Latest News
-
ADNOC, the UAE's national oil company, says that one of its vessels was attacked while transiting Hormuz
The Emirati news agency WAM reported that the Abu Dhabi National Oil Company of the UAE said on Saturday one of its vessels was attacked while transiting the Strait of Hormuz the day before. According to WAM, the state oil company reported that no injuries were reported and that the situation is now under control. This was the 'third incident of this kind involving ADNOC vessels within a week. The UAE accused Iran of being behind the earlier attacks. However, the UAE made no comment on the attack that took place Friday. Before the conflict, a fifth the world's oil & liquefied natural gas was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war?with _Iran erupted on February 28. This has raised freight rates, as well as created security concerns. ADNOC, one of the largest energy producers in the world, exports crude oil and natural gas as well as refined products to other countries. Reporting by Menna alaa el-Din, Editing by Mark Porter & Rod Nickel
-
The resumption of Colombian coffee production could take several weeks. Processing is also affected.
Market participants stated on Friday that the normalization of Colombian coffee logistics, including the return of beans to a major exporting port, and then to export markets could take up to two weeks. Fixing processing installations may take even longer. Market participants said that the 7.4-magnitude quake in the Colombian coffee region?killed almost 300 people, caused landslides along dozens of roads and destroyed a number of warehouses and export ports. Carlos Santana is a director of global coffee trader ECOM. He said that he estimates it will take 15 days to normalize the coffee flow. Colombia supplies around 25% of coffee beans consumed in the United States. This is the largest market for the beans. He added, "The port is not closed but it's hard to get the coffee there and several warehouses have structural damage." ATM Terminals, which manages the Buenaventura Port, has said that operations have been gradually resumed. This includes movement in the port warehouses of coffee and sugar. However, it is not yet open to receiving more containers filled for export. According to the company, the earthquake caused structural and machine damage at the dry mill run by Caravela Coffee, located in Armenia, an area in the west-central region of Colombia's main "coffee belt". The?shared on social media a CCTV video showing the moment of tremor. The mill is used for processing green coffee to make it ready for export. "We don't know yet when we will be able to restart our operations safely. "We are still dealing with the lack of electricity in the mill," said Caravela's Chief Executive Alejandro Cadena. The coffee supply will be?tightened by the?temporary suspension of Colombian shipments. Expana, a price reporting and analyst agency, said that the event occurred amid ICE-certified arabica stock shortages. This kept nearby supply tight. Buyers looked to Brazil to offset any Colombian disruptions. (Reporting and editing by Alistair Bell; Marcelo Teixeira)
-
Mexico races to remove record seaweed growth from Caribbean beaches
Mexico is battling a record amount of sargassum, a brown seaweed that has a foul smell. The seaweed is choking beaches along the Caribbean coast. According to new data, officials in Quintana-Roo, which is home to popular resorts such as Cancun, Playa del Carmen, and 'Tulum,' have cleared 105,000 metric tonnes of sargassum this year. This figure already surpasses the previous record of 92,783 metric tons set last year. This haul puts the state in a position to surpass earlier projections of 2026, and intensify what officials describe as one of "the worst sargassum season on record." The authorities had estimated that 119,000 tons of sargassum could wash up on the shore this year. Scientists believe the massive blooms have been fueled by fertiliser-rich runoff, including nitrogen and phosphorus from Brazil and other agricultural powerhouses. As the seaweed rots, it releases hydrogen sulfide which irritates the nasal airways. Oscar Rebora is the Quintana Roo environment minister. He said that forecasts are uncertain. Rebora added that the most recent tally as of Tuesday was the current one. He said that Playa del Carmen had the highest volume of seaweed collected to date. The seaweed is a constant for workers who are charged with cleaning the beaches. Vitinia Villemontes, a cleanup worker in Puerto?Morelos said that sargassum has been arriving non-stop. "This year, it just didn't stop." "Sargassum continued to arrive from July to July," she said. "It is virtually impossible to keep it under control." Sargassum is a weed that has been encroaching on beaches in the 'Caribbean for the last decade. It threatens the tourism industry, which underpins the economy of Quintana Roo. Some companies claim that creating a market to sell the algae could offset the high costs of collection. Carbonwave, a company that processes sargassum to?liquid biostimulants, fertilizers and other products, said: "We believe creating value out of it is one of the strategies we can use to reduce the sargassum issue." Mexico's Environment Ministry has identified dozens projects to turn sargassum products into bioplastics, biofuels, and fertilizers. The government's support for commercializing the sargassum is limited. Most of its funds are still used to clean up. (Reporting and Writing by Daina-Beth Solomon, Andrea Ricci and Paola Chiomante)
-
India reduces windfall tax on petrol, diesel and aviation fuel exports
According to a government directive, India has reduced 'windfall taxes' on the export of?petrol?,?diesel? and?aviation?turbine fuel? with effect from Saturday. The government order showed that the duty on diesel exports was reduced to 24 Indian rupees ($0.2515) a litre (down from 25.5 rupees) and the duty on petrol was set at zero rupees per kilogram. The tax on "aviation turbine fuel" has been reduced to 19.5 rupees a litre, from 22 rupees previously. India introduced windfall taxes to capture the extraordinary gains from rising oil prices in July 2022. Two years later, it scrapped them. The levy was introduced in March 2026, after oil prices spiked during the U.S./Israeli war against?Iran. India revises its export levies based on the international price of?crude oil and petroleum-based products every two weeks.
