Latest News
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Trump names board to mediate New York rail dispute
On Tuesday, President Donald Trump signed an executive directive to create an emergency board that will conduct mediation in order to prevent a strike at the Long Island Rail Road. The rail road serves more than 300,000 passengers each day. Five unions claimed to have asked Trump for intervention on Monday. The unions threatened to strike the New York commuter railroad this week. A spokesperson for the White House said that Trump had acted on the unions' requests "to bring both parties back to the negotiation table and prevent an strike which could have crippled New York City and disrupted upcoming Ryder Cup in Long Island." 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 White House stated that the National Mediation Board, which consists of two Democrats and one Republican, voted in August to release MTA and LIRR workers unions from negotiation. This opened the door for a possible strike. 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 LIRR is the largest commuter rail system in the U.S. The New York Metropolitan Transportation Authority (MTA) criticized unions on Monday. If these unions really wanted to protect riders, they would settle or agree to binding arbitral... This cynical delaying serves no one." New York Governor Kathy Hochul says both sides need to resume talks. She said, "There's a fair deal on the table and I have instructed the MTA that they are ready to negotiate anywhere, anytime." Both sides must continue to negotiate and work around the clock until it is resolved. (Reporting and editing by David Shepardson)
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Drone attacks on Russia could lead to a reduction in oil production, as Russia's output is expected to remain stable.
Industry sources say that the differential between Urals crude and Brent crude dated Tuesday remained unchanged, but Russia is on its way to cutting oil production due to drone strikes. Transneft, the monopoly Russian oil pipeline company, has warned that oil producers may be forced to reduce oil production following Ukraine's drone strikes on key export ports and refineries. Oil prices rose by over $1 a barrel Tuesday as traders assessed the risk that Russian oil supplies could be disrupted if Ukrainian drones attack its ports and refineries. They also awaited Federal Reserve's interest rate decision. PLATTS WINDOW On Tuesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. Ship tracking data from LSEG/Kpler revealed that the sanctioned tanker Spartan discharged Russian crude at India's Mundra Port despite a restriction by Adani Group to the entry of ships on the blacklist at the terminal. Data released on Tuesday showed that Kazakhstan's condensate production rose 13.6% from January to August 2025. Richard Chang (Reporting)
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United Airlines CEO rejects bid for Spirit Airlines
Scott Kirby, CEO of United Airlines, said that his company will not bid on the assets of bankrupt Spirit Airlines if those assets become available. Spirit Airlines filed for bankruptcy last month, for the second consecutive year. A previous restructuring failed to improve its financial standing. Discount carrier will be restructuring its fleet and network, which could lead to a number of assets being offered for sale by competitors. Kirby said that Spirit's aircraft, slots, and routes just "don't work" with the Chicago-based carrier. United Airlines would be "unpractical" if it took two to three year to reconfigure Spirit's fleet. He added that there were not enough gates in key Spirit markets, such as Fort Lauderdale, Florida. Kirby stated in an interview that "it's not our wheelhouse." "We're not going try to do this." Reporting by Doyinsola Oladipo, writing by Rajesh Kumar Singh and editing by Chizu Nomiyama.
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India's Dreamfolks stop domestic airport lounge service
Dreamfolks Services announced on Tuesday that it has discontinued its airport lounge service in India. However, the company's other domestic services, as well as global lounge business, will continue to operate as normal. The company did not provide any further details, but said that the move would have an impact. Dreamfolks began to face challenges when airport operators decided to directly offer lounge access. In August, three of the company's customers -- Encalm Hospitality Adani Digital, and Semolina Kitchens - had been notified that they were going to be unable to continue their business. They would terminate their contracts It is also expanding its focus on the global lounge business. Dreamfolks announced earlier in July that it would be discontinuing some programs for Axis Bank clients and ICICI Bank customers. Dreamfolks said on Tuesday that its contracts with customers are active, and that there are ongoing discussions to explore alternatives services for clients. In 2025, its shares will be down by 65%.
