Transportation

Panama's Maritime Authority announced on Friday that it would strengthen controls for ship to ship operations by Panama flagged vessels. This follows an increase in "dark fleet" tankers being used to avoid sanctions or evade requirements. The U.S. increased pressure on countries that have large vessels registries, such as Panama, who gives its flag for more than 8,500 ship. Donald Trump, the U.S. president, has threatened to take over the Panama Canal by criticizing the expansion of a "dark fleet" of oil tankers that are moving sanctioned crude. Panama has removed several vessels from the registry in recent months following...

Two people with knowledge of the situation said that Aramco, Saudi Arabia's oil giant, is looking for investors to help finance its $100 billion Jafurah Gas Project. Saudi Aramco is aiming to be a major player in the global natural gas market by 2030 and increase its production capacity of gas by 60% from levels reached in 2021. Jafurah is the largest shale project outside the United States. It will begin production this year, and increase to 2 billion cubic foot per day by 2030. In 2024, the U.S. will produce around 80 billion cubic foot per day of shale-gas....

CPC, the operator of the Caspian Pipeline Consortium in Russia, said that a pumping station damaged in February has been restored to service. This route is Kazakhstan’s main way of exporting crude oil. It also transports Russian oil from the Black Sea to be exported by tanker. A drone attack was said to have damaged the Kropotkinskaya pumping stations. The General Staff of Ukrainian Armed Forces has acknowledged that Moscow accuses Ukraine of having struck the site. CPC delivered products while the pumping station is being repaired. The pipeline transports more than 1% daily oil supply in the world. The...

The U.S. Geological Survey announced on Thursday that geothermal energy could be used to produce enough electricity in Nevada's Great Basin and adjacent states to equal 10% of current U.S. electrical supply. In a report, the agency stated that the projected 10% increase would be a significant one, given the fact that geothermal power currently only contributes to less than 1% of the nation's electricity supply. It noted that a preliminary assessment showed the potential for 135 Gigawatts in baseload power, if current technologies are scaled up and used in Nevada and five adjacent states. Geothermal energy is heat that...

If there's a law of unintended effects, then the commodity markets are adapting to the reality and perceived threats of Donald Trump's tariff war. Trump's trade measures and tariffs have forced commodity producers, buyers, and traders to rethink long-established relations, adapt to new realities, and predict what could happen. It is clear that the commodity markets are adapting not only to the actual measures taken by the Trump Administration, but also the potential future actions. This has led to a desire to reduce exposure to the United States. One example is the seaborne crude oil exports from Canada that have...

If there's a law of unintended effects, a good example would be how the commodity markets have adjusted to the reality and perceived threat of the tariff war started by U.S. president Donald Trump. Trump's trade measures and tariffs have forced commodity producers, buyers, and traders to rethink long-established relations, adapt to new realities, and predict what could happen. It is clear that the commodity markets are adapting not only to the actual measures taken by the Trump Administration, but also the potential future actions. This has led to a desire to reduce exposure to the United States. One example...

The Trump administration announced on Wednesday that it would redirect $365,000,000 in funding awarded to Puerto Rico during the previous administration for its power grid, towards rooftop solar and battery storage. Puerto Rico has suffered from widespread power outages for years due to its crumbling infrastructure and the bankruptcy of the Puerto Rico Electric Power Authority in 2017. It also had to deal with a series of devastating hurricanes. A month ago it experienced a blackout that affected the entire island, and then another outage that affected 134,000 customers. The Department of Energy stated that the funds will be redirected...

Iraq's Oil Minister said the federal government had reservations about the energy agreements signed by Iraqi Kurdistan, after Iraqi Kurdish Premier Masrour barzani oversaw two deals worth $110 billion in total over their lifetimes. Hayan Abdel Ghani, a reporter on Wednesday, said: "Agreements like these should be signed by federal government." The agreements concern the development of the Miran, Topkhana-Kurdamir and Kurdamir-Topkhana gas fields in northern Iraqi Sulaimaniya. On Tuesday, the federal oil minister that Abdel-Ghani heads called the deals “null and null”. In response, the Kurdistan Regional Government's (KRG) Ministry of Natural Resources issued a statement stating that these...