-
US puts pressure on EU to "deliver" on non-tariff commitments
On 'Friday, the United States called on the European Union to relax its laws that place a?responsibility? on large companies for the environmental and social?impact? of their global supply chain. The United States claimed the EU had promised such measures wouldn't hamper EU-U.S. commerce. U.S. U.S. Now it's up to the EU. "Under the Framework Agreement, EU pledged to?ensure that its Corporate Sustainability due Diligence Directive (CSR) and Corporate Sustainability reporting Directive (CSR) 'does not impose undue restrictions on the transatlantic trade", Puzder wrote. "Extraterritorial Provisions harm American businesses and workers but not only the U.S. will suffer." According to Puzder, EU laws require that large companies, including U.S.-based firms, operating in the EU disclose their environmental and societal impacts, as well as working conditions, across their supply chain. According to a spokesperson for the European Commission, the EU and U.S. continue to work together on non-tariff and tariff issues. The spokesperson stated that the EU had explained its non-tariff rules and stressed its willingness to work with the U.S. in order to increase trade wherever possible. The spokesperson added: "We have always been clear that our rules framework and regulatory autonomy are not negotiable." Washington also wants the EU to amend the Carbon Border Adjustment Method (CBAM), a system that imposes fees on goods imported without meeting EU standards for carbon emissions. New pressure is being applied as U.S. officials and EU officials focus on non-tariff obstacles after the tariff commitments made in July 2025 have taken effect. Three sources familiar with the talks said that they expect joint statements to be released in the fall covering the non-tariff components of the Turnberry Agreement. Brussels has already weakened some of the policies that Washington criticised over the last year, including its anti-deforestation laws and methane emission rules. Sources familiar with EU policy said that the bloc did not plan to make any further concessions. SUSTAINABILITY RULES Last year, the EU also reduced its corporate sustainability regulations, known as CSRD or CSDDD after being pushed by businesses and governments, including those of the U.S.A. and Qatar. Changes agreed in December restricted the scope of Corporate Sustainability Due diligence Directive (CSDDD), and delayed the deadline for compliance by two years, to mid-2029. Corporate Sustainability Reporting (CSRD), a directive that requires companies to disclose their environmental and social impact, will only apply to firms with more than 1,000 workers, compared to the original threshold of over 250 employees. U.S. firms, such as ExxonMobil, had sought more extensive changes including an exemption of foreign firms. A statement that accompanied Puzder's blog post stated: "While the United States recognizes some positive changes in the December 2020 Sustainability Omnibus (Sustainability Omnibus), these reforms did not fully address U.S. concern regarding these directives."
-
South Africa's Traxtion Bets on Regional Rail Reforms and Mineral Boom
Traxtion, the South African rail service provider, is positioning itself for a?profitable regional mineral boom as well as sweeping reforms on the continent which are opening up freight rail networks to private firms. Traxtion announced in December a rolling stock investment program of 3.4 billion rands ($210 million), to increase its capacity and help support rail reforms in a region which exports important minerals such as copper and lithium. This investment includes the purchase of 46 locomotives, 920 wagons. Holley said: "The fact we announced this investment shows our confidence in the direction in which the rail freight industry is heading, both in South Africa and the region." South Africa has opened its state-owned rail freight?network up to private operators via an open-access system. This allows them to run trains on state-owned infrastructure to increase capacity, efficiency, and private investment. Traxtion also operates in other mineral-rich nations, such as Angola and the Democratic Republic of Congo. They are opening their freight rail networks up to private firms through concessions to increase commodity exports. Trafigura has been awarded a 30-year contract in Angola for the Lobito Corridor Railway, and the DRC gave Mota-Engil the concession to upgrade the rail infrastructure connecting Congolese mines with?Lobito. A $1.4 billion Chinese-backed contract is revamping the TAZARA rail link between Tanzania and Zambia, while Zimbabwe has a $533,000,000 rail modernisation program with China Railway International Group. Holley stated that the regional rail policy environment needs to be improved to allow private operators to raise funds and create an interconnected network of?interstates, in order to increase efficiency and lower costs. He added that "this consolidation of the open-access policy in the region represents a fundamental change in the way freight will be moved."