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The U.S. restores Hungary to full status under the visa waiver program
Trump's administration announced on Tuesday that the United States had fully restored Hungary’s status as a visa-free country after the Hungarian Government took steps to address its security vulnerabilities. This decision is one the first tangible evidences of improved relations between President Donald Trump and the Hungarian government. Hungarian Prime Minster Viktor Orban is a long-time Trump ally. Visa Waiver Program allows citizens of about 40 countries to visit the United States without a Visa for a stay up to 90 Days. In 2021, U.S. Homeland Security Department revoked all electronic approvals already issued to Hungarian passport holders who were born outside Hungary, and continued to reject new applications from Hungarian applicants. The Biden Administration reduced, in August 2023 the validity period of Hungarian travellers from two to one year. They also limited electronic approvals to only one use. The restrictions placed by the previous administration on Tuesday have been lifted, DHS stated. "Now that Hungary has taken the actions requested by the U.S. Government to address security weaknesses, the restrictions imposed from the previous administration are no longer in place," DHS added. Orban and Trump may have a good personal relationship, but the relations between their countries are not free of friction. Orban's country, which is a member of the European Union, had hoped to have a broad-ranging Economic agreement It has yet to materialize. The U.S. On July 27, a framework agreement that imposed a 15 percent import tariff on the majority of EU goods was signed, averting an even bigger trade war. The deal was not without its flaws. Hungary, because its auto exports had previously been subject to a 2.5% tariff. Hungary is also heavily dependent on Russian crude and gas supplies. Trump's policies are not helping. Pressuring The EU should accelerate its efforts to stop all energy imports coming from Russia. Orban's antiimmigration policy has also earned the admiration of MAGA circles within the United States. Orban welcomed Trump's earlier decision to close USAID, which is the U.S. main foreign aid agency.
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Sources say that the Permian pipelines of Plains All American in Texas are facing quality problems.
Plains All American crude oil pipelines connecting the Permian basin to Corpus Christi's export hub, Texas, are experiencing quality problems due to high levels of mercaptans or naturally occurring sulfur compounds. This is according to sources who have been familiar with this matter, and an official notice. Plains, which has pipelines along the Gulf Coast, will begin charging a fee of a half dollar per barrel that does not meet the mercaptan specification. This is according to an notice sent to shippers and two sources. Sources requested anonymity in order to discuss confidential data. Plains didn't immediately respond to our request for comment. One source said that the quality issues may force Gulf Coast refiners to look for alternatives, particularly those in South Texas' Corpus Christi area, in order to obtain Midland crude oil from the Permian, which is delivered via the affected Plains pipelines. Plains is still trying identify the source of the contamination. It is therefore too early to say if this will have an impact on U.S. crude oil exports. According to the port website, Corpus Christi exports over 2 million barrels per day of crude oil. Plains has interests in several long-haul oil pipelines, which move roughly 2.1 million barrels per day (bpd) of crude out of the Permian basin to Corpus Christi, and then to Cushing, Oklahoma, the storage hub. Shariq Khan and Nicole Jao reported; Emelia Sithole Matarise, Liz Hampton, and Franklin Paul edited.
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Oil prices increase as the market considers Russia's supply risk and US rate decision
Oil prices rose Tuesday, as markets considered a possible disruption in supplies from Russia as a result of Ukrainian drone attacks against its ports and refineries. They also weighed the possibility of a U.S. interest rate cut. Brent crude futures rose 53 cents or 0.8% to $67.97 per barrel at 1221 GMT. U.S. West Texas Intermediate Crude was $63.93, an increase of 63 cents or 1%. Brent crude settled at $67.44 on Monday, up 45 cents, and WTI closed 61 cents higher, at $63.30. Three industry sources reported on Tuesday that the Russian oil pipeline monopoly Transneft warned its producers they might have to reduce production following Ukraine's drone strikes on key export ports and refineries. Ukraine intensified its attacks on Russia's infrastructure to undermine Moscow's military capabilities as the talks to end the conflict have stagnated. Analysts at JP Morgan said that an attack on a terminal such as Primorsk would have a greater impact on Russia's ability sell oil overseas, and thus affect export markets. They said that "More important, the attack indicates a growing willingness of international oil markets to be disrupted, which could add upward pressure on oil price." Goldman Sachs estimates the Ukrainian attacks has taken out approximately 300,000 barrels of Russian refining capability per day in August and this month. The bank stated that "while the uncertainty surrounding secondary tariffs and other sanctions remains high, it is only reasonable to assume a modestly lower Russian output as Asian buyers continue signaling their willingness to import Russian oil." U.S. Treasury secretary Scott Bessent said on Monday that the government will not impose any additional tariffs on Chinese products to encourage China's halting of purchases of Russian crude oil, unless European countries impose their own duties on China and India, which are the largest buyers of Russian crude. Investors are also watching the U.S. Federal Reserve meeting on September 16-17, where the bank is expected to reduce interest rates. Analysts were cautious about the state of the U.S. overall economy, despite the fact that lower borrowing costs usually boost fuel demand. The markets also factored in the possibility of a decline in crude inventories in the U.S. during the last week. Official data is expected to be released on Wednesday, 1430 GMT. In a note to clients, Macquarie Group's energy strategist Walt Chancellor said that U.S. crude stocks likely dropped by 6.4 million barrels in the week ending September 12 after a build of 3.9 million a week before. According to a poll conducted on Monday, analysts predicted that U.S. crude and gasoline inventories would have decreased last week while distillate stocks were likely to rise. (Anjana Anil contributed additional reporting from Bengaluru, and Trixie Yap contributed editing in Singapore. Alex Richardson and Joe Bavier edited the article.
