Latest News
-
Sources say that the Black Sea's Novorossiysk Oil Exports were 10 days behind schedule for March.
According to three sources, the Black Sea port 'Novorossiysk is running 10 days behind schedule due to persistent storms, drone attacks and other factors. One of these forced a suspension in loadings at the beginning of this month. A source in the trade stated that "every time a danger warning is issued, tankers are demoored and sent to sea." According to LSEG, industry sources and estimates, shipments from Novorossiysk of Urals and KEBCO 'crude oil' in the first ten days of March averaged around 200,000 bpd, about half of them being carryovers from February. Another source from the oil industry stated that "Russia's Black Sea port are constantly closed due to storms, dive inspections or threats of attack." The main oil transshipment plans for Novorossiysk for?March required shipments of approximately?450,000 Bpd. Sources reported that the actual exports of oil products were also running about a full week behind schedule. They totaled around 210,000 tonnes in the first ten days of March, compared with 460,000 tons one month earlier. Sources said that a drone attack by Ukraine on the 'Tikhoretsk' oil pumping station, in the Krasnodar area, could disrupt oil flow to Novorossiysk. However, they did not have any information about the effects of the attack. One?of?the?sources? stated that exporters were attempting to redirect shipments away from the Black Sea Port to other routes. However, Baltic ports are also?facing capacity constraints because of a shortage in ice and vessels. Novorossiysk re-started oil transshipment from tankers on March 6 after a drone attack?on Sheskharis Terminal?on?March 2?. The pace of loading remains low as the port is often forced to stop operations and move the tankers away from berths because of the threat of drone strikes. (Reporting and editing by Andrei Khalip).
-
UK considering additional Gulf deployments following minehunter withdrawal
John Healey, the UK's defence minister, said on Thursday that the UK is looking at additional options to deploy?to Gulf following the increase in attacks by Iran on vessels. He also noted that the UK already has autonomous mine-hunting systems in the area. Royal Navy (RN), said last week that its last minehunter HMS Middleton was based out of Bahrain and had returned to Britain in March?1. The vessel was over 40 years old and was "no longer certified for sailing", it stated. Healey stated that "we already have some autonomous mine hunting systems in the area." Healey said that there are other options we're beginning to?consider that we could deploy with?allies. Two sources with knowledge of the situation said on Wednesday that Iran had deployed "about a dozen" mines along the Strait of Hormuz. This move is likely to complicate the reopening of this narrow waterway which is an important route for shipping LNG and oil. The U.S. Military says that it has eliminated 16 Iranian mine-laying vessels on Tuesday. On Thursday, two tankers caught fire in an Iraqi port after being hit by a boat suspected to be laden with explosives. Three?other vessels had been hit in the Gulf a few hours earlier. Healey called the situation a "major Iranian escalation". Healey stated that the situation was a violation of international law. It's a?serious issue that has an impact on the oil price and cost of living. (Reporting and editing by Kate Holton; Catarina demony)
-
Iraq will keep crude production at 1.4m bpd despite war disruptions, says oil minister
Hayan Abdel-Ghani, the Oil Minister, was quoted on Thursday as saying that Iraq would keep crude 'oil' production at 1.4 million barrels a day. This is less than a third of the level before the U.S.-Israeli war with Iran. According to state news agency, according to the minister, 200,000 bpd are being transported via truck through Turkey Syria and Jordan, and that Iraq has implemented a plan to deal with the current disruptions. Sources told?that oil production in Iraq's southern oilfields has dropped 70%, to just 1.3m bpd. This is because the country cannot export via the Gulf due to war. Sources told?that Iraq's oil production has fallen 70% to just 1.3 million bpd, due to the fact that the country cannot export through the Gulf because of the war. Iraq's fragile financial situation will be further strained by the drop in production as it relies on crude oil sales to fund nearly all of its public expenditure and for more than 90% of its revenue. Sources said that the oil ministry, under pressure to reduce losses, asked the Kurdistan Regional Government (KRG) to pump 100,000 bpd of oil from its state-managed Kirkuk fields to Turkey's Ceyhan Port. According to the ministry, the KRG had not yet responded to the request. Abdel-Ghani, quoted on Thursday as saying that Iraq would sign an agreement to export oil through the Ceyhan pipeline. He did not provide any further details. Reporting by Ahmed Elimam, Jana Choukeir. Ahmed Rasheed is the author. Tomasz Janowski and Mark Potter (Editing)
-
US sues California over zero emission vehicle, greenhouse gas rules
