice president as he's not eligible to become president. According to the 12th Amendment of the U.S. Constitution, "No one constitutionally ineligible for the office of president shall be eligible to hold that of vice-president of the United States." I have my best numbers ever Trump stated that he would be happy to serve a third term. I've got my best numbers yet." A reporter asked him if he had ruled out a third term. He replied, "No, I haven't." You'll have tell me. When asked if he was willing to go to court over the legality a second presidential run, Trump replied, "I've never really thought about it." Trump said that Vice President JDVance and Secretary Marco Rubio are "great people" and could run for the presidency in 2028. He said, "I believe if they formed a band it would be unstoppable." "I believe it. "I really do." Rubio, who was standing behind Trump on the plane, laughed and bowed down his head in shame as Trump predicted that he would have a bright future. He also nodded when Trump mentioned Vance. Trump's comments about a possible third term have clouded the future of the Republican Party. Potential successors are already jockeying for position, even though some Trump supporters support the idea that he remain in office. Steve Bannon, a pro-Trump podcaster and former White House chief strategy in Trump's first term, revealed in an interview with The Economist last week that there was a plan in place to circumvent 22nd Amendment, and that he had been involved in its development. Bannon stated that "Trump will be president in the year '28 and people should just accept this," Bannon. We'll reveal the plan at the right time. "But there is a strategy." He said that Trump is an "instrument" of the divine will, echoing words Trump has used on occasion. Trevor Hunnicutt Reporting, Satoshi Sugiyama, Jarrett Renshaw Writing, William Maclean and Colleen Jenkins Editing, Peter Graff.
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Delta Air Lines CEO: Government shutdown has a'small impact' on the airline.
Delta Air Lines' CEO stated on Monday that the U.S. Government shutdown has a "small impact" and costs it less than one million dollars a day. The shortage of airport security personnel is a greater concern. Delta CEO Ed Bastian said that the TSA (Transportation Security Administration), and the staffing of those checkpoints, is the greater concern. In the United States, there is also a shortage in air traffic controllers. The government shutdown will force 13,000 air traffic control officers and 50,000 Transportation Security Administration agents to work without pay. The first full pay for controllers is not due until Tuesday. Air traffic control in the U.S. is already understaffed. Bastian explained that it can be difficult to distinguish between the shutdown and understaffing. Delta and the U.S. Department of Transportation are locked in a battle over the nearly nine-year old joint venture between Aeromexico. The U.S. Department of Transportation ordered that the joint venture must be ended on January 1 as part of a series of actions targeting Mexican aviation. Bastian stated that "we believe that dissolving our joint venture is not the best strategy, especially because (Antitrust Immunity)." He added that there was no time frame for a solution to the issue. He said, "We have been talking (with the Administration) for quite some time." The joint venture allows both carriers to coordinate schedules, pricing and capacities for U.S. - Mexico flights.
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Iraq talks OPEC quota with oil minister, exports are 3.6 mln bpd
Hayan Abdel Ghani, the Iraqi oil minister, said that Iraq was in negotiations with OPEC over its quota within the available capacity of 5.5 millions barrels per day. In April, the country, OPEC’s largest overproducer submitted plans to further reduce oil production to compensate for pumping beyond agreed quotas. Abdel-Ghani stated that Iraq was committed to its OPEC quota despite having a larger production capacity. Total oil exports are currently at 3.6 million bpd. Abdel-Ghani said that the fire which broke out in Zubair's southern oilfield on Sunday has not affected exports. Abdel-Ghani said that exports from Iraq's Kurdistan north region currently reach 195,000 barrels per day, sometimes even 200,000, he added. After a hiatus of two and a half years, the Kirkuk oil pipeline flow to Ceyhan resumed late September. The first exports were made in October.
