Latest News
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CANADA-CRUDE-Discount on Western Canada Select narrows
On Monday, the discount between West Texas Intermediate and North American benchmark Western Canada Select?futures was reduced. WCS for February deliveries in Hardisty, Alberta settled at $14.35 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with $14.80 per barrel on Friday. Since the capture by the U.S. of Venezuelan President Nicolas Maduro, the discount on 2026 WCS barrels at Hardisty's forward curve has increased more than $2 per barrel. The market is looking for potential increases in Venezuelan barrels that could compete with Canadian heavy oil of similar quality in the U.S. Gulf Coast in the long term. Some analysts believe the market has overreacted because it will be years before Venezuela's oil production reaches current levels. TD 'Cowen stated that Canada had other factors in its favor which could help 'prop up WCS Prices if they are under pressure. These include low oil inventories within the province of Alberta and a depleted U.S. Strategic Petroleum Reserve. Oil prices rose and?settled on Monday at seven-week-highs amid fears that Iran's oil exports may decline as the sanctioned OPEC country cracks down against anti-government protests. (Reporting and editing by Sahal Muhammad in Calgary, Amanda Stephenson is based in Calgary)
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State Department: Trump administration has revoked more than 100,000 visas
U.S. State Department announced on Monday that it had revoked over 100,000 visas in the year since Donald?Trump assumed office. It said this was a "new record" as his administration continues to pursue its hardline immigration policy. The extent of the revocations is a reflection of the immigration crackdown that began when Trump returned to his White House in 2017, deporting a record number migrants, including those who had valid visas. The administration also has a stricter visa policy, including a tightened?social-media vetting process and expanded screening. The State Department has now revoked more than 100,000 visas. This includes 8,000 student visas as well as 2,500 visas for people who have been in contact with U.S. Law Enforcement for criminal activity. The State Department said that it would continue to deport criminals to protect America. Tommy Pigott, deputy spokesperson for the State Department, said that overstays were followed by driving under the influence of alcohol, assault and theft. He said that the revocations were up 150% from 2024. Pigott added that the State Department also has a Continuous Vetting Center to ensure "that all foreign nationals in America comply with our laws and that visas for those who are a threat to American Citizens are quickly revoked." The State Department announced in November that it has revoked 80,000 nonimmigrant visas since Trump's January 20, 2025 inauguration for crimes ranging from DUI to assault and theft. The State Department has issued directives this year ordering U.S. diplomatic missions abroad to be vigilant in preventing?any applicants who Washington might view as hostile towards the United States. And who have a background of political activism. Officials in the Trump administration have stated that students with visas and "lawful permanent residents" with "green cards", who support Palestinians and criticize Israel's behavior in Gaza war, are at risk of deportation. They call their actions a danger to U.S. Foreign Policy and accuse them of being pro Hamas. (Reporting and editing by Paul Simao; Daphne Psaledakis)
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Somalia terminates port agreements and security cooperation with UAE
The Somalia government announced on Monday that it was 'annulling' all agreements with United Arab Emirates. This includes?port deals, defence and security collaboration, and'security and defence cooperation. It accused the UAE of undermining the national sovereignty. The Council of Ministers of Somalia said that the decision was based on "credible reports" and "convincing evidence" of hostile acts undermining the national sovereignty, territorial integrity, and political independence of Somalia. In a press release, it was stated that the decision "applies?to?all agreements and partnerships relating?to the ports of Berbera?and Bosaso?and Kismayo... and] bilateral security and defense cooperation agreements." The?UAE foreign ministry didn't immediately respond to a comment request. Last week, the Horn of Africa nation?launched a probe after the Saudi-led coalition in Yemen claimed that the?UAE spirited away a separatist from Yemen via Somalia. Somalia stated at the time, that if this allegation was proven true, it would be a serious breach of its sovereignty. The UAE also has deep economic and security ties with Somalia’s breakaway region, Somaliland. The centerpiece of this strategy is a 442 million dollar investment from Dubai-based DP World in order to develop and run the Port of Berbera in Somaliland. DP World declined comment on Somalia’s statement. According to an Axios article citing Israeli officials, Israel was the first country to recognize Somaliland as independent last month. Abu Dhabi facilitated this diplomatic breakthrough. Somalia's Council of Ministers stated that it remains open to a cooperation "based on the recognition of Somalia’s unity".
