Latest News
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Azerbaijani oil exports through BTC pipeline fell 5.9% year-on-year amid contamination, according to data.
Azerbaijani figures showed that the country's oil exports through the Baku-Tbilisi - Ceyhan pipeline dropped to 22.7 millions metric tons between January and October, a 5.9% drop from the previous year after the route had been contaminated with tainted crude oil. In July, organic chloride contamination was found in Azerbaijani BTC cargoes. This caused several days of delays in loading from Turkey's BTC Ceyhan Terminal. The BTC pipeline that runs through Georgia and Turkey is used by BP to export oil from its Azeri, Chirag, and Guneshli fields. According to Azerbaijan’s Statistics Committee, the total amount of oil transported through BTC in the first 10 months of this year was 30.6 million tonnes, with 74.4% of that being shipped via the BTC. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 3.391 millions tons from 4.475 in 2024. (Reporting and editing by Andrew Osborn.)
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Enbridge approves a $1.4 billion project that will boost Canadian oil flow to U.S. refining facilities
Enbridge, a Canadian pipeline operator, approved on Friday a $1.4 billion expansion to its Mainline and Flanagan-South pipelines. This will add new capacity for Canadian Heavy Crude into the U.S. Midwest region and Gulf Coast. The project will increase the takeaway capacity of Canadian crude oil and improve access to U.S. refining facilities, improving flow of oil sands into major export outlets. Enbridge is balancing its growth in liquids with its push to natural gas utilities, low-carbon fuels and other areas. Enbridge announced that Mainline Optimization Phase I (MLO1) would add 150,000 barrels of oil per day (bpd) to its Mainline Network and 100,000 bpd Flanagan South pipeline (FSP), the additional capacity being expected to be online by 2027. Colin Gruending is Enbridge's liquids pipelines president. He said: "MLO1 will add capital-efficient, timely egress out of Canada. This will support production growth, and improve connectivity to the best refinery markets in North America." Mainline, the company's pipeline capable of transporting 3 million barrels of crude oil per day from Western Canada to Eastern Canada, and U.S. Midwest, averaged a record-breaking 3.1 million barrels of crude per day in the third quarter. Enbridge will expand the capacity of its terminals and pump stations on FSP and increase Mainline capacity by optimizing upstream and upgrading terminals. The entire route between Edmonton and Houston is covered by contracts that are long-term, take-or pay. (Reporting and editing by Vijay Kishore in Bengaluru, Pooja Menon, Arunima Kumar)
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Asia spot prices flatten as weak demand offsets limited purchasing
The Asian spot price of liquefied gas was flat for the second week in a row, due to steady supplies and weak demand throughout the region. Average LNG price for delivery to northeast Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) is $11.10. Estimated price for January deliveries was $11.05/mmBtu. "Short-lived cold snaps in Asia may have triggered a little spot interest, but the overall picture of the market is still weak." The economic situation has not improved in the past weeks, said Klaas Dozeman of Brainchild Commodity Intelligence. He said that the current price levels were still too high for many price-sensitive buyers. However, minor news from Indonesia and Egypt, which signaled higher domestic demand, added a little tightness to present circumstances. Masanori Odaka is a senior analyst at Rystad Energy and said that the CPC of Taiwan and RPGCL of Bangladesh showed interest in buying spot in the region. He added that the colder weather will be expected in the second- and third-weeks in November for the top importers China, Japan, and Taiwan. Odaka said that while China's downstream consumption of gas should increase this month during the winter heating season but buying interest is still low at current spot prices despite continuous LNG flows and ongoing contracts. In Europe, S&P Global Commodity Insights estimated its daily Northwest Europe LNG Marker for cargoes to be delivered in December, on an ex ship basis, at $9.85/mmBtu, on November 13. This is a $0.53/mmBtu reduction from the December price in the Dutch TTF Hub. Prices are under pressure due to oversupply and weak Asian demand. High freight rates, as well as strong U.S. LNG liquefaction, have kept cargoes in Atlantic Argus estimated the price to be $9.885/mmBtu while Spark Commodities put it at $9.865/mmBtu. "Asian prices are higher than European prices, but it's not because demand has increased in Asia. It is due to the much stronger freight rates on the Atlantic, which have pushed Asian prices up to keep at least some Atlantic basin LNG in Asia," said Martin Senior. Seb Kennedy, an independent gas analyst, stated that hedge funds increased their overall exposure to TTF Futures during the week ending November 7th, by buying both long- and short-positions in almost equal measure. The U.S. arbitrage for the front month to Northeast Asia through the Cape of Good Hope is now closed, and the market is marginally pointing towards Europe. However, the arbitrage via Panama still remains open. This was confirmed by Spark Commodities analyst Qasim Afghanistan. He added that the Atlantic LNG rates reached a new high for the year of $82,750/day while Pacific LNG rates reached $62,000/day. This is their highest rate since October 2024.