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Russia claims to have shot down 193 Ukrainian drones including 34 that were aimed at Moscow
Russian authorities announced on Monday that Russian air defence systems had destroyed 193 Ukrainian drones over night, including 34 that were aimed at Moscow and 47 in the Bryansk area, where one person died and five others injured. Alexander Bogomaz said that a Ukrainian drone struck a minibus in Bryansk in southwest Russia, which borders Ukraine. The drone killed the driver of the vehicle and injured five passengers. Sergei Sobyanin said that the drones were brought down in a six-hour period, beginning just before 10:00 pm on Sunday Moscow time (2000 GMT), according to a Telegram post by the Russian capital's mayor. No damage was reported in Moscow. However, Russia does not usually reveal the full extent of damage caused by Ukrainian strikes on its territory when civilians or civilian items are involved. Rosaviatsiya, the Russian aviation watchdog, said that two airports in Moscow, Domodedovo and Zhukovsky, would be closed for approximately 2.5 hours starting at 2240 GMT, to ensure safety. In its daily Telegram report, the Russian Defence Ministry said that, in addition to the drones downed over Moscow and Bryansk, Russian systems also destroyed drones in 11 other regions, primarily in the west and south of the country. Could not independently verify Russia’s reports about the attacks. Ukraine did not immediately comment. Kyiv had previously stated that its attacks were aimed at destroying key infrastructure for Russia's war against Ukraine. The vast majority of the deaths in the conflict have been Ukrainian civilians. Reporting by Lidia Kelley in Melbourne, editing by Nia William, Leslie Adler, and Himani Sarkar
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US Transportation Secretary says that the shortage of air traffic controllers will continue.
Sean Duffy, the Transportation Secretary, said that U.S. Airports reported 22 incidents on Saturday of air traffic controller shortages. More shortages are expected in the coming days as the government shutdown continues. FlightAware's flight tracking site reported that there were over 5,900 U.S. flights delayed by 6 pm Eastern Time (2200 GMT), on Sunday, and more than 5300 delays on Saturday. Since the shutdown began, October 1, delays have been often above average. As observers search for signs that the shutdown is affecting Americans, they have closely monitored the state of air safety. This could lead to lawmakers being pressured to end the budget impasse that caused the shutdown. Duffy said that the Federal Aviation Administration had 22 "triggers", which indicated a shortage of air traffic control, on Saturday. Duffy called this figure "one the highest we've seen since October 1" Duffy stated that "that's a sign the controllers have worn thin." According to the FAA's website, ground delays were issued due to staff shortages at Chicago's O'Hare Airport on Sunday. The same was true for Washington's Reagan National Airport as well as Newark Liberty International Airport. A ground stop was also issued at Los Angeles International Airport due to a shortage of traffic controllers on Sunday around 11:30 am (1530 GMT). The ground stop was lifted a short time later, but delays continued. Trump Administration has warned that flight delays will increase as controllers do not receive their first full pay on Tuesday. Two weeks ago, air traffic controllers were paid at 90% of the regular rate. The pay they received on Tuesday was for the first time that they were paid solely for October's work. Duffy explained that controllers who are facing the possibility of not receiving a federal pay check will look for alternative sources of income. He said, "They are taking second jobs and they are out looking." Even if they don't get paid, 13,000 air traffic control officers and about 50,000 Transportation Security Administration agents must still work during the shutdown. Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets. During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed their paychecks. This led to longer wait times at airport checkpoints. New York and Washington authorities were forced to slow down air traffic. Duffy and Republicans have criticised Democrats for their opposition to a "clean", short-term funding measure without any strings attached. Democrats have criticized President Donald Trump for refusing negotiations over the health care subsidies which expire at year's end. Idrees Al and David Shepardson, with editing by Nia Williams, Edmund Klamann and Sergio Non.
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US Transportation Secretary says that there are shortages of air traffic controllers.
