Latest News
-
CPC crude oil loads steady at 1.6 million bpd, traders claim
Two traders with knowledge of the situation said that the crude oil loadings at the Caspian Pipeline Consortium's (CPC's) marine terminal in Yuzhnaya Ozereyevka, near Novorossiisk, have remained steady so far this month at 1.6 million barrels a day, according to a preliminary export schedule. The revised CPC Blend loading plan for September has not changed from the provisional schedule as the expected disruptions to exports due to an oil spill at the mooring port did not occur. CPC suspended its operations on August 29 due to an accident that occurred during a loading process and a spill of oil at its Black Sea Terminal. The third mooring port, which had been closed for planned maintenance work, was quickly reopened. CPC, which exports more than 1% global oil, primarily from Kazakhstan, via Russia and Black Sea terminal. The traders reported that the pipeline operator can currently load oil to full capacity at two of the three single-point moorings. The third is normally reserved for unplanned shutdowns of the other two. CPC reported that after the completion of the cleanup and lifting of the local emergency measures, on August 30, monitoring of the seawater quality in the vicinity of the terminal revealed that the pollutant levels were within acceptable levels. The terminal's September export volume is slightly lower than August, when it exported around 1,66 million bpd. This reflects stable flows from Kazakhstan’s Tengiz Karachaganak, and Kashagan field, which feeds into the CPC pipeline. CPC is the main route through which Kazakh crude oil exports reach global markets. The majority of volumes are destined for Europe and Asia. Russia contributes smaller amounts of oil to CPC flow.
-
Nepal's Oli, a political survivor and protester killed in protest, is felled by his fury
K.P. The communist leader of Nepal, K.P. Sharma Oli, who was sworn-in as prime minister last year with promises of stability and jobs, resigned suddenly on Tuesday amid the worst unrest for decades amid allegations of corruption and authoritarian ruling. His resignation after violent anti-corruption demonstrations left 19 people dead is the latest twist in an unpredictable political career. Oli, a teenager revolutionary who spent 14 years in prison and was four times prime minister of Nepal, has played a key role in the political unrest that has engulfed the country since 2008 when protests led the monarchy to be abolished. Oli, who was sworn in as the 14th Prime Minister of the country since 2008 in July, has vowed that he will fight poverty and corruption in this landlocked nation wedged between India. The seasoned politician was forced to leave office by a public outrage on Tuesday after the police used lethal force in the face of demonstrators. A spokesperson for Oli confirmed that demonstrators who were celebrating the ouster of Oli had set fire to his private residence. Television images showed protesters rushing into the compound, ransacking it, smashing pots and chairs, and destroying other property before setting it on fire. The security forces were a few meters away, and appeared to be outnumbered. "There was much dissatisfaction with the political leadership and the government. It only became apparent yesterday. The carnage made people more sensitive", Bipin Adhikari a constitutional expert said, just hours before Oli's resignation. His decision to block several social media platforms including Meta Platforms META.O Facebook last week sparked nationwide demonstrations led by Gen Z activists. They accused him of silencing the dissent and protecting an elite corrupt. The government denied that it was trying to stifle free speech and pointed to the misuse of social media for spreading disinformation and fraud. Protesters blamed Oli as well for the ills of the Himalayan country, claiming that his tenure as Prime Minister was marked by corruption, economic stagnation, and authoritarianism. Nepal is among the poorest countries in the world. Political instability has discouraged investments and slowed down its economic growth, forcing millions to look for work, primarily in Malaysia, South Korea, and the Middle East. Oli was born in 1952, in the eastern part of Nepal. His early years were marked by hardship. When he was only four years old, his mother died from smallpox. His family was forced to move because of floods. He was a young communist activist who entered politics. He spent 14 years in prison for opposing monarchy during the 1970s & 1980s. This experience shaped his public image and political outlook. He was a founder member of the Communist Party of Nepal, or CPN-UML. He became prominent in Nepal, developing a talent for forming political alliances. He served as four times Prime Minister and held several key ministerial positions, including those of interior and foreign ministry. Oli was first elected premier in 2015 at a moment when the blockade on the border crossings to India had left the country without fuel and medicine for months. In response, his government signed a transit deal with Beijing that ended India's monopoly on Nepal's trading route. India and China will closely monitor Oli's downfall as both Asian giants are locked in a high-stakes battle for Nepal. Some political observers consider Oli to be closer with China. In his first term, Oli took a more aggressive stance towards India. He whipped up nationalism while changing Nepal's map to include territories controlled by India. He told the world in 2022 that Nepal would be neutral, non-aligned and under his administration. Reporting by Shilpa jamkhandikar. Editing by William Maclean