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Oil rises by 2% after Russian port suspends oil imports following Ukrainian attack
The oil prices rose around 2% Friday due to supply concerns after Novorossiysk, the Black Sea port, stopped oil exports in response to a drone attack by Ukraine that targeted an oil depot at the main Russian energy hub. Brent crude futures rose $1.50 or 2.4% to $64.51 per barrel at 1115 GMT. U.S. West Texas Intermediate crude gained $1.57 or 2.7% to $60.26 per barrel. Officials in Russia said that the attack on Friday damaged a vessel in port, apartment buildings and an oil depot at Novorossiysk. Three members of the crew were injured. Two industry sources said that the port has halted oil exports, and Transneft, the oil pipeline monopoly, has suspended crude oil supplies to outlet. "These attacks are more frequent and intense." Giovanni Staunovo is a commodity analyst with UBS. He said that the market is attempting to determine the impact of recent attacks on Russian supply and the longer-term implications. According to industry sources, crude oil exports via Novorossiysk in October reached 3,22 million tonnes or 761,000 barrels per day. A total of 1.794 millions tonnes of oil products were exported. Brent is up about 1% this week while WTI has risen 0.8%. Prices rose after Brent and WTI both fell about 3% Wednesday. This was due to a report from OPEC that predicted global oil supplies would meet demand by 2026. The U.S. Energy Information Administration announced on Thursday that crude oil stocks in the United States rose more than expected last week. However, gasoline and distillate stockpiles fell less than anticipated. The EIA reported that crude inventories increased by 6.4 millions barrels, to 427.6million barrels during the week ending November 7. This was in contrast with poll expectations of a gain 1.96 million barrels. Investors also watch the impact of Western sanctions against Russian oil and trade flows. As part of its efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions that prohibit deals with Russian oil firms Lukoil or Rosneft. JPMorgan reported on Thursday that the U.S. sanctions on Rosneft, Lukoil and other Russian oil companies have slowed down unloading, resulting in an increase of about 1.4 million barrels of Russian oil per day, or nearly a third of its seaborne export capacity. The bank said that after November 21, the oil companies will no longer be able to supply cargoes. Reporting by Anna Hirtenstein, London. Sam Li and Siyi Liu contributed additional reporting from Beijing and Singapore. Clarence Fernandez and Elaine Hardcastle edited the story.
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Etihad Airways' nine-month profits up 26% on the back of a surge in passenger revenue
Etihad Airways announced a profit for the nine months of 1.7 billion dirhams (463.3 million dollars) on Friday. This was a 26% increase year-on-year due to higher revenues in its cargo and passenger businesses. The passenger revenue increased by 20% to 18.2 billion dollars in nine months, a result of increased capacity and a wider network. Cargo revenue increased by 8%. The total revenue increased by 18%, to 21.7 billion Dirhams. Etihad, headquartered in Abu Dhabi, had 115 operating aircraft by September 2025. This was an increase of 19 aircraft over the previous year. The airline's seat filling rate was 88%. CEO Antonoaldo Neves stated that the company would continue to focus on efficiency and performance. Neves, who told the press in September, said that Etihad is owned by Abu Dhabi’s $225 billion ADQ Wealth Fund and does not have any timelines for going public. It has sufficient resources to “self-fund” its $20 billion plans for growth for the next decade. A planned IPO could bring in $1 billion for the company. Etihad began operations in 2003 and has undergone a multi-year reorganization.
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German Coalition agrees on lower airline costs
Leaders of Germany's ruling coalition have agreed to lower costs for airlines, including tax reductions and more efficient security screenings. Why it's important Germany's aviation industry has complained for years that its high costs have put it at an unfair disadvantage to European competitors. CONTEXT Low-cost carriers such as Ryanair and EasyJet reduced capacity in Europe’s largest economy citing high costs. Although passenger numbers have increased in Europe and are now up 3% compared to the pre-pandemic level, they still fell 19% in Germany. This is where Lufthansa has its main hubs at Frankfurt and Munich. By the Numbers The coalition led by the German Chancellor Friedrich Merz agreed to several measures that would save 350 million euros. * Reducing the tax on tickets back to levels of 2024. This is a reduction of 70.83 euros per passenger for long-haul flights. By 2029, the fees for air traffic control will be reduced by more than 10% Reduce security check costs by improving processes RESPONSES Joachim Lang of the industry association BDL said that "the federal government kept its promise and ended years of spiraling costs for taxes, fees and air traffic in Germany." Lufthansa's spokesperson said that the decision was important "because it has become very expensive to fly into and out of Germany". REACTION On Friday, shares of Lufthansa rose by about 2.5%.