Sean Duffy, the Transportation Secretary, said that the U.S. airports had reported more than 20 instances of air traffic controller shortages Saturday. This is the latest indication of the impact of the shutdown. The shutdown began on October 1, when lawmakers were unable to agree on a federal budget. Trump Administration has warned that flight delays will increase due to the fact that controllers are not getting paid their first full pay on Tuesday. Duffy said that the Federal Aviation Administration had 22 "triggers", which indicated a shortage of air traffic control, on Saturday. He said that this figure was "one of highest we've seen since October 1" in the system. Duffy explained that "that's a sign the controllers have worn thin." Air safety is closely monitored for any signs of increased delays or cancellations. Observers are looking for anything to show that the shutdown makes life more difficult for Americans. This could lead lawmakers to act. FlightAware's flight tracking site reported that there were over 5,300 U.S. flights delayed on Saturday, and by 12 noon, more than 2,500. ET on Sunday. Since the shutdown began, delays have been higher than average. Duffy, who believes that the shutdown will continue for some time to come, predicted that there would be more delays and cancellations in the coming days due to the lack of traffic controllers. According to the FAA, air traffic control issues were already reported for flights from Chicago and Newark on Sunday. Around 11:30 am, the agency announced a ground-stop at Los Angeles International Airport because of a shortage of traffic controllers. ET (1530 GMT). The agency reported a shortage of air traffic controllers on six U.S. Airports by noon Sunday ET. Two weeks ago, air traffic controllers were paid at 90% of the regular rate. The pay they received on Tuesday was for the first time that they were paid solely for October's work. Duffy explained that controllers who are facing the possibility of not receiving a federal pay check will look for alternative sources of income. He said, "They are taking second jobs and they are out looking." Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets. In 2019, the number of controllers and TSA agents absented increased during a 35 day shutdown as workers missed their paychecks. This led to longer wait times at airport checkpoints. New York and Washington authorities were forced to slow down air traffic. Duffy and Republicans have criticised Democrats for their opposition to a "clean", short-term funding measure without any strings attached. Democrats have criticized President Donald Trump for refusing negotiations over the health care subsidies which expire at year's end. Idrees Al and David Shepardson, Sergio Non and Nia William edited the article.
China's Foreign Minister speaks with Rubio before Trump-Xi Meeting
China hopes that the United States will meet them halfway in order to "prepare high-level interaction" between the countries. Foreign Minister Wang Yi said this during a telephone call with U.S. Sec. of State Marco Rubio on Monday.
Wang stated that Xi Jinping, Chinese president, and Donald Trump, U.S. president have had "long-standing relations and exchanges", according to the Ministry. Wang called Xi's relationship with Trump "the most important strategic asset" in China-U.S. relationships. The call was made ahead of a meeting that is expected to take place between Xi Jinping and Donald Trump on Thursday in South Korea, on the sidelines the Asia-Pacific Economic Cooperation CEO Summit.
The Chinese transcript of the call on Monday did not confirm that the two will meet. However, the White House had previously stated they would.
In a brief statement, the U.S. State Department stated that Rubio spoke with Wang about the "importance" of the U.S. China relationship and their upcoming summit. However, the department did not provide any further details. The two countries' negotiators met in Malaysia over the weekend to work out a framework deal that the presidents can consider. This included issues such as soybeans and TikTok. In recent weeks, there has been an increase in trade friction between two of the largest economies of the world. Beijing expanded its control over rare earths and Washington imposed additional port fees for Chinese ships. This sparked a wave mutual countermeasures.
According to a statement from the Chinese Ministry, Wang stated that "China-U.S. economic and trade relations have experienced some twists."
He said that during the Kuala Lumpur trade talks, "the two sides clarified and improved their understanding". Wang said that bilateral relations can progress as long as the two sides "commit to resolving conflict through dialogue and give up the practice of applying pressure at will", he added. Trump said on his way to Japan Monday that the U.S.-China trade agreement would be "completed" by then. Chinese state media reported late on Sunday that Chinese H-6K Bombers flew close to Taiwan recently in order to conduct "confrontation exercises." Rubio stated on Sunday that Taiwan shouldn't be worried about the U.S. - China talks, despite experts expressing concern that Trump could offer concessions regarding the island. Beijing claims the island as its own, and under U.S. laws Washington is required by law to provide the island with the means of self defense.
Craig Singleton is a China specialist at the Foundation for Defense of Democracies, a Washington-based think tank. He said that any U.S. deal with Beijing will likely only mean a temporary stabilization of relations between the two countries.
Singleton stated that both sides were managing their volatility by adjusting just enough cooperation in order to avoid crisis, while the rivalry between them continues. (Reporting and editing by Xiuhao chen, Ryan Woo and Michael Martina; Toby Chopra and Hugh Lawson, Daniel Wallis and Toby Chopra)
(source: Reuters)