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Sources: Telecom Italia and Fastweb are looking to save money on 5G with Italy's network agreement
Three sources said that Telecom Italia and Swisscom's Italian division Fastweb were close to a deal for a network sharing agreement. This would help them cut the costs of upgrading and operating 5G infrastructure in Italy. According to Asstel, Italian telecom firms want to revamp their "business model" after losing almost a quarter of their revenue in 2010 and having their post-investment funds drop to zero. In 2010, they had 10.5 billion euro ($12 billion), but that year it was down to zero. The deal will help TIM, and its rival Fastweb, upgrade their'mobile networks' to 5G, a technology that was built from scratch, rather than based on 4G. Meanwhile, the sector is still being squeezed by fierce competition. According to a source with knowledge about the deal, TIM could save up to 300 million Euros over ten years. The project is code-named Prism internally and has not been reported previously. It covers active network components, such as antennas and base stations. The people declined to name themselves as the plans were not made public. Two sources stated that the parties aim to complete a final agreement by early march after reaching a preliminary agreement in recent weeks. Fastweb and Telecom Italia representatives declined to comment. Upgrade your network! Fastweb became Italy's leading mobile operator in 2013 after buying out Vodafone's local operations for 8 billion euros. The agreement with TIM will revive a network sharing plan that TIM,?Vodafone and INWIT agreed on but never implemented after their merger in 2019. People said that the?deal' would require each operator to upgrade the technology in specific areas, to avoid duplication of investment and manage costs. Spectrum sharing is also expected.
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Teen dies after bus strikes ultra-Orthodox demonstrators in Jerusalem
On Tuesday in Jerusalem, a mass ultra-Orthodox Jewish protest against military conscription ended tragically when a teenager was crushed to death after a driver of a bus struck the crowd. Israeli police confirmed that they have detained the driver, and are currently investigating. A video of the incident shows the bus crashing into the crowd of ultra-Orthodox protesters. ? The police were unable to contact the driver immediately while he was in custody. Magen David Adom emergency service in Israel?said that the 18-year old, who was trapped under the bus and pronounced dead at the scene. Benjamin Netanyahu has been under increased political pressure in the last year because of the 'debate about mandatory military service and those who are exempt from that. Since long, ultra-Orthodox students in seminaries have been exempted from military service. Many Israelis criticize what they perceive as an unfair burden that is carried by those who serve. Religious leaders fear that army service will weaken their ultra-Orthodox community's sense of religious identity. In the midst of increased military activity, the?issue of service in the military has become a major source of tension. Israel's military has suffered its highest death toll for decades in the past two years due to conflicts involving the Gaza Strip and other countries such as Lebanon, Syria, Yemen, and Iran. Reporting by Emily Rose, Tamar Uriel Beeri and Lisa Shumaker.
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Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year that was marked by high stakes political dramas and ever-larger mergers. Goldman's No. 1 ranking was boosted by the rise of $10 billion deals, which totaled $1.5 trillion last year, or more than double the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other investment bank. Total volume of advised deals was $1.48 trillion. This was the most active period in terms of mega deals since LSEG began keeping records in 1980. Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank. Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi at 2billion and Evercore $1.7billion. Goldman Sachs, JPMorgan, and Morgan Stanley occupied the first, second, and third positions, respectively, in terms of volume of transactions, followed by Bank of America, and Citi. According to LSEG, Goldman held a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only surpassed once, in 1999. Dealmakers claim that a looser regulatory environment made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to team up and make the biggest deals in the rails, consumer products, media, and technology sectors. Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A transactions: Union Pacific's $88.2 Billion purchase of Norfolk Southern by the railway, nor the heated bidding battle for Warner Bros Discovery. Bank of America, Barclays and Wells Fargo and several boutique investment banks all got a piece of these two mega deals. CEOs are looking to scale operations. The desire to scale up and grow strategically is high. This has led boardrooms to become more proactive. People aren't waiting for a business to be sold to start M&A activities," Anu Ayiengar said in an interview. JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after taking into account fees from equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 for Goldman. The dueling bids by Netflix and Paramount Skydance for Warner Bros, at $108 billion and $9 billion, respectively, plus debt, helped propel some law firms and banks to the top of the list. These included Wells Fargo and Moelis & Allen & Co as well as Latham and Watkins. Wells, the firm that advised on 10 $10 billion or more deals, such as Netflix's bid to acquire WBD, jumped eight spots from 2024 up to number one. 9. Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion. It could depend on the winner of Warner Bros' bid if they remain at their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners,?M. Klein & Co. is a contender in the top 25, despite not making the top 120 list last year. This is thanks to the work they did for Paramount. LSEG stated that the Warner Bros board was leaning towards rejecting Paramount’s latest offer. People familiar with board thinking previously told us. Wells would gain two spots in the rankings if Paramount rescinds their offer. Paramount's M&A team, however, would lose one, according to the data. Charles Ruck is the global chair of LSEG No. 1's corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals are more expensive because the Nasdaq and S&P 500 both finished higher last year. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation. In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the best way to exit. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
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Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year marked by high-stakes politics and ever bigger mergers. Goldman Sachs' No. 1 ranking was aided by the rise of $10 billion deals, which amounted to $1.5 trillion in total last year, a more than two-fold increase from the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other bank. Its total volume of advised deals was $1.48 trillion. This was the most mega-deals ever recorded by LSEG since 1980. Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank. Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi with $2billion, and Evercore $1.7billion. Goldman, JPMorgan, and Morgan Stanley ranked first, second, and third in terms of the volume of transactions, followed by Bank of America, and Citi. Goldman had a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only ever exceeded once, in 1999. The technology sector accounted for the majority of deals last year. However, dealmakers claim that a looser regulatory environment has made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to work together on the biggest deals in railways, consumer goods, media, and technology. Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A deals of the year, the $88.2 Billion purchase by Union Pacific of Norfolk Southern and the intense bidding war between Warner Bros Discovery and Warner Bros. Bank of America, Wells Fargo, Barclays and Bank of America also had a piece of these two mega deals. CEOs are looking to scale their operations. The desire to scale and grow strategically is strong, and this has prompted boardrooms and executive suites to become more proactive. People?do not wait for a company's sale before they start M&A activities," Anu Ayiengar said in an interview. JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after factoring in fees for equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 million from Goldman. Paramount Skydance and Netflix’s dueling offers for Warner Bros, at $108 billion and $9 billion, respectively, included debt, catapulted some banks, boutiques and legal firms to the top of the M&A list, including Wells Fargo and Moelis and Allen & Co. Also, Latham and Watkins, a law firm, ranked highly. Wells, which advised on 10 $10 billion+ deals, including Netflix’s bid for WBD (and other similar deals), jumped eight spots from 2024 to the No. 1 spot. 9. Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion. It could depend on the winner of Warner Bros' bid if they maintain their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners, M. Klein and Co., who didn't even make the top 120 in 2014, are now contenders for the top 25 thanks to the work they did for Paramount. LSEG stated that the Warner Bros board was leaning towards rejecting 'Paramount's latest proposal, according to people familiar with its thinking. Wells would gain two spots in the rankings if Paramount withdraws their offer. Paramount's M&A department would lose one, according to the data. Charles Ruck is the global chair of LSEG’s No. 1 corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals became more expensive in 2014 because the Nasdaq and S&P 500 both rose by 20.36 percent. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation. In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the way to go for exits. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
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Pilots of Air Transat Canada have signed a five-year contract
The 'Air -Line Pilots Association', which represents the 725 pilots of Air Transat, reported that the majority of the airline's pilots approved a five-year contract. According to the union, approximately 90 percent of Air Transat's pilots have approved the contract. It reportedly increases flexibility in pay and schedules. Early December, the two sides reached a deal that narrowly avoided a strike by the pilots. "While it was unfortunate that this level of pressure had to be applied, our unity was what ultimately produced results," said Captain Bradley Small, Chair of the?ALPA Air Transat Master Executive Council. The new agreement has a backdate of May 1, 2025 and expires on April 30, 2030. According to its website, the carrier's primary focus is on international holiday travel to destinations such as Europe, South America, Africa, and the Caribbean. (Reporting from Seattle by Dan Catchpole; editing by Nia Williams).
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Shipping data shows that Chevron continues shipping Venezuelan oil but has put the loading on hold to accommodate Chinese buyers.
