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Iranian lawmaker: Strait of Hormuz is still being reviewed, and no decision has been made yet about closing it
In comments carried on Monday by Iran's official media, Esmail Kosari, a hardline Iranian legislator, said that any closure of Strait of Hormuz is still being reviewed but that no decision has been made. Kosari was quoted by the Iranian Parliament as saying, "Military actions concerning the Strait of Hormuz are complete, but a decision has not yet been taken regarding its (closure). The matter is still being reviewed." He did not specify what military measures may have been in mind. During the 12-day air conflict between Israel and Iran, speculations were made about the possibility that Iran would close the waterway through which a fifth or so of the world's oil and gas shipments travel. The Strait is located between Oman, Iran, and the Gulf of Oman in the south. It also connects the Gulf to the Arabian Sea. Iran has threatened to shut it down for years, but never actually followed through with that threat. Kosari continued, "We are currently reviewing the situation and can implement whenever necessary." Reporting by Parisa hafezi and Elwely Elwelly, Editing by Toby Chopra & Alison Williams
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Farmers say that more sun is needed to boost the main cocoa crop in Ivory Coast.
Farmers said that although rainfall was below average in the main cocoa-growing areas of Ivory Coast, soil moisture was sufficient to maintain strong flowering. Ivory Coast is the top cocoa producing country in the world. Its rainy season officially runs from April until mid-November. The pace of flowering was described by growers as the fastest in the last three years. The trees were healthy, and the green leaves indicated that they are in good health. However, more sunlight is needed to increase the main crop from October to March. Farmers are expecting a good main crop harvest, but warned that the weather conditions in August and Septembre will be crucial, as cloudy skies, lack of sunshine, or excessive rainfall could cause disease, and reduce yields for harvests from October to March. The trees are in full bloom. "We need more sunlight because the air has a cool temperature," said Kouassi Kouame a farmer in the west. Last week, the area received 3.7 millimeters of rainfall, which is 25.8mm less than the average for the past five years. In the east, Abengourou and Agboville, rains were also below average. Farmers in the region said that enough pods will be harvested by mid-August, and they expect an early start to their next main crop. Farmers in central and centre-western Daloa, Bongouanou, and Yamoussoukro regions, where rainfall is below average, say that more sunlight is crucial to the development of young fruits. Emile Kassi is a farmer near Daloa where last week's rainfall was 16.8 mm less than average, 6.1 mm. The average weekly temperature ranged between 23.6 and 26.6 degrees Celsius. Reporting by Loucoumane Courlibaly, Editing by Ayen deng Bior
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Air India CEO: Investigation into Ahmedabad crash raises questions
Air India CEO, in a memo dated Monday, said that a preliminary investigation into last month's crash of an Air India passenger plane which killed 260 people raised additional questions and that the investigation was far from being concluded. According to the preliminary report released on Saturday by India's Aircraft Accident Investigation Bureau, confusion was present in the cockpit just before the Boeing Dreamliner crashed. Air India CEO Campbell Wilson stated in a memo that the report "triggered a whole new round of speculations in the media... It provided greater clarity as well as opened up additional questions." He said: "The preliminary investigation has not yet concluded, and I urge everyone to refrain from drawing premature conclusions." The memo stated that the preliminary report had found no mechanical or other maintenance issues and that all necessary maintenance was completed. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India bound for London began to lose thrust. It sank shortly thereafter. The 242 passengers and 19 people on the ground, except for one, were all killed. In the final moments of the flight, a pilot is heard asking another pilot on the cockpit recorder why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so." The report added that both fuel cutoff switches on the plane's engines were flipped nearly simultaneously but did not specify how. The preliminary report did not suggest any immediate action by Boeing or GE whose engines were installed on the aircraft. ALPA India, the Indian pilots' representative at the Montreal-based International Federation of Air Line Pilots' Associations (IFALPA), has denied any presumption of a pilot's error and demanded a "fair fact-based investigation". Campbell wrote in his memo that "the pilots had passed the mandatory pre-flight alcohol breathalyzer and there were not observations regarding their medical status." Sumeet S. Sabharwal (56), the pilot in command of the Air India aircraft, had 15,638 total hours of flying experience. According to the Indian Government, he was also an Air India Instructor. Clive Kunder was his co-pilot, a 32-year old man with 3,403 total hours of experience. Air India is under increased scrutiny in multiple areas following the crash. The European Union Aviation Safety Agency announced on July 4 that it would be investigating Air India Express after a report revealed that the airline had failed to replace engine parts in an Airbus A320 within the timeframe required and falsified documents to show compliance. (Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Hritam Mukherjee; Editing by Nivedita Bhattacharjee, Raju Gopalakrishnan and Aidan Lewis)