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Airbus jetliner deliveries rose 4% in 2025
Airbus delivered 793?planes last year, a 4% increase, and is on track to remain the largest?planemaker in the world despite recent industrial snags. Airbus has warned that it is facing a "continued dynamic and complex operating environment", as its deliveries are edging beyond the revised goal of 790 jets. This was lowered last month from 820 due to an issue with a Spanish supplier of fuselage parts. Airbus reported that it won 1,000 'gross orders' last year or 889 net orders after cancellations, both of which are higher than 2024. Boeing is set to release its own full year data on Tuesday. Between January and November, it delivered?537 aircraft and received 1,000 gross orders, or 908 after cancellations. Rob Morris, aviation analyst, said: "It is true that the supply chain has challenges. However, I believe Airbus would argue that they could have met the (original) guidance for 2025 if it weren't for the relatively recent new quality issue." But that shows a complex supply chain they're not on top of. Airbus announced that it has delivered 607 A320 family?jets. This is an increase of 1%. Recent engine delays and other snags have hit these aircraft hard. The A330 led the way in wide-body deliveries, but the A350's - which were hit by a separate issue with the delivery of a critical fuselage section during the year - saw a flat number at 57. The A220 is the smallest Airbus aircraft model. Deliveries increased by 24%, to 93 aircraft.
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Russian drones hit two foreign vessels near Ukrainian port
Oleksiy Kuleba, Ukraine's deputy prime minister, said that Russian drones attacked two foreign-flagged ships on Monday. This was the second attack on Black Sea shipping in four days. Kuleba stated that the vessels were flying the flags of Panama and San Marino. He also said one person was injured. He added that the San Marino flagged vessel had just been loaded with corn and was on its way to Panama to pick up vegetable oil. Kuleba posted on Telegram that "this is further proof that Russia is deliberately targeting civilian vessels, international commerce, and maritime security." Sources familiar with the situation say the attacks occurred near the port of Chornomorsk in the southern Odesa region. The person who spoke to us said that one of the ships was headed for Italy. Odesa is home to Black Sea ports which are vital for Ukraine's trade with the rest of the world and its survival during wartime. (Reporting and writing by Yuliia Dyesa, editing by Tomasz Jánowski and Sharon Singleton).
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Venture Global lowers its profit forecast for 2025 due to volatile LNG prices and transport problems
Venture Global, a U.S.-based LNG company, lowered its 2025 full-year?core?profit forecast Monday. This was below Wall Street's expectations due to price volatility and shipping restrictions. Venture Global said that changes in Henry Hub and International LNG prices as well as the limited availability of vessels in the Atlantic basin affected volume and pricing. The second-largest American LNG exporter is now forecasting a core profit between $6,18 billion and $6.24?billion in 2025. This is down from the previous estimate of $6.35?billion to $6.50 billion. In mid-morning trade, shares fell by approximately 3% to just under $7. According to data compiled LSEG, analysts expected a core profit of $6.36 Billion for the?year. The company reported that it had accelerated'scheduled maintenance' late in the quarter and used its fleets of owned and chartered ships to mitigate the impact of tight shipping markets. LNG firm says forward prices for vessels in February or March have improved from the year-end 2025 levels. Venture Global shipped 128 cargoes during the fourth quarter 2025. Of these, 38 were from its Calcasieu Pass facility and 90 from its Plaquemines location. The liquefaction fee at Venture Global’s Plaquemines facility, where it sells its LNG at the spot market and all of it, was much higher than the liquefaction fee at the Calcasieu Pass facility, where a long-term contract is signed with customers such as Shell and BP. In its Monday filing, Plaquemines reported that the weighted average fixed fee for liquefaction at the fourth quarter of 2025 would be $6.02 per mbtu. This is almost three times higher than the $2.01 a mbtu charged by Calcasieu Pass. Venture Global has seen its share price fall by more than 70% in the past year since it went public. It also faces numerous arbitration cases related to delays with previous commissioning. Reporting by Tanay dhumal from Bengaluru, and Curtis Williams from Houston; editing by Krishna Chandra Eluri and Nathan Crooks
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Canadian National asks US regulator to provide more information on Union Pacific's Norfolk deal