-
GASTECH-Chevron plans LNG growth in Europe through regasification terminal discussions, executive says
As part of its plan to increase its global presence on the liquefied gas market, U.S. oil giant Chevron has begun early-stage discussions to explore potential opportunities in European Regasification Terminals. Since the invasion of Ukraine by Russia in 2022, Europe has drastically reduced its Russian gas imports. Chevron has increased its LNG trading activities significantly. The company is under contract to export 7,000,000 tons of LNG per year from the U.S. beginning in 2026. Although not operating on the same scale as Shell or TotalEnergies yet, the company is still a major global energy firm. Freeman Shaheen is the president of global gas at Chevron. He spoke on the sidelines the Gastech Conference in Milan. "We're in talks with several European players about regasification." He declined to provide any further information. Since 2022, Europe's imports of Russian pipeline gas have dropped sharply. The European Commission has urged its member states to stop relying on Russian fossil fuels before 2027. Experts in the industry say that additional capacity for regasification will be necessary to meet the demand. He said, "At Chevron, we want to manage from the molecule all the way to our customers." He cited the Eastern Mediterranean region as a priority and cited Chevron’s presence in Israel Egypt Jordan as being key to providing energy to millions. FLNG is one of the options that are being considered for the expansion Israel's Leviathan Gas Field. Chevron has a significant stake in the Leviathan Gas Field, which provides natural gas to Egypt. Chevron signed long-term contracts with U.S. companies, including Energy Transfer Cheniere Venture Global LNG. Shaheen stated that the company was "very satisfied with its portfolio base" and saw long-term value from its mix of contracts. Our diverse global natural gas assets cover Asia Pacific, Eastern Mediterranean and West Africa. They also include the Permian Basin and U.S. Gulf Coast. We're meeting the rising demand with our expanding LNG capacity, strategic partnerships and other means.
-
GASTECH Argent LNG, a US energy company, signs a gas deal with EPIAS in Turkey
Argent LNG, a U.S. energy company, has signed a deal to supply 5 million metric tonnes of gas per year with Enerji Piyasalari Isletme AS in Turkey. The move is aimed at supplying U.S. natural gas to Europe and possibly Syria. Argent LNG is building a liquefied gas export facility in Louisiana. In January, it signed a nonbinding agreement with Bangladesh to supply up to 5,000,000 metric tons annually of this fuel. This was the first significant U.S. LNG deal since U.S. president Donald Trump started his second term. The press release stated that "the company has committed to an initial 5 mtpa of supply for Southeast and Central Europe as part of this new partnership. This will strengthen both the economic and energy security in its partners." The agreement was signed during the Gastech Energy Conference in Milan. Jonathan Bass, Argent's LNG CEO said: "This is an important geopolitical step to get material on the market to serve as a backup supply for EU countries." We are forward positioning American Liquefied Natural Gas (LNG) into the Eastern European Market to provide energy security, supply, and supply. He said that the gas could be delivered via Turkey to Syria. This would avoid a complicated deal with Damascus where U.S. trade barriers remain after the fall Bashar al Assad. The Turkish government has ambitious plans to make the country a regional hub for energy trading and to act as a conduit to supply supplies to Southeast Europe. Ankara also extends its energy cooperation with United States. It signed a 10-year LNG deal with ExxonMobil, and a shale-oil prospecting agreement with Continental Resources last year. Turkey is a major gas market and imports LNG to complement its pipeline imports. Russia is the biggest pipeline gas supplier and LNG accounts for a third 50 bcm of annual gas imports. The United States is the world's largest LNG supplier. Turkey's extensive LNG import infrastructure includes three terminals operated by BOTAS, the state-owned gas importer. Ankara has also positioned itself as a major player for the post-Assad reconstruction. Last month, it began supplying 1.2 bcm Azerbaijani natural gas to Syria. (Reporting from Timour Azhari, Beirut; Can Sezer, Istanbul; Editing done by Louise Heavens.)