These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL Canada Post has been notified by its union that it will be laying off 55,000 workers this week. TotalEnergies of France signed a contract to purchase liquefied gas from the proposed Ksi Lisims facility in British Columbia. However, the Nisga'a Nation's project must wait for the outcome of the pipeline associated with the project whose costs are estimated to have risen by billions. ** On Tuesday, the finance...

The independent oil producer, Renaissance Africa Energy Co. Ltd. in Nigeria confirmed that an illegal connection at Oshika Community, in the coastal Rivers State of Nigeria caused a spill. A spokesperson in a press release said that the company immediately isolated the pipeline and stopped production to minimize any potential environmental impact. It has notified government regulators, and is currently coordinating an investigation that must be conducted jointly. The company stated that this investigation, which involves government officials and representatives of local communities, will determine both the cause and the impact of the incident. The oil spill on Monday is...

Qatar Airways, a state-owned company, announced on Monday that it had posted a record annual net profit for 2024, ending March 31. This was up by 28% compared to the previous year. The company also expects a strong demand in the future. The demand from the Gulf has defied global slowdown. Regional airlines report steady bookings, even though trade tensions, currency fluctuations and recession fears are weighing on key Western markets. Badr Mohammed Al-Meer, CEO of the company, said that the company has established strategic partnerships with other companies in the industry, enabling it to remain "agile" despite the ever-changing...

The Federal Energy Regulatory Commission (FERC) said that the projected searing temperatures in the U.S., and the proliferation data centers, will cause electricity consumption this summer to reach a record high, stressing the grid, and driving up prices. FERC's annual assessment states that the electrical system will be further strained by the retirement of power plants around-the clock to make room for cleaner energy sources. Why it Matters Under normal weather conditions and power supply, the U.S. should have enough electricity to meet demand. FERC warned that New England, Midwest, Mid-Atlantic and Southwest states are at higher risk of experiencing...

Thorsten Frei is the chief of staff to Germany's new chancellor. He said that Europe must step "outside its comfort zone" in order to consider more severe sanctions against Russia. These could include a ban on uranium or gas, or tapping into frozen Russian assets. The EU and Britain have announced new sanctions on Russia for its invasion of Ukraine. They are focusing on the "shadow fleet" (oil tankers and financial companies) that has helped Moscow avoid other sanctions. Frei told an interviewer in his new office at the Chancellery that the next round of EU sanction measures, which are...

It said that the European Commission would propose next month legal measures for the EU to gradually phase out its imports of Russian gas, including liquefied gas, by the end 2027. Here are some key details: GAS AND LNG Before the full-scale invasion in 2022, Russia supplied around 45% (or a little more) of all gas consumed by the European Union. This share dropped to 19% in the past year and the EU is determined to eradicate it completely as a result of the war. In plans published Tuesday, the European Commission announced that it will present legal proposals in...

The need to replenish Europe's storages that were two-thirds empty following the winter will keep the market tight, and demand an increase in the supply of liquefied gas, according to Anders Opedal, CEO of Equinor. Equinor is the continent's biggest gas supplier. The European gas storage sites have ended winter heating at their lowest levels since 2022. This is due to the colder weather, lower wind speeds and increased demand for gas. Opedal stated that Europe will need 200-300 additional LNG cargoes than last year. He said that gas storages in Europe are low and that a tighter market is...

The Kremlin announced on Thursday that Russia does not hold talks with Europe or America about Russian gas supplied via Ukraine. Since the beginning of the conflict in Ukraine, in February 2022, and the explosions at the Nord Stream subsea pipelines in the summer of 2016, Russian gas supplies have been cut off to Europe. The gas exports from Russia to Europe via Ukraine have also fallen since the beginning of this year, when the transit agreement expired and Ukraine refused a renewal due to the conflict in Ukraine. Sources with knowledge of the issue told this magazine that as...

