Latest News
-
Unions withdraw their threat to strike New York Rail Agency
The New York Metropolitan Transportation Authority announced on Monday that the unions have backed down from their threat to strike at Long Island Rail Road later this week, which serves more than 300,000 daily passengers. At a press event, a group of unions announced that they had requested President Donald Trump appoint a board to act as a mediator after threatening to strike the commuter railroad in New York. This action does not mean that a strike will never happen. Gil Lang, the general chairman of BLET's LIRR Engineers, said that it is unlikely to happen in the near future. The union leaders stated that the White House Board would be appointed and a 120-day period would begin during which it would make its recommendation. During this time, no work stoppages could take place. The White House can name a second panel with a cooling off period up to May 2026 if no agreement is reached. The LIRR is the largest commuter railway in the United States. Jim Louis, vice president of national affairs for the Brotherhood of Locomotive Engineers and Trainmen, said that the five unions had decided to act like adults and ask President Trump to create a presidential board of emergency. The MTA criticised the unions. If these unions were truly interested in putting riders first, then they would have settled or agreed to binding arbitration. This cynical delaying serves no one. The White House didn't immediately respond to an inquiry for comment. New York Governor Kathy Hochul asked the White House to mediate directly. She said, "There's a fair deal on the table and I've told the MTA that they should be prepared to negotiate anywhere, anytime." Both sides must continue to negotiate and work around the clock to resolve this." (Reporting and editing by Chris Reese, Edmund Klamann, and David Shepardson)
-
Woodside Energy anticipates that demand for LNG will grow by 50% in the next decade
Woodside is bullish about LNG demand, despite TotalEnergies’ market glut warning Louisiana LNG is the largest foreign investment ever made in a state. Starting in 2029, exports will target Europe and Asia. Arathy S. Somasekhar, Curtis Williams HOUSTON, September 15 - Woodside Energy CEO Meg O'Neill announced on Monday that the global demand for LNG will grow by 50% in the next decade. She was speaking at the groundbreaking ceremony of the Australian company's Louisiana export facility. This dispelled concerns about the rapid expansion of U.S. LNG supply. The complex was the largest foreign investment ever made in Louisiana and the first U.S. gas project to receive financial approval after President Donald Trump took office in January. He had promised to unleash U.S. power on the world. The exports will begin in 2029, and they will be aimed at Europe and Asia. The market is already there. However, many nations are unable to take part in the market because of their price-sensitive nature. O'Neill, who spoke at an event in Calcasieu Parish Parish, Louisiana, said that she was "very bullish" on LNG demand over the long-term. O'Neill told reporters that she took the recent comments of TotalEnergies CEO Patrick Pouyanne who warned about a possible market glut as a result of the new capacity being built in the U.S. with "a pinch of salt." Woodside has a large amount of experience in Australia. However, the Louisiana facility marks its first venture into owning and running a U.S. LNG Export facility. The first phase will cost approximately $17.5 billion, and is expected to produce 16,5 million metric tonnes of supercooled gas per year. Louisiana Governor Jeff Landry said that the U.S. Energy Policy was aimed at stabilizing world markets. Markus Hatzelmann was also present and stated that the European nation will receive a significant share of the gas produced by the facility. He said: "It is a tangible expression of the strong energy transatlantic partnership between Germany, the United States and Canada."