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Air India CEO: Investigation into Ahmedabad crash raises questions
Air India's CEO stated in a Monday memo that a preliminary investigation into last month's crash of 260-passenger Air India jet raises more questions and that the investigation is not over. According to the preliminary report released on Saturday by India's Aircraft Accident Investigation Bureau, there was confusion in the cockpit just before the crash of Boeing Dreamliner. Air India CEO Campbell Wilson stated in a memo that the report "caused a new round speculations in the media... It provided greater clarity as well as opened up additional questions." He said: "The preliminary investigation has not yet concluded, and I urge everyone to refrain from drawing premature conclusions." The memo stated that the preliminary report had found no mechanical or other maintenance issues and that all necessary maintenance was completed. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India bound for London began to lose thrust. It sank shortly thereafter. The 242 passengers and 19 people on the ground, except for one, were all killed. AAIB's report states that in the final moments of the flight, a pilot could be heard asking another on the cockpit recorder why he had cut off the fuel. The report stated that "the other pilot replied that he didn't do so." The report added that both fuel cutoff switches on the plane's engines were flipped nearly simultaneously but did not specify how. The preliminary report did not suggest that Boeing or GE would take immediate action, whose engines had been installed on the aircraft. ALPA India, the Indian pilots' association at the International Federation of Air Line Pilots' Associations in Montreal, has denied any presumption of error by a pilot and demanded a "fair fact-based investigation". Campbell wrote in his memo that "the pilots had passed the mandatory pre-flight alcohol breathalyzer and there were not observations regarding their medical status." Sumeet S. Sabharwal (56), the pilot in command of the Air India aircraft, had 15,638 total hours of flying experience. According to the Indian Government, he was also an Air India Instructor. Clive Kunder was his co-pilot, a 32-year old man with 3,403 total hours of experience. Air India is under increased scrutiny in multiple areas following the crash. The European Union Aviation Safety Agency announced on July 4 that it would be investigating Air India Express after a report revealed that the airline had falsified documents to show compliance and failed to replace engine parts as required. (Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Hritam Mukherjee; Editing by Nivedita Bhattacharjee, Raju Gopalakrishnan and Aidan Lewis)
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Sources say that the Caspian Pipeline increased oil exports in June by 8% from May.
CASPIAN PIPELINE CONSORTIUM RAISED OIL EXPORTS IN JUNE BY 8% FROM MAY TO 6.177 MILLION TONS - TWO SOURCES Two industry sources said on Monday that the Caspian Pipeline Consortium (CPC), which transports oil via Russia's Black Sea Terminal from Kazakhstan, increased its exports in June by 8% compared to May. Last month, the oil exports via CPC's pipeline increased to 6.177 millions metric tons or 1.63million barrels per day. The consortium that handles over 80% of Kazakhstan's oil exports does not comment on the production activity. Sources said that only oil exported from Kazakhstan via this route increased to 5.580 millions tons last month from 5.386 in May as the country ramped production up to match a record monthly high. CPC, which includes Chevron, ExxonMobil and other shareholders, expects oil exports this year to be down by 2.6% compared to the initial plan of 74 million tonnes. Reporting by
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The rupee has fallen to a two-week-low on the back of corporate dollar bids and outflows
As traders reported, the rupee fell below 86 dollars per Indian rupee on Monday, its lowest level for more than two months. This was due to corporate dollar demand, and equity related outflows. The rupee ended the day at 86.9850 per dollar, down by 0.2% from Friday's close of 85.80. The currency had a low earlier in the day of 86.0475, its lowest level since June 25, The rupee was under pressure from the dollar demand of a large Indian conglomerate, as well as other companies. This is in addition to possible outflows from Indian equity markets. India's benchmark equity indices, the BSE Sensex, and Nifty 50, both declined by 0.3% even though most regional peers were ticking higher. The common currency and stocks in Europe both fell after U.S. president Donald Trump threatened to levy a 30% tax on imports from the region over the weekend. This heightened his ongoing trade conflict. The S&P 500 Futures fell 0.3%. Investors see the threats as a Washington negotiating strategy to force the other side into a deal, ING stated in a report. India is one of the few major U.S. trading partners who have yet to receive a tariff notice. Indian negotiators will be returning to the U.S. for a second round of negotiations, centered on differences over auto parts, steel, and farm products. Amit Pabari is the managing director of FX advisory firm CR Forex. He said that "all things considered, the chances of rupee gaining more ground are limited". Pabari believes the rupee will face resistance at the 85.40 to 85.50 level. India's consumer price inflation data is due later today. According to a survey of 50 economists, benign food prices and high base probably helped Indian inflation to slow down to a more-than-six-year low in June at 2.50%. (Reporting and editing by Eileen Soreng; Jaspreet Klra)