Shipping data revealed that Venezuela only loaded crude?for U.S. Chevron on February 2, while the state-run PDVSA halted operations to?load?cargoes destined for its principal customers in China for a fifth consecutive day. U.S. Forces captured President Nicolas Maduro and brought him to New York for drug charges. Delcy Rodriguez, the interim president of the Venezuelan government is now in charge. The U.S. says it will supervise the administration. Last month, the United States placed a blockade against sanctioned oil tanks sailing into Venezuelan waters and out of them. This halted all exports except those that were destined for Chevron. Chevron, the only U.S. oil major operating in Venezuela under a U.S. licence, is exempt from the sanctions imposed by Washington against Venezuela's petroleum industry to "choke off" revenue that funded Maduro’s government. Ship monitoring data revealed that on Tuesday, Chevron's chartered vessels were the only ones to load crude oil for export in Venezuela's Jose and Bajo Grande port. According to PDVSA documents, other ships were either loading to move oil to and from domestic ports or to store "crude" because the onshore storage facilities were almost completely full. According to data and documents, the last crude cargo loaded at Jose for an Asian client finished loading on 1 January. PDVSA may be forced to increase production cuts if it does not export more because the storage tanks are full. FLOWING Chevron resumed Monday exports of Venezuelan crude oil to the U.S., after a four day pause. The company also called its workers in other countries back to their?Venezuelan office as flights into the country resumed. In recent weeks, the U.S. company has become the sole firm exporting Venezuelan crude oil. In early January, at least 12 vessels that were under sanctions and had loaded in December but had been stuck due to the embargo in Venezuelan waters left. These vessels carried around 12,000,000 barrels of crude oil and fuel. The vessels' destination was not known, even though they were originally loaded for Chinese customers. Transponders were turned off on the ships, so they left in "dark mode." The ships appeared to have broken the U.S. blockade. The U.S. Government has not made any comments on the ships or if it authorized their departure. PDVSA did not respond to a comment request. Chevron stated this week that it continues to operate in "full compliance with all applicable laws and regulations." According to data from ships and eyewitnesses, even after the dozen vessels had sailed away, many of them were still anchored in Venezuelan waters near oil ports, either waiting to be loaded or already fully loaded.
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Black Sea CPC terminal resumes oil loadings sources say
By Robert Harvey LONDON - On Monday, January 6, the Caspian Pipeline Consortium terminal, near the Russian Black Sea Port of Novorossiysk, resumed loading crude oil after several days?of weather-related interruptions that also delayed maintenance?work.?Two industry sources said on Tuesday. The poor weather conditions and Ukrainian attacks against infrastructure caused a drop in Kazakhstan's oil production and exports. About 80% of Kazakhstan’s crude oil exports are handled by the CPC Terminal. One of the sources claimed that crude oil loadings began again from the 'one single point docking' (SPM-1), in the afternoon of 5 January. CPC Terminal stopped oil exports due to bad weather on December 29, 2018. The?sources stated that CPC Terminal is now expected to finish maintenance on the third (SPM-3)?mooring by mid-January. This was pushed back from December's end. The maintenance on SPM-3 started in mid-November, but bad weather has caused delays. CPC Terminal didn't immediately respond to our request for comment. Tuesday is a holiday in Russia. SPM-2 is not in operation due to a drone attack by Ukraine on November 29, CPC normally loads from two dockings with the third mooring kept as backup. According to Kpler's data, the tanker Atlantic M loaded about 700 000 barrels of crude from the terminal on January 5. Three traders said this week that the talks on trading CPC Blend crude had stalled due to?the loading delay. CPC will export approximately 1.65 million barrels of this grade per day in January.
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Microsoft modernizes the Midwest power grid with a major US electric grid operator
Microsoft and the U.S. Midwest Grid have teamed up, according to an announcement made on Tuesday. This is just one of many examples of Big 'Tech turning to collaboration in order to ensure that massive amounts of energy needed for artificial intelligence can be available. In the past two years, U.S. tech companies have deepened their ties with the energy sector. They have signed long-term supply agreements and provided AI assistance in order to maximize the supply as the demand for power in the U.S. skyrocketed due to the energy-intensive data centers. Google partnered last year with PJM Interconnection, the largest power grid operator in the United States, to use artificial intelligence to speed up the process for connecting 'new electricity supplies' to the PJM regional grid. Microsoft's latest partnership will see Microsoft technologies deployed on the Midcontinent Independent System Operator (MISO) grid. This grid covers 42 million people in 15 U.S. States and Manitoba, Canada. These technologies will be used to predict and respond to weather-related power disruptions and transmission line planning, as well as accelerate certain operations. Nirav Shah is Vice President and Chief Information and Digital Officer for MISO. He said that such acceleration was critical due to a variety of factors, including electrification, the rise in demand, and the expansion of data centers. "Now is the right time to partner up with organizations that have a shared interest in modernizing grid operations for the future." The statement on Tuesday did not include any financial information. (Reporting and editing by Barbara Lewis in New York, Laila Kearney is reporting from New York)
Kurdish oil smuggling to Iran flourishes
Heading for Turkey to the north and Iran to the east, numerous oil tankers snake every day from near Kurdistan's capital Erbil, clogging the Iraqi region's typically winding and mountainous highways.