-
London commuters switch to boats and bikes as Tube strike enters its second week
Commuters used buses, boats and bikes to get around London on Tuesday after a strike by staff shut down the "Tube", London's underground network. Londoners were looking for other ways to commute to work. As a result, the demand for river and shared bike transport increased. This led to longer journeys, and congestion on other transport networks. The London-based Centre for Economics and Business Research estimated that the strike would have a direct cost of 230 millions pounds ($310) on the London economy, and many more indirect costs. Lime, a company that operates electric bikes in the city, reported a 58% rise in the number of trips made during the morning rush on Monday compared to the same period one week earlier. A Lime spokesperson stated that "journeys were longer both in distance and duration indicating many riders relied upon Lime for the entire commute, rather than just their first or last mile." Forest, a bike-sharing company that operates 15,000 electric bikes in London, reported an increase of 100% in Monday morning rides between 7 am (0600 GMT). It expected to have 60,000 users active throughout the day, more than twice its normal Monday volume of around 27,000. Uber Boat by Thames Clippers is a river-bus service that operates on the Thames. It said its services are "busier than normal" and added extra sailings, including a shuttle from Canary Wharf to London Bridge. The RMT union called the strike. It is centered on pay, fatigue and shift patterns. Transport for London offered a pay increase of 3.4%, but the RMT union wants to reduce working hours. The government of Keir starmer, who promised to end widespread strikes across the economy when it was elected in July last year, has now called for a solution. Reporting by Sam Tabahriti Editing Alexandra Hudson
-
Flotilla for Gaza says boat struck by drone at Tunisian port, authorities deny strike
The Global Sumud Flotilla for Gaza (GSF) said on Tuesday that a drone struck one of their main boats at a Tunisian port, but all six passengers were unharmed. The interior ministry of Tunisia said that the reports that a drone had hit a boat in its Sidi Bou Said Port "are not true" and that there was a fire on board. GSF released a statement stating that the Portuguese-flagged vessel, which was carrying the steering committee of the flotilla, suffered fire damage on its main deck as well as below-deck storage. The international flotilla aims to break Israel's blockade of Gaza and deliver humanitarian aid using civilian boats. It is supported by 44 delegations, including Swedish activist Greta Thunberg and Portuguese leftist politician Mariana Mortagua. The GSF posted a video on X showing the moment that "the Family Boat" was "hit from above". It captured a luminous object striking the vessel and smoke rising shortly after. Witnesses said that after the strike, people gathered in front of the port of Sidi Bou Said, where the boats of the flotilla were at the time, and began waving Palestinian flags while chanting, "Free Palestine". Israel has been imposing a naval blocade against the coastal enclave ever since Hamas seized control of Gaza, in 2007. It claims to be doing this because it wants to prevent weapons reaching the militant group. Israel's tallies show that the blockade was in place during the current conflict, which began in October 2023 when Hamas launched an attack on southern Israel, killing over 1,200 people and taking 250 hostages. Gaza's Health Ministry reported that Israel's military attack against Hamas resulted in the deaths of over 64,000 Palestinians. A global hunger monitor also confirmed that a part of Gaza is experiencing famine. Israel closed off Gaza on land in early march, stopping all supplies for three month and causing a severe shortage of food. Hamas is said to be diverting aid. In June, Israeli forces boarded a British flagged yacht that was carrying Thunberg and others. Israel referred to the aid ship's appearance as a Hamas-supporting propaganda stunt. The GSF said that an investigation was also underway into the drone attack and its results will be released as soon as they are available. "Acts of aggression designed to intimidate and derail our mission won't deter us." "Our peaceful mission to end the Gaza siege and show solidarity with the people of Gaza continues with resolve and determination," said the GSF. Francesca Albanese was present at the port and said: "We don't know who committed the attack but we wouldn't be surprised if Israel was responsible." It is an attack on Tunisian sovereignty if confirmed." Israel has not yet responded to the report.
-
Shipping executives predict that the adoption of alternative marine fuels will accelerate after 2030.