Canadian National announced on Monday that it had filed a petition with the U.S. Surface?Transportation?Board that asks for the agency to order Union Pacific and Norfolk Southern to reveal more details on?their merged proposal. Union Pacific and Norfolk Southern filed a nearly 7,500-page merger request to the board of directors in December. This triggered a regulatory review for what would be the largest rail transaction in decades. The $85 billion agreement, announced in July, aims to speed up shipments by reducing delays and handoffs. It would also create the United States' first coast-to-coast railroad. The proposal has attracted Critics of rival railroads and labor unions CN stated that the applicants failed to fully detail their assessment on the merger's impact. They cited incomplete market analyses, a lack of required market share projections, and other gaps. Canadian National stated that "given the size and stakes of this proposed combination, applicants must meet and maintain the highest standards of transparency and compliance." The report added that applicants should focus on meeting the stricter and higher?standards required by the new merger regulations, rather than try to convince others that there is "nothing here". Union Pacific and Norfolk Southern didn't immediately respond to our request for a comment. Surface Transportation Board is expected to conduct a thorough review of the application, which could take up to 18 months. Companies are aiming to complete the process by early 2027. Fadi Chamoun, an analyst at BMO Capital Markets wrote last week that "while the application outlines compelling earning and free cash flows under favorable outcomes but regulatory uncertainty is elevated." (Reporting from Abhinav Paramar in Bengaluru, Editing by Tasim Zaid)
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India extends time for solar projects affected by bird conservation
The Indian clean energy ministry granted renewable energy developers an extra month to complete?projects that were delayed by a Supreme Court ruling on?power lines near habitats of?the endangered Great Indian Bustard. According to an order from the ministry issued on Monday, delays in securing permissions for overhead transmission in bird habitat areas of Rajasthan and Gujarat would qualify as "force majeure", which will allow developers to request extensions to their scheduled commissioning dates. The Supreme Court's December 2025 verdict ended the long-running legal case and backed the proposal of an expert panel to protect the bird. The panel suggested tighter restrictions on "new wind and solar large projects" within the "bird habitat zones". The panel also called for the undergrounding of key power distribution lines as well as rerouting corridors with high voltage. The court had curtailed overhead lines in habitats for bustards earlier, prompting the developers to delay projects as they awaited clearances. The ministry's Monday order instructed the renewable energy agencies of the country to extend delays from March 21, 2024 until December 19,?2025. The order does not specify how long the extensions will last. The risk to developers has been high. Disconnection The Indian transmission authority imposed penalties on projects that missed deadlines. India's goal is to achieve 500 gigawatts in?nonfossil fuel power capacity by 2030. However, the country's transmission system, which stretches over 495,000 circuit kilometers, has lagged behind the growth of generation capacity. The ministry has also requested that the grid operators and power ministry provide relief for connectivity and transmission fees on affected projects. Sethuraman N.R., Tasim Z.A.D. (Reporting)
US safety board will determine the cause of deadly Washington air crash that killed 67
The?U.S. The National Transportation Safety Board is holding a hearing on Jan. 27 to determine the probable cause of a deadly collision that occurred between a U.S. Army chopper and an American Airlines regional plane in January 2025, which killed 67 people.
The Justice Department announced last month that the federal government is responsible for the accident. The Army Black Hawk helicopter involved in the crash was flying above maximum altitude ?levels at the time and was not using ADS-B, or automatic dependent surveillance-broadcast, an advanced surveillance technology that ?transmits an aircraft's location. The accident over the Potomac River, near Ronald Reagan Washington National Airport, was the "deadliest U.S. aviation disaster" in the past 20 years. It sparked calls to reform aviation safety. In March, the NTSB reported that there have been 15,200 incidents of air separation near Reagan Airport between helicopters and commercial planes since 2021. This includes 85 close calls. Sean Duffy, Transportation Secretary and members of both parties in Congress, have asked why the Federal Aviation Administration has not acted for years on close calls between military helicopters and commercial airplanes near Washington Reagan National Airport.
In March, the FAA banned helicopter flights near Ronald Reagan Washington National Airport after the NTSB stated that their presence was "intolerable". After a near-miss that caused two civilian planes aborted landings, the agency?banned the Army from helicopter flight around the Pentagon.
Jennifer Homendy, Chair of the NTSB, criticized U.S. officials during a three-day investigation into the crash that occurred last year for not acting on warnings issued by air traffic control personnel. The FAA's air traffic working group urged the FAA to move helicopter traffic from Reagan Airport and establish airborne "hot spots" but this was rejected as it was considered "too politically charged".
The U.S. Senate passed a bill last month that aims to tighten the rules for military helicopter safety and requires aircraft operators to equip their fleets by 2031 with ADS-B.
In April, the FAA announced that government helicopters must use ADS-B near Reagan National Airport except for "active missions of national security."
(source: Reuters)