The Trump administration sued California on Thursday, claiming that the state's rules for zero-emission vehicles and tailpipe greenhouse gas emissions are illegal. Federal law preempts them. The U.S. Transportation Department filed a lawsuit against the California Air Resources Board at U.S. District Court, California to challenge vehicle regulations that are still in place after President Donald Trump's legislation signed last year that overturned California's Advanced Clean Cars II rule that aims to phase out new gasoline-powered vehicles by 2035. The lawsuit is seeking a court ruling that declares all California zero-emissions vehicle mandates to be illegal and unenforceable. Jonathan Morrison, the head of the National Highway Traffic Safety Administration said that this litigation would help automakers to design and manufacture cars and trucks in order to meet a federal fuel efficiency regulation. California received a?approval from the Environmental Protection Agency in 2022 for its current vehicle rules, known as Advanced Clean Cars I. The state claims that these are still in force. California Air Resources Board didn't immediately respond to a request for comment. The Trump administration has been trying to stop California from establishing vehicle regulations for years. It sued California in August to prevent the state from enforcing strict emissions standards for heavy duty trucks. California's regulations require automakers sell an increasing number of electric cars and adhere to increasingly strict limits on tailpipe emission. These rules are stricter than the ones imposed by the Trump administration which plans to rollback federal fuel economy regulations. California claims that the cost of EVs is higher than the savings in fuel for consumers. After Toyota and the Detroit Three successfully lobbied Congress, the White House and Congress to get relief from California's emission regulations, Congress has revoked the authority of?California. The White House also "significantly" weakened federal rules on tailpipes, and Congress passed legislation that would stop the collection of penalties for vehicles not meeting tailpipe standards. A group representing major automobile manufacturers did not comment immediately. (Reporting and editing by Deepa Babington; David Shepardson)
-
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 closures of key Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This left tens thousands of passengers stranded. The following is the latest information on flights in alphabetical order. AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Tel Aviv and Baghdad. Dubai flights are cancelled until the 28th of March and Riyadh flights until March 14. 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, according to airBaltic. AIR CANADA The Canadian carrier has cancelled all flights from Tel Aviv to Dubai and all flights from Dubai to Tel Aviv, until May 2. AIR EUROPA All flights from Spain to Tel Aviv have been cancelled until March 20. AIR FRANCE KLM Air France has cancelled all flights from Dubai to Riyadh and Dubai to Tel Aviv until March 15. KLM has suspended flights from Riyadh to Dammam until March 14 and Dubai flights up to March 28. Flights to Tel Aviv have been suspended throughout the winter season. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights from and to Dubai, and to and Riyadh up until March 31, 2019. U.S. carriers has cancelled flights between New York and Tel Aviv from March 31 to April 1 and Tel Aviv to New York from March 31 to April 1. EL AL ISRAEL AIRLINES El?AL has cancelled all regular flights until March 14th. EMIRATES The UAE airline announced that it would be operating a reduced schedule. ETIHAD AERWAYS The UAE carrier announced that it has resumed limited commercial flights between Abu Dhabi, and a number of key destinations. FINNAIR The Finnish airline has cancelled Doha flights and Dubai flights up until March 29, and will avoid the airspaces of Iraq, Iran and Syria. The airline is sending at least one flight to Muscat to take customers back home on March 10. More flights are planned for later this week. 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. Polish airline LOT has cancelled all flights from Tel Aviv to Tel Aviv and Dubai until March 28. LOT? also cancelled flights to Riyadh and Beirut until March 24, as well as to Tel Aviv from March 31 toApril 30. LUFTHANSA GROUP German airlines, including Lufthansa and Austrian Airlines as well as Swiss, Brussels Airlines and Swiss Airlines, have suspended flights from Tel Aviv to Beirut, Dubai and Dubai until March 28. Flights were suspended to?Tehran until April 30, and to Amman Erbil Dammam Abu Dhabi and Amman Erbil Dammam through March 15. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha until 20 March. NORWEGIAN AIR The Norwegian airline will begin flying to Tel Aviv from June 15 instead of April 1, and to Beirut on April 4, as previously planned. PEGASUS Pegasus Airlines has cancelled all Iran flights until 28 March. Until March 23, flights to Iraq, Amman, Beirut Kuwait, Bahrain Doha, Dammam Dubai Abu Dhabi and Sharjah have been cancelled. QATAR AIRWAYS The airline operates a limited flight schedule between Doha and other destinations. It plans to start operating some flights on March 9 following a temporary authorization from the Qatar Civil Aviation Authority. SAUDIA AIRLINES Saudi Arabian Airlines suspended flights to Amman, Kuwait and Abu Dhabi until 12 March, and flights to Moscow and Peshawar until 16 March. TURKISH AIRLINES Turkish Airlines has removed Iran flights until March 12 from its program, the Turkish transport minister announced. The Turkish transport minister added that Turkish Airlines had cancelled all flights to Iraq and Syria, Lebanon, Jordan, until March 13. 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)
-
Operator claims that a tanker was attacked during a transfer in Iraqi waters.