-
Sources say that Russia's Primorsk Oil Port partially resumes loading after drone attacks
Two sources familiar with this matter reported that the Baltic Sea port Primorsk - a major outlet of Russian oil exports - partially resumed its operations on Saturday after being disrupted and damaged by Ukrainian drone attacks. The sources stated that Primorsk's capacity to load 1 million barrels per day is likely to be reduced due to damage. The sources added that they expect the loading schedule to be delayed several days. Sources said that only a few vessels loaded oil on the weekend. It was unclear if all berths are operational. Transneft Pipeline Operator, which manages this port, has not responded to our request for comments. According to LSEG, the tankers Kusto, Cai Yun and other vessels that were damaged during the attack of Friday remain at anchor in the vicinity of the port. Jan Harvey (Editing and Reporting)
-
Nigerian conservationists are fighting to protect sea turtles in Nigeria from pollution and poaching
Conservationists fighting to save the turtles say that plastic pollution, fishing nets left behind and coastal development have taken a toll. "We are seeing a dramatic decline," said Chinedu Mogbo. The founder of Greenfingers Wildlife Conservation Initiative has treated and released over 70 turtles in the past five years. Mogbo stated that at least five threatened or endangered sea turtle species live in Nigerian waters. However, the exact number is unknown and monitoring resources are inadequate. Mogbo's team has saved Olive Ridley turtles, Hawksbill turtles and Leatherbacks. Mogbo’s group, which is mostly self-funded and works with local fisherman to save animals, has worked with them since its inception. "Fishers are in need of income." "We offer net repair kit in exchange for turtles or nests that have been rescued," he said at the turtle sanctuary of the group in Lagos, Nigeria's capital. Mogbo, a conservationist, said that the lack of marine protected areas, and the shrinking nesting sites, have made the coast a trap for turtles. He called on state authorities to take more action to protect these animals. The Nigerian environmental agency has not responded to any requests for comments. In Nigeria, the demand for sea turtle meat, eggs, and shells is high, for both consumption and for traditional rituals. "We eat the eggs, and give them sometimes to village elders as voodoo," says Morifat Hassan who sells seafood in the coastal region of Folu near Lagos. Hassan says sea turtles can fetch as much as 90,000 Naira ($60). Rescuers rescued a large green turtle that had been injured by a fishing net in July. He was named Moruf. Mogbo, after negotiating with the fisherman who discovered Moruf was able to deter people from trying to purchase the injured turtle. Mogbo, who was standing on the shore, said, "Normally, a turtle like this would be butchered, or sold. But we intervened, and will make sure it's returned to the sea safely."
-
US natgas at Waha hub, Texas, falls into negative territory
The U.S. Natural Gas Prices for Monday in West Texas' Permian Shale Basin turned negative due to the fall pipeline maintenance. The financial company LSEG reported that the average gas production in the Lower 48 States has fallen to 107.6 bcfd so far in September. This is down from a monthly record of 108.3 bcfd set in August. The Waha Hub spot gas price has been boosted by traders who have noticed that the Permian Basin is flooded with gas due to the maintenance of the pipeline. The price of British thermal units (mmBtu), which was 6 cents on Friday, fell by 2,350% to a 17 week low of minus 1,26 dollars on Monday. This was the sixth time that Waha prices averaged less than zero in 2025. The previous averages were $1.66/mmBtu for 2025, 77c in 2024, and $2.91 in the five years prior (2019-2023). In 2019, the Waha price average was first below zero. This happened 17 times between 2019 and 2020, six times each in 2021, once in 2023, and 49 times on record in 2024. Analysts said that low prices are a sign that the Permian needs more gas pipelines. Some pipes are under construction including Kinder Morgan's Gulf Coast Express, Blackcomb, and Energy Transfer's Hugh Brinson. However, they will not be in service before 2026. The Permian Basin in West Texas, and Eastern New Mexico, is the largest and fastest growing oil producing shale region of the United States. With the oil, a lot of gas is also released. Energy companies are willing to accept some gas losses, even though U.S. Crude Futures have fallen about 12% in 2025. They can still compensate for the oil profits. Some energy companies are planning to cut back on the capital they spend this year on new oil drilling, as oil prices are expected to fall for a third consecutive year in 2025. This could eventually lead to less oil and gas coming out of the Permian. According to the federal outlook, U.S. oil production is expected to hit record levels in 2025, before declining in 2026. Scott DiSavino (Reporting) and David Goodman (Editing)
-
Data shows that a ship carrying Russian oil with Adani banned switches to an Indian port
