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As Asia scrambles to supply, the Russian ESPO switches to Brent premium
Russian ESPO blend crude loaded from Kozmino in April and 'early May' has surged at a premium to Brent in Chinese and Indian port, traders reported on Friday. This is due to supply shortages caused mainly by the Iran -war and a softerening of america sanctions. The easing of?U.S. sanctions and the supply'shortages caused by the Iran -war' have fueled demand. After the United States allowed Indians, who were affected by a reduced Middle East oil supply, to buy Russian crude, prices for Russian crude jumped in comparison to Brent. Four sources said that the 30-day waiver granted to Indian buyers was then followed by a more sweeping exemption allowing all buyers to import Russian oil loaded on March 12 for a month. ESPO blend cargoes?loading between April and May have been sold at a premium of $2-3 per barrelle to ICE Brent, according to sources. This is a drastic change from the discounts of $7-10 per barrelle for cargoes loaded in March. ESPO blend, a?light?sweet crude?exported via Russia's Far East Kozmino Port, is a key feedstock? for Chinese refiners because of its?short shipping distance and?high quality. Traders said that Indian refiners who seldom purchase ESPO have increased their purchases this month in order to compensate for the low stocks of feedstock. One source said that ESPO’s direct route to Asia avoided the Strait of Hormuz and offered cheaper and more reliable cargo. One source said that the cost of a one-way Aframax tanker voyage from Kozmino, Russia to China is around $3 million and $6 million for India. Freight rates for Russian oil shipments from western Russian ports to Asia have risen to "record levels". Two sources reported that in India, ESPO blend was sold for $5 a barrel more than Brent date, despite its superior quality. One source said, "Quality doesn't matter if there isn't a feedstock." According to a source, exports of ESPO blend from Kozmino 'in March were near 1 million?barrels a day, almost matching February volumes, and the port capacity. Reporting by Siyi Liu, Chen Aizhu, Nidhh Verma, and Louise Heavens in New Delhi.
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Data shows that China has received its eighth LNG cargo this year from Russia's Arctic LNG 2 sanctioned project.
LSEG data revealed on Friday that Russia's Arctic LNG 2 plant had?delivered their eighth cargo to China this year. This was a few days after a liquefied natural -gas carrier from the project caught fire in the Mediterranean and drifted. Data shows that the gas carrier Iris delivered a cargo via the Suez Canal on Friday, February 8, from the floating storage unit Saam FSU located near the Russian Arctic Port of 'Murmansk. The Arctic Metagaz tanker caught fire last week. It was carrying a cargo of Russian LNG, which had been sanctioned. The Libyan authorities initially claimed that the vessel had sunk. However, it is still afloat in waters between Italy & Malta. Moscow described the incident in terms of an attack by Ukrainian drones launched from the Libyan coastline. Ukraine has not responded. Last year, 23 cargoes worth 1.3 million metric tons were shipped to China by Arctic LNG 2, including shipments from storage sites near Murmansk in Russia and the far eastern Kamchatka Peninsula. Arctic LNG 2, owned 60% by Russia's Novatek and aiming to produce 19.8 million tons of LNG per year, had a bright future, but Western sanctions have sullied its prospects. (Reporting and Editing by Ros Russel)
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As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran war, which forced the closure of key Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This left tens or thousands of passengers stranded. The following is a list of the latest flights in alphabetical order. AEGEAN AIRLINES Flights to Tel Aviv and Baghdad have been cancelled until March 29. Flights to Dubai have been cancelled until the 28th of March and flights to Riyadh are suspended until the 14th. AIR BALTIC AirBaltic, a Latvian airline, said that all flights to Tel Aviv were cancelled until the 28th of March. All flights to Dubai are cancelled until March 30. AIR CANADA The Canadian airline cancelled all flights from Tel Aviv to Dubai and all flights from Dubai to Tel Aviv between May 2nd and March 28th. AIR EUROPA All flights from Spain to Tel Aviv have been cancelled until March 20. AIR FRANCE KLM Air France has canceled flights to Tel Aviv, Beirut and Dubai until March 15, and to Riyadh and Dubai until March 14. KLM has suspended flights to Riyadh and Dubai until 28 March, and flights to Tel Aviv for the rest of winter. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights from and to Dubai, and from and to Riyadh up until March 31. U.S. airline has cancelled flights between New York and Tel Aviv up until March 31, and Tel Aviv-New York until April 1, Atlanta-Tel?Aviv flights have been delayed. Flights to Tel Aviv will now be paused till August 4 and flights back from Tel Aviv until August 5. EL AL ISRAEL AIRLINES El?AL has cancelled all regular flights until March 19th. EMIRATES The UAE airline announced that it was operating a reduced schedule. ETIHAD AERWAYS The UAE carrier announced that it has resumed limited commercial flights between Abu Dhabi, and a few key destinations. FINNAIR The 'Finnish airline has cancelled Doha flights and Dubai flights up until March 29. It is also avoiding the airspaces of Iraq, Iran and Syria. British Airways, owned by IAG, has cancelled all flights from Abu Dhabi to Amman until the end of this year, and all flights from Doha to Dubai, Doha to Amman and Tel Aviv to later in March. ITA AIRWAYS ITA Airways has extended the cancellation of flights to Dubai until March 28 and suspended flights from Tel Aviv till April 2. JAPAN AIRLINES Japan Airlines has suspended all flights between Tokyo and Doha scheduled to run from 28 February until 21 March, as well as Doha-Tokyo flights up to 22 March. The Polish airline announced that all flights to Dubai and Tel Aviv were cancelled until the end of March. LOT has also cancelled flights from March 31 until April 30 to Beirut and to Riyadh. LUFTHANSA GROUP Lufthansa and its partners, Austrian Airlines and Swiss Airlines, have suspended flights from Tel Aviv to Beirut until April 2 and Dubai to March 28. Flights from Tel Aviv to Beirut, Dubai, and Amman were suspended until April 30, and flights to Amman, Erbil and Dammam up to March 15. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights from Doha to March 20. NORWEGIAN AIR The Nordic airline will begin flying to Tel Aviv from June 15 instead of April 1, and Beirut, respectively. PEGASUS Pegasus Airlines has cancelled all flights to Iran, Iraq, Amman Beirut Kuwait, Bahrain Doha Dammam Dubai Abu Dhabi and Sharjah until 31 March. Riyadh flights are cancelled up until March 23. QATAR AIRWAYS The airline operates a limited schedule of flights to and from Doha. It plans to start operating some flights on March 9 following a temporary authorization from the Qatar Civil Aviation Authority. SAUDIA AIRLINES Saudia suspended flights to Amman, Kuwait and Abu Dhabi until March 12 with some exceptional flights, and Moscow, Peshawar and Doha flights until?March 15 TURKISH AIRLINES Turkish Airlines has cancelled flights from Doha to Doha, Dubai to Abu Dhabi, Kuwait to Bahrain, Dammam, and Doha to Doha until March 19. Flights to Iran have been cancelled until March 20, according to the Turkish Transport Ministry. WIZZ AIR The low-cost carrier suspended flights from Europe to Israel and other destinations in the Middle East until September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham, Milla Nissi, and Romolo tosiani)
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The Paris Mayoral race tests the support for green transformation
Marion Soulet cycles?to Paris City Hall along an formerly car-choked street that is now a bicycle path and a symbol for?the French Capital's urban green transform that will be tested in Sunday's mayoral elections. Soulet is pleased that the leftist mayor Anne Hidalgo has built about 1,000 km (620 miles) worth of cycle lanes over the past decade. She says this means that nearly half of 'Parisians ride their bicycles at least once per week. Soulet said that the more a city is redesigned for cycling, the more it will increase. She was speaking after stopping her ride on the Rue de Rivoli. People like it because is easy, cheap, and quick. Hidalgo's efforts and those of her predecessors who were leftists in City Hall during the last generation have resulted in the push to transform Paris into a "15 minute-city" with bike lanes, more trees, and less pollution. The ecological legacy of Hidalgo will be a major factor in the Sunday election. Hidalgo is not running, and his right-wing opponents are hoping to take advantage of voter fatigue due to the city's increasingly car-free environment, disruptions caused by roadworks, and mounting debt. Polls indicate that the winner of the election will be either Socialist Emmanuel Gregoire who wants to push the green agenda or former conservative minister Rachida Datti who believes the classic allure Paris has been destroyed. Sarah Knafo is a 32-year-old far right?nationalist who could complicate the situation for Dati, should she reach the second round of the election on 22 March. Knafo is polling above the 10% threshold required to enter a runoff. Dati, 60 years old, polls at about 30%, while Gregoire, 48 is around?33%. Dati, while greeting shoppers at the northern Paris market, said: "We are not in a battle of ideologies on mobility issues." "We want everything to be organized." URBAN TRANSFORMATION WINNS PRAISE, BUT ALSO?FACES CRITICISM Hidalgo is a city initiative that aims to adapt Paris' 2 million residents to the climate change, and to make it livable for ten million people in the metropolitan area. The City Hall has removed thousands of parking spaces on the streets and planted 