Zefyros's manager in Greece confirmed that the tanker was struck by a missile overnight during a ship-to -ship transfer. Benetech Shipping SA reported that the incident took place at Iraq's Umm Qasar Anchorage late Wednesday during a transfer of fuel cargo with the Safesea Vishnu Tanker. All 23 crew members have been accounted for and are safe. The 23 crew members were evacuated and brought to land, according to a statement. SOMO reported that the Safesea Vishnu had been chartered by a company in Iraq contracted with State Organization for the Marketing of Oil. The Zefyros, meanwhile, was loaded with products from Basra Gas Company, and was located at a ship to ship loading area?in Iraqi water. In the Gulf, at least 16 vessels including tankers have been attacked during the U.S.-Israeli conflict with Iran. Hundreds more have also dropped anchor after Tehran threatened to attack nearby shipping. Sources claim that explosive-laden Iranian boats attacked two oil tankers on Wednesday in Iraqi waters, setting the vessels ablaze and killing a crew member. Joe Kramek said that around 20,000 seafarers on vessels operating in this region are facing "a highly uncertain and dangerous security situation". Seafarers may not be involved in the conflict but they are increasingly "caught" by its path. The Thai foreign ministry has said that it conveyed "its strongest protest" to the Iranian ambassador after two projectiles from an unknown source struck a Thai-flagged dry bulk vessel, Mayuree Naree on Wednesday. This caused a fire as well as damage to?the engine rooms. The ministry reported that the Iranian ambassador offered condolences, and he promised to convey Thailand's protests to Tehran. Hapag-Lloyd, a German shipping company, said that on Thursday projectile fragments struck container vessel "Source Blessing" near the Strait of Hormuz at the southern tip of Gulf near Iran. The ship was not directly struck, but caught fire, it said. It said that all crew members were safe. Reporting by Jonathan Saul and Renee Maltezou; editing by Jason Neely.
-
Diplomats claim that the EU will relax gas authorization rules to ensure LNG supplies.
Diplomats said that the European Commission would instruct governments to be "flexible" in their enforcement of EU rules regarding gas imports. This is because they are concerned about 'holding up' liquefied natgas deliveries, which will help stabilise supplies during the Iran crisis. Diplomats say that the Commission will issue guidance on how to implement rules in the European Union law to phase-out Russian gas before March 18. Brussels is attempting to prevent its Russia phaseout regulations from accidentally choking Europe’s gas supply during a time of vulnerability. The EU's phaseout of Russian gas would not be affected. The Iran conflict is causing global LNG flows to be disrupted and increasing the risk of cargo diverts. EU officials are concerned that strict enforcement will 'delay or strand' shipments and undermine the ability of the EU to maintain adequate storage and ensure energy security heading into winter. Companies must submit proof of origin of LNG five days prior to its arrival in the EU. Azerbaijan would be the main country affected by a softerening of "prior authorization" rules, as it supplied 4% of EU imports last year. The EU has already stated that its main gas exporters, such as Norway and the U.S. will not be subject to the "prior authorisation" rules, since they deem the risk of Russian Gas entering their exports low. The European gas industry has already asked Brussels to suspend temporarily the rules regarding prior authorization. Eurogas, an industry group, said that it could not allow a single flexible LNG cargo to be delayed at sea or in port, or to be rerouted towards Asia, because the prior authorisation was unclear or pending. (Reporting and additional reporting by Julia Payne, Editing by Jan Harvey).