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Sources say that Russia is close to reducing oil production due to drone attacks
Three industry sources reported on Tuesday that the Russian oil pipeline monopoly Transneft warned its producers that they might have to reduce production following Ukraine's drone strikes on key export ports and refineries. Since August, Kyiv has intensified its attacks on Russian energy assets in an effort to hinder Moscow's war efforts in Ukraine and to reduce the Kremlin revenues. This is because attempts to end the conflict by means of peace talks have failed. Over the last decade, oil and gas revenues accounted for a third to half of the total budget revenue of the Russian federal government. This makes the sector the most important source for financing the government. Ukrainian officials and Russian sources claim that drones from Ukraine have damaged Russia's two most important Baltic Sea ports, Ust-Luga & Primorsk. This has reduced Russia's refinery capacity by nearly a fifth. The Russian authorities have not commented publicly on the extent of damage or the impact on production or exports. Two industry sources from Russian oil companies said that Transneft has recently restricted the ability of oil firms to store oil on its pipeline system. Transneft warned that it might have to accept less crude if its infrastructure suffers more damage, according to the two sources. Two sources familiar with oil pumping operations and a third who is also aware of the attacks said that they could eventually force Russia to cut its output. Russia accounts for 9% global oil production. Three sources requested anonymity due to the sensitive nature of the subject. Transneft has not responded to requests for comment. What are the fastest working sanctions for drone strikes? The West has been imposing successive waves of sanctions against Russia for its invasion of Ukraine. They have focused heavily on the oil and gas industry. Moscow has rerouted most of its oil exports into Asia, where India & China are the main buyers. The first time that the war started in 2022, Ukrainian drones struck Russia's largest oil port, Primorsk, forcing the temporary shutdown of operations. Primorsk can export up to 1 million barrels per day of oil, which is more than 10% the total Russian oil production. The Ukrainian president Volodymyr Zelenskiy stated that the strikes caused significant damage, and called the attacks on Russian oil pipelines "the sanctions which work the fastest". Could not verify the extent to which the strikes caused damage. Russia, unlike the leading OPEC producer Saudi Arabia does not have a significant capacity to store oil. Primorsk resumed partial operations on Saturday. However, it is unclear how long the repairs will take. According to industry sources, Russian oil exports have already been affected by another drone attack on the Ust-Luga Oil Terminal in the Baltic Sea that occurred in August. Since April, the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia – a group that is known as OPEC+ – have increased production after years of cutting back to support the oil market. According to the latest OPEC+ deal, Russia's oil output quota will rise to 9,449 million barrels of oil per day in September from 9,344 million bpd last month. J.P. Morgan, a U.S.-based bank, said that limited storage capacity was threatening Russia's ability for it to increase oil production. Goldman Sachs said that refinery outages will have a negative impact on production because of the congestion in crude storage caused by lower refinery runs. Both banks stated that production would only decline modestly, as Asian buyers were still interested in Russian crude. (Reporting and Editing by Joe Bavier).
Administrator says construction of the LPG pipeline under the Panama Canal could begin in 2027.
The Panama Canal's head said that construction of a pipeline for moving liquefied gas (LPG), across Panama, could begin in 2027.
The Canal Chief Ricaurte Vasquez stated that initial bidder interest could be received as early as the first quarter next year. The process will continue until 2026.
He said that the canal was looking at the pipeline for moving U.S. LPG bound to Asia from one end of the canal the other.
Vasquez estimated that the total investment for completing a "corridor" of energy, which would include pipeline segments for moving different types gas, ranges between $4 billion to $8 billion.
After the expansion of its territory in a
Supreme Court ruling
The waterway offers different projects to companies so that it can provide more services to its clients.
Vasquez's presentation showed that the pipeline would, once operational, represent a boost to Panama's GDP of 3.6%. (Reporting and writing by Elida Moreno; Editing and proofreading by Marguerita Chy)
(source: Reuters)