130,000 new trees. The highways along the Seine River have been pedestrianised. According to data from the city hall, car traffic has dropped by more than 60% since 2002. The use of bicycles has also increased. The air pollution is better. Patrick Le Gales is an urbanist from Sciences-Po University in Paris. "But there has been?strong critics over cleanliness and debt," he stated, referring to an municipal debt of approximately 10 billion euros ($11billion), which is up 42% from 2020. Pierre Chasseray of the 40 Million Motorists lobby group said that Hidalgo has built a Berlin Wall between wealthy residents in Paris's centre and car-dependent suburbian residents who have no say on city decisions. He said: "We have a caricatured picture of the capital, with motorists on the one side and cyclists on another -- the good guys against the bad guys." Hidalgo is also facing viral social media posts that use the hashtag #saccageParis to highlight social blight – everything from chronic roadworks, to trash-strewn walkways. Gregoire attributed this to Hidalgo's being too "ambitious". He said, "We did a lot of things at once." "I would have selected a different schedule, primarily for reasons of quality implementation." DATI IS OUTFLANKED TO HER RIGHT? Dati is a lawyer with North African roots who has toned down her criticism of cycle lanes in order to condemn dirty streets. She released a video showing herself wearing a fluorescent jacket and joining the garbage crews as they made their rounds. She said, "The city has become increasingly dirty. It?hasn't been a secret to anyone." Dati’s increasing moderate stance in transportation issues, and the fact that she will be facing a trial for corruption charges which she denies, has given Knafo an opening. Knafo unveiled an Artificial Intelligence-generated plan to return cars along the Seine's banks and to stage interviews while driving through Paris. Soulet thinks Knafo is appealing to "a small group of Parisians...who want to turn back the clock."
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Senator calls for US watchdog to investigate Texas drone incidents
The top Democrat of the U.S. Senate 'Commerce Aviation Subcommittee called on Friday for a federal investigation into a recent incident of a government use of a laser based 'anti-drone - system in Texas. Senator Tammy Duckworth, who sent the letter to, requested that the inspectors generals of the Departments of Transportation, Homeland Security and Defense jointly investigate the use by the government for high-energy lasers against drones. She stated that the Texas incidents near the Mexican border raise serious questions about interagency coordination, notification procedures and aviation safety protocols. On February 25, the U.S. Military accidentally shot down a government drone using a laser-based system to combat drones. This led the FAA, in response, to extend a?area around Fort Hancock where flights were banned. The incident came after the FAA had banned flights at El Paso Airport for 10 days on February 18, due to the misuse of the laser system by Homeland Security without a complete safety review. After about eight hours, the FAA lifted the El Paso shut down order following White House intervention. Last week, the Pentagon and FAA announced that they were conducting high-energy laser tests in New Mexico to combat drones. This was to address FAA safety concerns. Pentagon officials have said that there are over 1,000 drone incursions on the U.S. border with Mexico each month. U.S. officials are increasingly concerned about the use by Mexican cartels of drones to drop drugs or monitor trafficking routes. Duckworth wants inspector generals review the decision-making processes leading to the use of the systems, and the FAA's decision of closing airspace. They should also evaluate "any risks posed by civilian aircraft, commercial operators or general aviation as well as medical evacuation flights, or other critical air operations. Steve Bradbury, the U.S. deputy transportation secretary, said that better coordination is needed. He said last week that the FAA needed to test so they could become "comfortable with (the laser system) limitations, how it is adjusted, and how it is controlled." Reporting by David Shepardson, Editing by Toby Chopra and Alexandra Hudson
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IndiGo, Air India seek government support during Iran crisis, sources say