Sources in the trade and industry said that oil exports from Russia's western port are expected to increase this month due to lower crude production at Russian oil plants. However, the OPEC+ production limits may only have a small impact on Moscow’s export plans. The port of Primorsk may increase its daily loadings to an average of 2.0-2.1 million barrels next month, up from the 1.9 million barrels planned for April. Calculations showed that this is an increase of 5-10% per day. On account of low margins, refinery runs could fall by 80,000 to 100,000 barrels per a day. The...

Government officials announced on Thursday that the Czech Republic is now completely independent from Russian oil supplies, for the first ever in its history. This follows the completion of capacity improvements on the TAL pipe coming from the West. In a Thursday news conference, Czech TV broadcasted by Prime Minister Petr Filia that the first increased oil supplies have arrived at the central oil depot of the Czech Republic. The Czech government is trying to reduce its partial dependency on the Druzhba Pipeline, which has been delivering Russian supplies for more than 60 years. At the end of last year...

Calculations based on trader's data show that the Russian Urals oil price fell to its lowest level since 2023, as Brent international benchmark prices plummeted amid the escalating tensions in the U.S.-China following the tariff policy announced last weekend. Weaker Urals will have a negative impact on Russia's oil revenue - the mainstay of Moscow's budget. Oil and gas revenue is down at a time when Russia and the United States are negotiating a ceasefire in Ukraine. Brent futures fell $2.43 or 3.7% to $63.15 per barrel at 1009 GMT. They continue to drop from last week, and are now...

Russia has ordered Kazakhstan’s main oil terminal to shut down two of its three moorings. The terminal handles crude pumped from the U.S. by majors Chevron, Exxon Mobil and others. This comes amid a standoff with OPEC+ and Kazakhstan over excessive production. The operator of the Caspian Pipeline Consortium, which exports about 1% of the global oil supply through the Russian Black Sea Terminal, announced late on Monday that two moorings had been halted after a quick inspection by Russia's transportation watchdog. Trading sources said that if the stoppage lasts more than one week, it could more than half CPC...

The company reported on Thursday that the largest Ukrainian railway, Ukrzaliznytsia (state-owned), has partially restored its online services following a massive cyber attack which affected passenger and freight transportation systems. The first outage reported was on Sunday, when the rail company informed passengers of a problem with its IT system. They were told to purchase tickets at the station or on trains. Later, the company said that its online systems were subjected a targeted large-scale cyberattack. Ukrzaliznytsia announced on Telegram that the online sales system has been restored as a backup for the purchase of train tickets or their refund....

Russia's Foreign Ministry said Thursday that Ukraine has already violated the proposed ceasefire in energy sites during the three-year war by attacking an oil depot. According to Russia's TASS News Agency, Foreign Ministry spokeswoman Maria Zakharova said on state television Channel One, that it was up the United States to confront Ukraine for its actions, as they had proposed the ceasefire. The Kremlin announced this week that Russian president Vladimir Putin agreed to a 30-day truce on energy targets during a phone call with Donald Trump, his U.S. counterpart. The agreement fell short of the wider agreement sought by the...

Anton Siluanov, Minister of Finance in Russia, said that the country intends to revive major privatisation plans in 2025. It also expects to raise over $1.2 billion through selling assets confiscated by courts. Moscow, shunned since the start of the conflict in Ukraine by Western capital, has sought ways to encourage more private investment at home, improve economic efficiency, and ultimately boost budget revenues, as Russia is spending heavily on the war. Siluanov told Rosimushchestvo (Russia's federal agency for property management) that "we had big privatisation proposals". "In our opinion, this is the right time to bring the issue back...

Robert Fico, the Prime Minister of Slovakia, said that the European Commission was in discussions about restarting transit through Ukraine and the possibility of shipping Azerbaijani natural gas. Fico, who had threatened to block any final statement if it didn't include the issue of Ukraine stopping gas transit, got the mention of the issue in the Thursday conclusions of the European Union summit. The Slovakian government stopped receiving Russian gas via Ukraine by the end of 2012 after Kyiv refused to renew a contract with Moscow in an attempt to deny Russia revenue for its invasion. Fico and Slovakia were...