-
Iranian oil continues to flow through the Strait of Hormuz, even as Gulf neighboring countries' exports are shut
A review of tanker tracking data revealed that Iranian crude oil continued to flow at a near normal pace through the Strait of Hormuz, even though?attacks on ships by the government of Iran in the narrow waterway?have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported 13.7 million barrels since Israel and the U.S. attacked the country on 28 February. Kpler, a vessel tracking service, estimated Iranian exports for the first 11 days in March at 16.5 million barrels. Iran's retaliation against the Israeli and U.S. attack has included attacks on energy infrastructure in the Middle East and ships in the Strait?of Hormuz, bringing non Iranian vessel transits into the main gateway of Middle Eastern oil imports to a standstill. This forced producers in the region to reduce output. Iran's ability continue to export oil without being intercepted contrasts starkly with the U.S.military Campaign in Venezuela which included a naval blockade and seizure of vessels trying to enter or leave Venezuelan waters. David Tannenbaum is a director with Blackstone Compliance Services. He said that he was surprised by the U.S.'s failure to launch a similar campaign before starting this conflict. Matias Togni, an analyst at Next?Barrel Oil and Shipping, said that U.S. efforts against Iranian-linked tankers may lead to more attacks on vessels crossing the Strait of Hormuz. James Lightbourn is the founder and shipping financier of Cavalier Ship, a maritime investment and advisory firm. Lightbourn stated that if the U.S. seizes tankers it would be less of a loss to Iran if the strait was closed completely (such as by using mines). The White House of U.S. president Donald Trump did not respond immediately to a question about whether Washington intends to take any action against Iranian oil exports. IRANIAN EXPORTS SIMILAR TO LAST YEAR'S PACE TankerTracker.com data and Kpler data show that Iran's crude exports ranged between 1.1 and 1.5 million barrels of oil per day from February 28 to March 11, according to the two sources. Kpler data shows that the country exported 1.69 million barrels per day on average last year. In the coming days, it is possible that the pace will increase. According to satellite images reviewed by TankerTrackers.com, multiple very large crude carriers - the largest oil vessels currently in service - are still loading oil on Iran's Kharg Island, export hub. Kpler data shows that Iran increased its exports in anticipation of Israeli and US military action before the 28th February strikes. Data showed that Iran exported a record amount of oil - 3.79 million barrels per day - in the week ending February 16. According to an analysis by Kpler & Lloyd's List Intelligence, six crude oil tankers left Iran between February 28 and March 1, including the U.S. sanctioned vessel Cuma which sailed last week. According to earlier reports, two liquefied gas tankers also subject to U.S. sanctioned sailed from Iran on Friday after loading their cargoes. A separate analysis revealed that at least 11 million barrels of crude oil were shipped out from Iran. Four supertankers, which left Iran with 8 million barrels, arrived in the waters near Singapore. The vessels are sailing in the same pattern within Iran's exclusive zone economic, which extends to up to 24 nautical miles beyond the local territorial limit of 12 nautical mile. Shipping sources say that this is seen as a way to protect the vessels by keeping them in Iranian waters. Reporting by Shariq KHan in New York, Jonathan Saul, Enes Tunagur and Arathy SOMASEKHAR in Houston, with editing by David Gregorio.
Documents show that Epstein attempted to create a web of powerful connections across the Middle East.
The U.S. Department of Justice's documents reveal that embattled financier Jeffrey Epstein attempted to create a network of powerful political figures and businessmen in the Middle East. DP World announced that Sultan Ahmed Bin Sulayem resigned from his position as chairman and chief executive. Two sources who have direct knowledge of the matter said that the decision was made after Bin Sulayem’s name appeared on the Epstein files and his relationship with a late convicted sex offender came under increased scrutiny.
Bin Sulayem and Epstein exchanged emails in which they discussed sexual relationships between Bin Sulayem and women Epstein had helped him meet. Bin Sulayem informed Epstein in an email dated November 9, 2007 that he met a woman of this type in New York. He did not identify her and said they had no sexual relations.
He wrote: "Yes, after many attempts over several months, we were able to meet in NY," adding that it was a miscommunication because "she only wanted some BUSINESS!" I only wanted some PUSSYNESS!"
Dubai's ruler also issued on Friday a decree that appointed a new chairman of Dubai's Ports, Customs and Free Zone Corporation, which was one of the many roles Bin Sulayem had held.
I was able review independently only some Epstein files relating Bin Sulayem but was unable determine what exactly led to Bin Sulayem's departure from DP World, although sources stated, without giving further details, that the documents were the reason.
Bin Sulayem has not responded to any requests for comments on his departure. DP World declined comment.
COOKING TOGETHER
Epstein described Bin Sulayem in an email exchange as funny, trustworthy, and a foodie. Epstein went on to say Bin Sulayem is a Muslim who does not drink alcohol and prays 5 times a day.