Three sources said that IndiGo, India's largest airline, is asking New Delhi to reduce fuel taxes, and along with rival Air India they are also pressing for private airports in the Middle East to lower their charges. The conflict in the Middle East has made it more difficult for the carriers to make ends meet. IndiGo and Air India face a double blow as the Iran War makes it hard for carriers to access Middle East airspace, at a time that Indian airlines are banned from Pakistani airspace because of 'diplomatic tensions' between New Delhi & Islamabad. IndiGo flies to the UK via Africa, while Air India adds a stop to some flights to North America. Three?sources who are all familiar with this matter said that the airlines are lobbying for the Indian government to offer financial relief specifically in relation to aviation-related charges and taxes. IndiGo wants to reduce the tax burden on aviation turbine fuel, which accounts for 30-40% (or more) of an airline's costs. However, this fuel is subject to a federal tax rate of 11%, and state taxes that can reach as high as 29 percent, according two sources. IndiGo, Air India, and the Indian civil aviation ministry have not responded to comments. IndiGo controlled 63.6% of the domestic market in January while Air India Group held 26.5%. GROWING FINANCIAL CHALLENGES IndiGo and Air India have also asked for the rationalisation of some charges at privately owned airports. These include fees charged to passengers. They claim that these are higher at private airports in certain cases and should be reduced. Cirium data shows that the two largest?international carriers in the country did not operate 64% their 1,230 scheduled flights from February 28, when Israel and the U.S. launched their campaign against Iran to March 9. Last week, HSBC stated that the current'situation' in the Middle East will have a "significant impact" on the profitability and cost of Indian airlines. Air India also requested that the Indian government reduce the local taxes on premium-economy tickets from 18% to 5%, according to one source. According to reports, the airline owned by Tata Group and Singapore Airlines has predicted a $600 million annual loss due to a ban on Pakistani airspace that began in April 2025. The airline was sold by the Indian Government in 2022 and reported a $433 million loss last year. (Reporting Aditya KALA, Abhijith GANAPAVARAM; Editing Kirsten DONOVAN)
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Trump: US will escort vessels in Strait of Hormuz "if necessary" - Fox News interview
Donald Trump stated that the United States would escort vessels through the Strait of Hormuz, if necessary. He also said in an interview with Fox News that was aired Friday that they were going to strike Iran "very heavily" over the coming week. When asked about helping oil tanks pass through the key shipping strait in question, Trump replied: "We'd do it if we needed to." You?know, I hope that everything goes well. We're going see what happens." He did not give any other details. He said in an interview with Fox's Brian Kilmeade, which aired a part of the program "Fox & Friends", that "we're going?to be hitting them...very hard" over the coming week. His comments are made as the 'United States and others' face soaring oil and gas prices, with the 'U.S.-Israel war now in its 14th day and?oil hovering around $100 a barrel. (Reporting and editing by Toby Chopra; Susan Heavey)
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Investors monitor Middle East tensions as TSX futures remain flat
The futures linked to Canada's major stock index were muted Friday. The main cash index is on course for a second consecutive weekly decline, as investors remain on edge due to rising crude oil prices and inflation fears. As of 6:36 a.m., March futures for the S&P/TSX Composite Index edged up 0.07%. ET, whereas futures for Wall Street’s main indexes are mixed. Donald Trump called Iran's leaders "deranged scumbags", as the Middle East war approached its two-week mark on Friday. Mojtaba Khamenei, the new Iranian Supreme leader, pledged on Thursday to block?the Strait of Hormuz. Brent crude futures in May were hovering around $101 per barrel and heading for weekly gains due to supply disruptions. Gold prices rose slightly on the day, while silver spot prices fell more than 1%. Canada's major stock index will decline for a second week in a row as concerns about inflation resulting from the surge in oil prices dampen risk sentiment globally. The industrials and IT sectors took the biggest hit this week. The oil price surge has pushed the Canadian benchmark down by more than 4% compared to levels before the conflict began on 28th February. In the last session, the index closed at its lowest level in a month. Investors will be looking for clues about the future of interest rates as they await the?Canadian jobs data, which is due before the bell. The U.S. GDP and inflation readings are also due later that day. Brokerage RBC has downgraded the rating of Canadian oil and natural gas royalty firm Freehold Royalties from "outperform" to "sector perform", while Canaccord Genuity has upgraded civil contractor North American Construction from "hold" to "buy". CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and editing by Diti Pjara in Bengaluru, Rashika Singh)
Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The global aviation industry has been thrown into turmoil by a surge in jet fuel costs, largely due to the ongoing U.S./Israeli war against Iran. Airlines have raised fares and revised their financial forecasts.