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Minister: Serbia wants to waive sanctions on the Russian oil company NIS for a fifth time
Dubravka Djedovic Handanovic, Serbian Mining and Energy Minister, said that the talks between Belgrade and Washington over delaying sanctions against Russian owned Serbian oil company NIS a fifth consecutive time were marred by difficulties. NIS has secured a fourth reprieve that is set to expire July 29. This puts Serbia in an unstable position, as it attempts to balance energy security with geopolitical demands. Djedovic handanovic, Serbia's minister of state for RTS TV, said that negotiations are tough because they are between two powerful countries, Russia and America. NIS is owned by Gazprom Neft, a Russian company, and Gazprom. It operates Serbia's sole oil refinery, which supplies a large part of the country's crude oil needs. Sanctions could threaten its crude supply. The facility's annual capacity is 4.8 million tonnes. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January, and gave Gazprom a 45-day deadline to sell its NIS holdings. The U.S. Department of the Treasury didn't immediately respond to an inquiry for comments on the talks. She said, "We will use all the means available to continue dialogue with both parties... to defend our position." Gazprom Neft, in an effort to avoid sanctions, transferred to Gazprom a stake in NIS of approximately 5.15% on February 26. Gazprom owns 11.3% of NIS. The Serbian Government owns 29.87% of NIS, while the rest is held by small investors. NIS imports 80% of the oil it needs via Janaf, Croatia's pipeline operator. The rest is covered by the crude oil produced in Serbia. (Reporting and editing by Bernadettebaum; Aleksandar Vasovic)
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Wizz Air will cease operations in Abu Dhabi
Wizz Air, the low-cost carrier, announced on Monday that it would be closing its Abu Dhabi operations after six years in order to concentrate on its primary European market. It cited geopolitical uncertainty and limited access to markets as reasons for its decision. Wizz, a company that originally focused on Central and Eastern Europe, but has expanded to Britain, Italy, and Austria, announced it will focus on its more profitable European business in the future. The shares of the London-listed carrier rose by 1.5% at the opening of trading. Stocks are down 62% in the last two-year period due to problems with Pratt & Whitney GTF engine issues that led to grounding some aircraft. Wizz stated that the geopolitical instabilities had caused repeated airspace closures near Abu Dhabi. This had a negative impact on demand. The hot climate of the Middle East also affected engine efficiency and made it difficult to operate the low-cost model. The airline stated that it could not grow as much in the region, due to the failure to secure flying rights on certain routes. Stephen Furlong, Davy analyst, said: "They couldn't make any money in the Middle East." Wizz announced that it would stop all local flights on September 1, 2025. Customers will be contacted regarding refunds. Wizz Air CEO Jozsef Varradi stated in a press release that "supply chain constraints, geographic instability, and restricted market access have made our original ambitions increasingly difficult to maintain." He added, "This was a tough decision but it was the right choice given the circumstances."
Traders say that although the price of Russian Urals oil has fallen, new sanctions could change this.
In July and August, freight rates for Russian oil from Baltic Sea ports into India fell as more tankers became available. However, this could change in the future if new sanctions were imposed against Moscow, according to two traders.
The European Union has finalised its 18th package of sanctions against Russia. This may include a price cap for Russian oil.
The cap was introduced in 2022 and bans the trade of Russian crude oil transported in tankers at a price above $60 per barrel.
The EU could decide to tighten the price caps in its new sanctions and push oil prices below $60 per barrel.
Early in April, the global oil price fell, pushing the price of Urals Crude in Russia's port below $60 per barrel. This allowed more Western shipping companies, including freight, to resume their services for Russian oil.
Costs for shipping Urals oil to India from the Russian Baltic Sea port of Primorsk or Ust-Luga dropped to $5 to $5.3 million, per one-way shipment, using an Aframax oil tanker. This tanker can carry up to 730,000 barrels, in average, down from $5.5 to $5.7 million between June and July.
Data showed that the price of Urals oil was below $60 per barrel last week.
Donald Trump, the U.S. President, plans to make "a major statement" about Russia on Monday. This has led to speculation that it could include a possible strengthening of sanctions against Moscow.
One trader said that the Russian oil market has been "frozen" ever since Friday last week, following this announcement.
After the new round of U.S. energy sanctions announced in January, rates for shipping Russian crude oil rose dramatically. Russian oil sellers had to find new tankers to replace the vessels that were affected by the sanctions.
The cost of shipping Russian crude oil from Baltic ports to India was between $4.7 and $4.9 millions in early January. Reporting by Jane Merriman (Editing by Jane Merriman).
(source: Reuters)