A photograph, which was included in an email but is now publicly available, shows Epstein and Bin Sulayem cooking together and looking relaxed. Epstein did not provide the full name of who he sent it to.
Bin Sulayem did not comment publicly on Epstein’s description of his relationship or the emails he sent about it.
It is not criminal to be named in a file. Bin Sulayem was questioned by DP World financial backers about his past after the U.S. Congress pointed out that Bin Sulayem’s name appeared on files released by U.S. Department of Justice.
Bin Sulayem didn't respond to these concerns publicly. British International Investment and Canada's second largest pension fund, both UK-based development finance agencies, said they would stop investing in DP World because of Bin Sulayem alleged ties with Epstein.
We are horrified by the allegations that have emerged in the Epstein case
A spokesperson for BII said, "Files regarding Sultan Ahmed Bin Sulayem", without specifying which allegations he meant. We will not make any new investments in DP World until they have taken the necessary actions.
La Caisse, a Canadian pension fund, said that it would "pause additional capital deployment along with the company" until DP World clarified and took "the necessary steps".
In a press release issued after the leadership change at DP World on Friday, BII praised DP World's decision. It said that it was looking forward to "continuing our partnership to advance development of key African Trading Ports". La Caisse stated that "the company took appropriate measures" as well as its intention to "move swiftly to work with DP World’s new leadership in order to continue our partnership for port projects throughout the world".
Bin Sulayem didn't immediately respond to a question from La Caisse asking him for a comment about the actions taken by BII. DP World declined to comment.
Contacts Network
The DOJ's large collection of documents, including emails and text messages, shows that Epstein used his wealth to establish relationships with influential people in finance, politics, academia, and business all over the world.
The report was unable determine whether Epstein's advice was taken into account by his contacts in the Middle East. Epstein attempted to give advice to Qatari political and business figures, according to the DOJ documents examined by. This was during the blockade of Qatar imposed by Saudi Arabia and the United Arab Emirates in 2017-21. Qatar had denied the accusations.
Epstein, in an exchange with Sheikh Jabor Jasim Al Thani of the ruling family and Qatari businessman Jabor Yousuf Jassim al Thani, urged Qatar "to stop kicking and arguing...let's let the heat go down a little". He stated that "the current Qatari team is weak" and that "FM's lack of experience is evident."
Qatar's Foreign Minister at the time was Sheikh Mohammed bin Abdulrahman Al Thani. He is now both Prime Minister and Foreign minister. Sheikh Mohammed is yet to comment publicly on Epstein’s portrayal. Qatar's International Media Office declined to comment on the exchange when asked about it. The office handles media requests from the Prime Minister.
No response was received to a request sent via email to three Qatari companies where Sheikh Jabor holds the position of chairman, nor to a text message sent to someone who, according the documents?released? by the DOJ?, is employed in Sheikh Jabor?s office. Epstein encouraged Doha to establish ties with Israel in order to remain in good standing with Donald Trump who was in his first term of office as U.S. President. Epstein suggested that the Gulf State either recognize Israel or donate $1 billion to an anti-terrorism fund. Qatar stayed true to its independence. In 2021 the countries that had been blocking Doha restored their ties. The Trump administration has also strengthened its ties with Qatar.
Discussion on SAUDI ARAMCO's IPO
Epstein talked about Saudi Aramco’s initial public offering through dozens of emails. Epstein warned in an email exchange on September 10, 2016 with a person called?Aziza alahmadi and former Norwegian diplomat Terje Rod-Larson, that Aramco's initial public offering could expose Saudi Arabian assets to seizure and lawsuits. Saudi Aramco refused to comment on the emails.
Alahmadi was not available for comment, and it was impossible to determine her role in Epstein's actions.
Epstein, in an email dated 16 October 2017 and sent to Alahmadi as well, suggested that China be given the option to purchase a $100 billion stake in Aramco, rather than pursuing a conventional IPO. Epstein said this would allow for liquidity, while limiting their exposure to the public markets.
Saudi Aramco refused to comment on the emails. Roed Larsen didn't immediately reply to an email sent via his attorney asking for comments.
The DOJ documents show that Epstein also had a presence in Egypt. In some emails, Epstein was asked for help by a member of the Mubarak family - the wife Gamal Mubarak. This request came in 2011 after the ouster of the former president and the subsequent legal problems. The emails did not specify what type of assistance was requested and it was impossible to determine whether Epstein tried to intervene on behalf of the family. One lawyer was emailed for comment and another was texted. Both represented Gamal Moubarak. No immediate response was received.
(source: Reuters)