Ship tracking data revealed that the blacklisted vessel Noble Walker, carrying Russian oil, has changed its course and is now heading to India's Vadinar Port after Adani Group in India banned entry into Mundra port for ships on the sanctions list. According to data and shipping reports from LSEG, the Noble Walker was headed for Mundra until Friday, with about a half-million barrels of Russian crude oil bound for Indian refiner HPCL Mittal Energy Ltd. The European Union and Britain have blacklisted the vessel for violating sanctions by transporting Russian oil. HMEL didn't respond to an email seeking a comment. According to LSEG, Mancera Shipping, which owns Noble Walker has no contact information. Adani has issued an order to bar vessels sanctioned by Britain, the EU and the United States from entering its 14 ports, including Mundra, in western India. The port is used by Indian refiners HMEL, Indian Oil Corp and others to import oil from Russia. After the Western sanctions against Moscow for its invasion of Ukraine in 2022, India is now the largest buyer of Russian oil by sea. India has tightened its surveillance on vessels and transactions that involve Russian supplies. The majority of Russian oil is shipped by the so-called "shadow fleet" after the United States and EU imposed sanctions on vessels, traders, and companies to reduce Moscow's oil revenues, which are its lifeline. Spartan, another sanctioned tanker carrying 1,000,000 barrels of Russian crude oil, was anchored Monday near Mundra port. Kpler data indicated that the vessel was to discharge its crude oil at the port Monday. Reporting by Nidhi verma. Beijing Bureau contributed additional reporting. Editing by Florence Tan, Mark Potter and Mark Potter
-
Alaska Air's third-quarter profits are expected to be at the low end of forecasts on fuel costs
Alaska Air said that it expects to earn a profit at the lower end of its forecast due to high fuel prices and operational challenges. Fuel prices have risen due to refinery shutdowns on the U.S. West Coast. Alaska expects to spend up to $2.55 a gallon, compared to its previous projections of around $2.45. Alaska also highlighted weather and air traffic management issues that are driving costs up, such as compensation for passengers and crew overtime expenses. Storms and an overstretched air traffic control system have led to costly disruptions in the U.S. aviation industry this year. Alaska also suffered a major IT failure in July, which disrupted hundreds and thousands of flights during the busy summer travel season. Later, the airline attributed the outage to an erroneous software update. Alaska expects to achieve its adjusted third-quarter profit per share between $1 and $1.40, which was the previous forecast. However, the airline pointed out that revenue trends were improving due to a strong premium demand as well as a rebound of corporate bookings. It said that unit revenue, which is a key indicator of pricing power was moving toward the upper limit of its previous forecast. (Reporting and editing by Sahal Muhammad in Bengaluru, with Shivansh Tiwary from Bengaluru)
-
US and Europe trade billions of dollars with Russia despite sanctions
U.S. president Donald Trump stated on Saturday that he was willing to impose new energy sanctions against Russia, provided all NATO countries stopped purchasing Russian oil. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. The main commercial ties between the EU and U.S. with Russia and their evolution in the last four-years are listed below: EU TRADE WITH RUSSIA According to Eurostat's latest data, the EU has placed various import and export restrictions upon several products. This resulted in a 61% drop in exports to Russia, and an 89% decline in imports into Russia, between the first and second quarters of 2025. In the second quarter 2025, EU imports from Russia decreased while exports increased. This resulted in a trade surplus of 0.8 billion euro. The EU continues to buy oil, nickel and natural gas from Russia, as well as fertilizer, iron, steel, and iron ore. The EU ban on the maritime import of Russian crude oil has reduced the share of Russia to just 2.01% by 2025, down from 28.74% at the end of 2021. The share of oil imports from Russia dropped from 29% in 2021's first quarter to only 2% in 2025's second quarter. NATURAL GAS The share of Russian natural gas imported by the EU in 2025 dropped from 48 percent in 2021 to 12 percent in 2025's second quarter. Algeria (+2%), the EU's biggest partner, now accounts for 27%, of its natural gas imports. TurkStream, a Turkish-built undersea pipeline that supplies gas to Russia, still reaches some EU countries like Hungary and Bulgaria. As prices rose sharply, the value of EU imports from Russia of liquefied gas increased significantly between the first and second quarters of 2022. The share of LNG imported by the EU from Russia has decreased to just 14%, down from 22% during the first quarter 2021. In the second quarter of 2010, the United States had a share of 54% of the frozen gas that was shipped to Europe. IRON AND STAINLESS STEEL In the second quarter 2025, Russia's share of non-EU imports of iron and steel dropped to 6% from 18% in 2004. FERTILIZERS As of the second quarter 2025, Russia was still the largest fertilizer exporter to the EU of 27 nations, and the share of its market increased from 28% in the previous four years to 34%. The European Parliament voted to impose prohibitive duties on Russian fertilizer exports in May. However, these tariffs will be implemented in phases. It is still too early to determine their impact on the market. U.S. Imports FROM RUSSIA According to data from the U.S. Census Bureau, and U.S. Bureau of Economic Analysis, U.S. imports of Russian goods fell from $14.14 to $2.50 billion during the first half of 2025. Since January 2022 the United States imported $24.51billion of Russian goods. FERTILIZERS In 2017, the U.S. imported approximately $1.27 billion worth of Russian fertilizers. This is up from $1.14 in 2021. URANIUM, PLUTONIUM In 2024, the U.S. will import enriched uranium (plutonium) and uranium from Russia for around $624 millions. This is down from $646 in 2021. PALLADIUM In 2024, Russia will export palladium worth $878 million to the United States. This is down from $1.59 Billion in 2021.