The tankers are the most noticeable element of a huge operation to truck oil from the semi-autonomous area of Iraq to Iran and Turkey in murky, off-the-books transactions that have actually grown since an official export pipeline closed last year.
pieced together the information of this thriving trade through conversations with over 20 individuals consisting of Iraqi and Kurdish oil engineers, traders and federal government authorities, politicians, diplomats and oil industry sources.
They painted a picture of a flourishing service in which more than 1,000 tankers bring at least 200,000 barrels of cut-price oil every day to Iran and, to a lower degree, Turkey - generating about $200 million a month.
The scale of the informal exports, which has not previously been reported, is one reason Iraq has actually been unable to stick to output cuts agreed with the OPEC oil cartel this year, Iraqi authorities stated.
Iranian and Turkish officials did not respond to requests for remark.
Iraqi oil ministry spokesperson Assim Jihad said the Kurdistan trade was not approved by the Iraqi federal government and state oil marketer SOMO was the only authorities entity permitted to offer Iraqi crude.
He said the government did not have accurate figures for how much oil was being smuggled into Iran and Turkey.
OPEC now has less perseverance for smuggling and has even been known to slap punitive measures on offending members. I question we'll see any retribution against Baghdad because it's well known that the Kurdish region lies outside central control, said Jim Krane at Rice University's Baker Institute in Houston.
Business might likewise put Kurdistan on a collision course with close ally Washington, as it evaluates whether the trade breaches any U.S. economic sanctions on Iran, according to a. U.S. official.
Up until in 2015, Kurdistan exported the majority of its crude via. the main Iraq-Turkey Pipeline (ITP) ranging from the Iraqi. oil city of Kirkuk to the Turkish port of Ceyhan.
However those exports of about 450,000 barrels per day (bpd). halted in March 2023 when a worldwide tribunal ruled in. favour of the Iraqi federal government's call for the shipments. to stop - leaving the pipeline in legal and monetary limbo.
The federal administration in Baghdad, which has long held. that it is the only celebration authorised to offer Iraqi oil,. effectively argued that Turkey organized the exports with the. Kurdistan local federal government without its authorization, in breach of. a 1973 treaty.
' NO TRACE'
Tankers soon began taking Kurdish oil to neighbouring. countries rather and business accelerated this year after. talk with resume the pipeline stalled, industry sources, oil. authorities and diplomats stated.
Regional officials said none of the proceeds are represented,. or signed up, in the coffers of the Kurdistan Regional. Government (KRG), which has been having a hard time to pay thousands of. public workers.
There is no trace of the oil revenues, said regional. legislator Ali Huma Saleh, who was chair of the oil committee in. Kurdistan's parliament until it was dissolved in 2023. He put. the trade at over 300,000 bpd, greater than the majority of other price quotes.
Hiwa Mohammed, a senior official in the Patriotic Union of. Kurdistan (PUK), one of Kurdistan's 2 judgment parties, said the. oil was going through border crossings with the knowledge of the. local and federal governments.
KRG Treasury authorities did not respond to ask for. comment. The KRG Ministry of Natural Resources, which oversees. oil trading in Kurdistan, does not have a spokesperson.
A U.S. authorities stated Washington was looking at the oil trade. to examine compliance with sanctions on Iran.
The U.S. Treasury Department declined to comment.
A State Department official stated: U.S. sanctions on Iran. stay in location, and we regularly engage with partners on. sanctions enforcement concerns, but we do not detail those. conversations.
A senior authorities at Kurdistan's natural deposits ministry. stated oil production in the region was running at 375,000 bpd, of. which 200,000 was trucked to Iran and Turkey, and the rest. refined locally.
No one knows what occurs to the incomes from the 200,000. smuggled abroad, or the oil derivatives offered to refineries in. the region, stated the authorities, who decreased to be called because. the sensitivity of the matter.