-
US puts pressure on EU to "deliver" on non-tariff commitments
The United States called on the European Union to ease laws that place a'responsibility' on large companies for their global supply chain environmental and social impact. They argued the EU had promised such measures wouldn’t hamper EU-U.S. commerce. U.S. U.S. Now it's up to the EU to deliver. "Under the Framework Agreement, EU committed to 'ensure' that Corporate Sustainability Due Diligence directive and Corporate Sustainability Reporting Directive 'does not pose unnecessarily restrictions on transatlantic commerce'," Puzder wrote. The U.S. will not be the only one to suffer from extraterritorial laws. "Those who suffer will be Americans." According to the EU laws, Puzder, large companies in Europe, including U.S.-based firms, are required to disclose their environmental, social, and working conditions impacts. A spokesperson for the European Commission did not respond immediately to a question?for comments. Washington also wants the EU to amend the Carbon Border Adjustment Method (CBAM), a mechanism that imposes fees on goods imported without meeting the bloc’s carbon emission standards. After the tariff agreements agreed on in July 2025 came into effect, U.S. officials and EU officials are now focusing their attention on non-tariff obstacles. Three sources familiarized with the talks said that they expect joint statements to be released in the fall covering the non-tariff components of the Turnberry Agreement. Brussels has already'softened' some of the policies that Washington criticised over the last year, such as its anti-deforestation laws and methane emission rules. Sources familiar with EU policy said that the bloc did not plan to make any further concessions. SUSTAINABILITY RULES Last year, the EU also reduced its corporate sustainability regulations, known as?CSRD and?"CSDDD?, after being pushed by businesses and governments, including those of the U.S. The changes agreed in December restricted the scope of Corporate Sustainability Due Diligence Directive (CSDDD), to the largest companies, and extended the deadline for compliance by two years until mid-2029. The 'Corporate Sustainability reporting Directive (CSRD)', which requires companies report their environmental and social impact, will only apply to firms that have more than 1,000 employees. This is a change from the original threshold of over 250 employees. ExxonMobil and other U.S. firms had asked for broader changes including an exemption for all foreign firms. A statement that accompanied Puzder's blog post stated: "While the United States recognizes some positive changes in the December 2020 Sustainability Omnibus but those reforms have failed to address U.S. concern regarding these directives."
-
Sources say that the Sheskharis terminal in Russia's Black Sea halted loadings following a drone attack.
Three sources familiar with the matter confirmed that the suspension of crude oil exports was due to a drone attack on Friday. This added to the disruptions at one of the country's main export outlets. Sheskharis, Russia's largest oil export facility in the Black Sea, handles approximately 700,000 barrels of crude oil per day. The shutdown of the Sheskharis terminal adds pressure to Russia's energy infrastructure, which has been repeatedly attacked in recent months. On Friday, the administration of Novorossiysk sent out a new drone alert to residents. This indicates that there is a continuing threat in the port area. A source said that a tanker, which was scheduled to load crude oil at the port, left early Friday morning for the 'open sea' after a drone attempted attack on the terminal. The source said that as a result, the port stopped receiving crude oil at the terminal and suspended loading of crude because the storage tanks were full. Sources could not be identified due to?the sensitive nature of the issue. The disruption comes after a period in which export volumes were high. According to a source familiar with export data, crude loadings from Novorossiysk were close to 1,000,000 bpd by July, and about 800,000 bpd by June. Novorossiysk exports?Russian Urals crude oil, Kazakhstan's KEBCO mixture and?Siberian Light Oil. The suspension comes after a series disruptions in oil exports out of Russia's Black Sea coast. Last month, Ukrainian drone attacks temporarily stopped loadings at the Caspian Pipeline Consortium terminal near Novorossiysk. This reduced exports of CPC Blend and affected supplies to major customers, including Turkey.
American Airlines resumes nationwide flights after IT issue caused a brief halt
American Airlines and its regional carriers resumed flights on Tuesday evening after a short nationwide suspension of departures due to an IT problem, the airline announced.
Federal Aviation Administration (FAA) issued a ground-stop for American Airlines flight due to an IT outage which began around 6:30 pm. ET (2230 GMT), and was cancelled at 7:18 pm.
The issue caused hundreds of delays as planes couldn't leave until it was resolved. This happened at a time when many U.S. East Coast airports were experiencing major delays and ground stoppages due to thunderstorms.
American Airlines said in a press release that "systems are now back online and flights are once again departing." "We temporarily halted flights while our teams resolved the problem. We apologize to our customers for any inconvenience.
FlightAware, an 'airline tracking site', reported that American delayed or cancelled 1,100 flights on Tuesday, which is 30% of all flights. Flightradar24 is another aviation website that reported as of 7:15 p.m. There were '130 less flights? in the air at ET than there were last week. (Reporting and editing by Jacqueline Wong, Jamie Freed, and David Shepardson)
(source: Reuters)