The once-acquisitive Chinese Oil giant is looking to revive global deals
CNPC is Asia's largest oil producer and it has reviewed its global strategy to revitalize dealmaking. It will focus on gas liquefaction, deepsea drilling, as well as improving its track record in producing more from aging fields.
China National Petroleum Corp. (CNPC) & its listed subsidiary PetroChina are facing stagnant oil production at home, a lack of new projects worldwide to boost reserves and a slowing economy and a surge in EV use eroding domestic demand. However, mounting geopolitical obstacles limit their room for manoeuvre.
Lu Ruquan is the director of CNPC’s Economics and Technology Research Institute and is actively involved in discussions about strategy. He said that CNPC could rekindle its investment in large oil and natural gas assets, just as it did 20 years ago when it bought Canada’s PetroKazakhstan for $4 billion and took over Devon Energy’s operations in Indonesia.
The Asian oil giant's new strategy would return it to its more acquisitive 1990s-2000s, when they moved into Sudan and Chad as well as completed the Kazakh and Indonesian agreements.
Lu compared the company's 30 years of overseas investments to a "ship sailing towards midstream" as he explained the need for CNPC embarking on more global acquisitions.
Lu, who was the former head for strategy and development of CNPC International, before moving to ETRI's headquarters, said: "One must paddle harder or else the boat will go backward." This rare insight into the strategic thinking at one of China's largest state-owned enterprises is a fascinating look at how the company thinks.
PetroChina alone holds $37.5 billion cash equivalents by 2023, which is enough to give CNPC the power to impact the oil and gas deal landscape.
Lu said that CNPC could expand its LNG investments in Qatar. This follows the deal last year, which ties a small share in QatarEnergy’s massive gas liquefaction facilities to a multiyear offtake contract.
He said that CNPC would also scout out opportunities on deep-sea acreage in South America adjacent to the fields in Guyana, where China's CNOOC Ltd, part of an Exxon Mobil led consortium, made massive discoveries.
PetroChina is a more productive company than Exxon Mobil, but according to data from the company, its output share from global operations has shrunk to 11% in 2018 from nearly 14% a year earlier. Chinese companies have limited their global acquisitions since the 2014/15 oil prices collapse.
Lu warned that due to the sanctions restrictions in hydrocarbon-rich countries such as Venezuela and Iran, it is more practical to extend existing contracts, such as those with Kazakhstan and Indonesia which are about expire.
PetroChina's greatest strength is the ability to extract oil from aging fields, said he. This capability was developed over many decades in the Daqing field of northeast China.
Wood Mackenzie analysts predict that national oil companies will resume international acquisitions after a two-decade low last year as the industry refocuses its attention on oil and natural gas in response to a slowdown of energy transition activities.
Woodmac stated that "International business development is a top priority for China's biggest NOCs. However, they have taken a cautious approach in recent years to deal-making."
Lu said that CNPC is likely to face the greatest geopolitical challenges since its first overseas venture in 1993.
Chinese firms have not made new investments in Russia, as many global companies left the country after Russia's conflict with Ukraine. China is still one of Russia’s largest oil customers and its natural gas market is growing rapidly.
The strained relations with the United States has hindered business opportunities in this country, where 250 billion dollars worth of deals were made last year during industry consolidation.
CNPC, PetroChina and other Chinese companies do not have any assets in the United States. PetroChina was delisted by the New York Stock Exchange due to auditing concerns.
Lu warned that alliances combining CNPC’s engineering and construction expertise with the commercial and legal knowledge of oil majors, like Kashagan, Kazakhstan, with Chevron have limitations as a model.
As a small-scale investor, it's difficult to protect your interests and gain access to sufficient operational information. He said that we would need to have strong commercial and legal abilities, which are our weakest links.
(source: Reuters)