In recent days, jet?fuel costs have increased from $85 to $90 per barrel to $150 to $200 per barrel for an industry where fuel can account for as much as a quarter or more of the operating expenses.
Here is an alphabetical list of the ways airlines are responding to this issue:
AEGEAN AIRLINES
The Greece-based carrier said on 12 March that it expected suspended Middle East flights as well as a sharp rise in fuel prices to "significantly impact" its first-quarter earnings.
AIR FRANCE-KLM
On March 12, the French airline announced that it would be increasing long-haul ticket prices in response to rising jet fuel costs. The airline said that cabin fares will increase by 50 euros ($57.32). per round trip.
AIR NEW ZEALAND
Due to the unprecedented volatility of global jet fuel markets, the airline suspended its fiscal 2026 earnings forecast on March 10.
Price increases for domestic flights are NZ$10 ($6), while short-haul international flights will be NZ$20. Long-haul flights will see a price increase of NZ$90. Further price, schedule and network changes may occur if jet-fuel costs continue to rise.
CATHAY PACIFIC AIRWAYS
Hong Kong Airlines announced on March 12 that it will increase fuel surcharges for all routes starting on March 18. The airline cited a doubled in jet fuel prices from the beginning of the month.
In March, the company announced that it reviewed fuel surcharges every month and kept them at $72.90 per flight between Hong Kong and Europe and North America.
CEBU AIR
On March 13, the Philippines-based airline addressed the ongoing Middle East crisis, citing the sharp rise in fuel costs as a major concern. It stated that it would continue to review its pricing and distribution strategies in order to minimize the negative impact of rising fuel costs.
HONG KONG Airlines
Fuel surcharges will increase by 35.2% on flights between Hong Kong, the Maldives and Bangladesh. The biggest increases are expected to occur for flights between Hong Kong to Nepal and 384 Hong Kong Dollars ($49).
British Airways' owner IAG stated on March 10, that it did not plan to raise ticket prices immediately. It had hedged a large amount of fuel in the short to mid-term.
PAKISTAN INTERNATIONAL FLIGHTS
On March 12, the Pakistani carrier announced that it would increase domestic and international flight fares up to $100 and $20 respectively. The airline cited higher fuel surcharges.
QANTAS AIRWAYS
The Australian airline announced on Tuesday that it will increase fares for its international routes during the week of March 9, and is considering expanding capacity on existing Europe routes.
SAS (Scandinavian Airlines),
The dominant airline of the Nordic countries announced on 10 March that it had made a temporary adjustment to its prices due to the rising cost of jet fuel.
THAI AIRWAYS
The Thai-based airline said that it would increase fares by 10% to 15% in order to combat rising fuel costs.
UNITED AIRLINES
Scott Kirby, the airline's CEO, said on March 6, he expected a "meaningful hit" to the carrier’s first-quarter earnings due to the soaring fuel prices.
VIETNAM Airline
According to local officials, the Vietnam-based airline has requested assistance from the government to remove an environment tax on jet fuel. Operating costs for Vietnamese airlines are up by 70% as a result of rising jet fuel prices. Reporting by Mireiamerino and Marleenkaesebier, Editing by Matt Scuffham.
(source: Reuters)