Shipping executives at the APPEC Conference in Singapore said that the use of alternative fuels will accelerate in shipping after 2030, as stricter emission standards become effective, in contrast to a stop-start approach for the moment. Shipping companies will likely struggle to gain traction in this decade as they deal with trade volatility, geopolitical unrest and other factors. However, gains should be expected over the next 10 years. Emma Mazhari is the CEO of Maersk Oil Trading. She said, "I think between 2030 and 2040 we will see a real shift in volume to low-carbon fuels." Mazhari stated that the change is due to regulations such as the European Emission Trading Scheme and maritime fuel standards. She said: "We're already seeing a change in the fuel supply when we bunker here in Europe. Maersk no longer invests in ships that use only one fuel because of the anticipated shift. Mazhari stated that "if we invest in new assets, they must be dual-fuel so that we also have the option to ensure that we can recoup our investments on a longer-term basis." Takeshi Hashimoto is the CEO of Japan's 2nd largest shipping company, Mitsui O.S.K. Lines (MOL), told the conference that shipping companies would focus on reducing their emissions by using "proven products", such as LNG and methanol, over the next 5 to 10 years. MOL also explores the use of wind energy to assist propulsion systems on ships, he added. Hashimoto said that the shipping industry is currently experiencing a "stop-and-go" decarbonisation process, but the long term development of low carbon marine fuels such as green ammonia and green methanol will be a necessity for the sector. In order to meet the International Maritime Organization's carbon reduction targets, the shipping industry is exploring alternative fuels that are lower in carbon to reduce its reliance upon oil. Unaffected by geopolitical instability, a Tata NYK shipping executive said that decarbonisation should be a top priority. Amitabh Pande, the managing director of Tata NYK, a joint-venture between India's Tata Steel, and Japan's NYK Line, said that decarbonisation will continue to be a necessity for shipowners, regardless of what we hear from the White House. He acknowledged, however, that the changing geopolitical environment complicates corporate decisions. Capital allocation is a problem because we are unsure when to invest and how much.
-
Executives say that the oil price outlook is weak due to rising supply and tariff impact.
An executive from shipping company Maersk said that there is a very high risk of the oil price falling due to a slight increase in demand, and a higher OPEC+ output. This was his message at the APPEC Conference in Singapore. Emma Mazhari said that there was a "high risk of the downside" when it came to global oil balances. She was referring to a statement made by OPEC+ on Sunday, which announced it would increase production from October due to weak growth in oil demand. Saudi Arabia, which wanted to punish overproduction by other members like Kazakhstan, began to reverse its production cuts in April. Mazhari explained that the increase in output is not only aimed at boosting quota compliance but also helps to meet an increased domestic demand, such as from the power generation sector, which, so far, has had a limited impact on the international market. She added, "There is not much extra exports on the market from the additional OPEC+ supplies so far." Trafigura's chief economist Saad Rahim said that while there may be a delay in the supply arriving on the market, the supply will increase within the next year. Saudi Aramco is eager to sell more crude oil after it cut its official selling price on Monday. Executives were also pessimistic on the demand outlook, predicting that U.S. Tariffs would dent global growth and reduce fuel consumption. Rahim said that the macro-risks are inherently negative, and not only for the U.S. but also elsewhere. On Tuesday, global benchmark Brent crude futures were hovering around $66 a barrel. This is down from $75 a barrel at the start of this year. Reporting by Florence Tan in Singapore, Siyi Liu and Colleen howe in Beijing, and editing by Jacqueline Wong Tom Hogue, and Sonali Paul
KLM cancels 100 flights for Wednesday following strike announcement
A spokesperson for KLM confirmed a report from Dutch News Agency ANP on Tuesday that the Dutch branch of Air France KLM will cancel 100 flights in Amsterdam on Wednesday.
A spokesperson for the airline said that 27,000 passengers will be affected by the cancellation.
The fallout from strikes has caused delays on the entire continent. Budget airline Ryanair has said that it had to cancel several flights in July due to French air traffic controller strikes.
KLM has reached an agreement with a few labour unions. However, ongoing labor disputes over a collective contract continue. The two unions who were not included in the agreement have said that they will go on strike.
On Wednesday morning, a two-hour walkout by the ground staff will be followed by a 4-hour walkout on next Wednesday morning, also in morning.
Flight cancellations may have a knock-on effect on the entire flight schedule. This can cause delays and create challenges for the aviation industry. (Reporting and editing by Louise Heavens, Emelia Sithole Matarise and Charlotte Van Campenhout)
(source: Reuters)