CUT-PRICE CRUDE
The crude is offered by oil companies in Kurdistan to local. purchasers at cut-price rates of $30 to $40 a barrel, or about half. the worldwide rate, which equates to at least $200 million. a month in revenue, industry and political sources said.
Kurdistan's oil production is bulk managed by 8. worldwide oil firms: DNO ASA, Genel Energy. , Gulf Keystone Petroleum, ShaMaran Petroleum. , HKN Energy, WesternZagros, MOL's Kalegran and. Hunt Oil Company.
Hunt Oil, based in the United States, declined to comment. The other seven business did not react to requests for. comment, nor did regional business KAR Group, a significant player in. Kurdistan.
While many oil production halted when the pipeline closed,. some companies including DNO, Keystone and ShaMaran have actually said in. declarations they have actually since begun producing crude for sale to. purchasers within Kurdistan.
ShaMaran stated the average rate of oil it offered in the very first. three months of 2024 was $36.49 per barrel while Keystone said. in June that sales of crude from the Shaikan Field this year. were bringing in about $28 a barrel.
The market sources stated approved local purchasers take the. crude from oil companies and sell it on through middlemen for. export, without the knowledge of the producers.
The large majority of the trucked oil goes to Iran, most of. the market and political sources said, by means of main Iraqi. border crossings consisting of Haji Omaran, or through Penjwen even more. south.
From there, it is packed onto ships at Iranian ports in the. Gulf at Bandar Imam Khomeini and Bandar Abbas - a trade path. utilized in the past for Kurdish oil exports - or moved by. roadway to Afghanistan and Pakistan, industry, political and. diplomatic sources said.
could not determine what Iran, which deals with. difficulties selling its own oil items since of sanctions,. gets out of the trade, nor who is receiving the oil in Iran.
The PUK's Mohammed said it was sent out to Iran to be improved. into gas.
Pakistan's petroleum ministry declined to comment. Afghan. officials did not react to ask for comment.
BLACK-MARKET LABYRINTH
The trade is the current model of a long-standing Iraqi. black-market oil business commonly viewed as benefiting political. elites who are carefully connected to business interests.
Twelve individuals said authorities in Kurdistan's two judgment. celebrations, the Kurdistan Democratic Celebration (KDP) of the Barzani. clan and the PUK of the Talabani clan, were the recipients.
There is a maze of black-market salesmen getting. paid, and individuals authorizing those sales. It's not that they are. just looking the other way. They're taking their share, an. industry source working in the Kurdish oil trade said.
A senior diplomat in Baghdad said political interests were. so vested in the trade that resuming main exports by means of the. pipeline, when seen as a priority, had dropped down the. diplomatic program.
I'm not going to be advocating for this while they're all. having a party, the person stated.
KDP authorities did not react to requests for remark about. the black-market trade. Mohammed, the PUK authorities, did not. comment on who may be behind it.
Kurdish authorities say the area was pushed into the trade. by the pipeline closure, which they view as part of a broader. effort by Iran-backed Shi'ite celebrations in Baghdad to curb the. relative autonomy they have actually delighted in given that the end of the first. Gulf war in 1991.
A senior Iraqi parliamentary authorities familiar with oil. matters stated Baghdad was aware of the details of the business. however was avoiding public criticism as officials look for to fix. outstanding disputes with Erbil.
Putting pressure on Erbil to stop oil smuggling would corner. the region and deprive it of all sources of financing, which could. lead to its collapse, stated the individual, who decreased to be. named due to the sensitivity of the problem.
The trade has actually been cited independently by Iraqi authorities as. lagging Baghdad's failure to stick to its OPEC production. quotas, a bone of contention with OPEC's de facto leader Saudi. Arabia.
Jihad, the oil ministry representative, said Iraq, which has. vowed to downsize output this year to offset the. overproduction, was committed to voluntary production cuts.
For now, the sheer volume of tankers snarling up highways,. and getting associated with accidents, is outraging homeowners along. major roads.
It's very agonizing, said Rashid Dalak, checking out the tomb. of his sibling Rouzkar, who was eliminated in a crash with a tanker. in May on the highway in between Erbil and Sulaimaniya that leads. to the Iranian border.
Despite travelling through and damaging our roadways and killing. our liked ones ... no-one here has actually seen a dollar.
(source: Reuters)