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British maritime agency: Oil tanker turns toward Iran after small boat approach
Ambrey, a British maritime security company, said that a Marshall Islands flagged oil tanker heading from the United Arab Emirates towards Singapore suddenly changed course and headed toward Iranian territorial water. Ambrey reported that the tanker was approached earlier by three small boats as it transited southbound through Strait of Hormuz, before diverting course to the Gulf of Oman. The agency stated that the incident was "likely highly targetted". The United Kingdom Maritime Trade Operations Centre, which initially reported the incident as a'suspicious incident', said that it received an alert about an incident taking place 20 nautical miles east from Khor Fakkan. The UAE authorities didn't immediately respond to our request for comment. (Reporting and editing by Clarence Fernandez, Jan Harvey and Jana Choukeir)
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Swiss machine maker feels the heat of Trump's tariffs and the slowdown in auto industry
Norbert Steuer is a logistics worker for Swiss precision machinery manufacturer K.R. Pfiffner has worked at the company for more than three decades. He is now one of the 80 employees out of 105 that will be laid off as it struggles with U.S. Tariffs and a failing auto industry. The company, which produces million-dollar machinery that is used by automakers such as Mercedes-Benz, and suppliers like Robert Bosch, finds itself at the forefront of a difficult European car market, which has been impacted by President Donald Trump's tariffs on trade and a slowdown within China, a key export market. Pfiffner has many European customers in Germany. The slump in the sector has affected carmakers, industrial firms and other manufacturing companies. Pfiffner, a part of Taiwanese owned FFG, was already in trouble before Trump's tariffs were announced. This halted all U.S. orders for the company. Steuer, 59 years old, described the announcement of Pfiffner job cuts as "like a bomb going off" while speaking to employees at Utzenstorf in central-western Switzerland. Steuer is worried about his future. He's scheduled to be laid-off next summer. There's always talk of workers being sought. But will they hire a 59 year old? It's something we've never seen in our lives Pfiffner provides an insight into the challenges faced by firms in Europe's industrial supply chains and beyond. Switzerland's unemployment rate, which was under 2% at the beginning of 2023, has risen to 3%. Swissmem, an industry group, says that the mechanical and engineering sector in Switzerland could lose 30,000 jobs if U.S. Tariffs remain in place. Mercedes-Benz, Continental, and Robert Bosch, among others, have also announced significant layoffs. According to a report by the consultancy EY, German companies have shed more than 114,000 jobs in the past year. This is four times as many as they had lost the year before. In the year before, they had created more than 65,000 jobs. Volker Treier is the chief of foreign trade at the German Chambers of Industry and Commerce. US TARIFF HIT - 'KILLS ANY BUSINESS! The Swiss export industry has been hurt by 39% U.S. Tariffs. On Thursday, however, the U.S. & Switzerland were close to reaching a deal which could lower tariffs and save some jobs. Pfiffner's U.S. orders suffered a severe blow from Trump's tariffs. Andreas Ewald said, "That's a killer for any business." He added that the weaker dollar had caused Pfiffner to increase its exports by around 50%. In Europe, the pressure on employment is increasing, and Britain's labour markets has cooled in the third quarter. European companies are seeing revenues stagnate and cost-cutting is becoming more necessary to boost profits. The U.S. saw the most layoffs for a month in more than 20 years in October. A DOWNWARD SPIRAL RIGHT NOW, EVERYWHERE The vast Pfiffner factory in Utzenstorf is staffed thinly as the work decreases. Ewald, CEO of Pfiffner, stated that the parent company FFG has started to shift some technology and production from its U.S. factories. According to company veteran Steuer, the talk of job reductions is creating a negative loop in the local economy. What do people do when there's a real downward spiral everywhere? He said. "They are saving money rather than buying a car, TV or phone. "And on and on." " (Reporting and editing by Adam Jourdan, Emelia Sithole Matarise, Mark John; Additional reporting by Dave Graham)
US drops Biden plan to require passenger compensation for delayed flights
The Trump administration announced on Friday that it is formally withdrawing the plan of his predecessor, which required airlines to compensate passengers in cash when carriers cause U.S. flights to be disrupted.
The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on drafting rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically.
USDOT announced its intention to withdraw the proposal in September. USDOT explained its decision to not proceed with the proposal on Friday by stating that it would create "unnecessary regulations".
Last month, 18 Democratic Senators urged President Trump to not abandon the compensation plan.
The letter, signed by Democratic Senators Richard Blumenthal and Maria Cantwell and Ed Markey, said: "This is an idea that makes sense. When an airline's mistake causes unanticipated expenses for families, it should provide accommodations and help cover those costs."
In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation in the event of significant flight delays.
USDOT stated Friday that by abandoning the compensation program, it would allow airlines to compete based on the services they provide and the compensation they offer to passengers. This would be more cost-effective for airlines than imposing minimum requirements on these services and compensation.
USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares.
The government also intends to reduce the regulatory burden on ticket agents and airlines by defining a flight cancellation, which entitles customers to a refund of their tickets. It will also review rules regarding ticket pricing and advertising.
Airlines have pushed Trump's administration to go even further, and praised their decision to cancel the Biden Plan. (Reporting and editing by Franklin Paul, Alison Williams, and David Shepardson)
(source: Reuters)