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Airbus predicts Middle East regional aircraft will more than double in 2044
Airbus' regional aircraft fleet in the Middle East is expected to double by 2044 to 3,700 planes, a senior official revealed on Sunday. Airbus's Head of Marketing for Africa and the Middle East, Grainne Van den Berg, told a recent press conference that the European planemaker anticipates Middle East passenger traffic to grow at a rate of 4,4% per year over the next 20 years. Van den Berg said that Airbus expects services in the region will double by 2044 to $29.9 billion. The forecast was made ahead of the Dubai Airshow - the Middle East's largest aviation event, which takes place from November 17-21. Airbus, one of the competing planemakers in the race to win orders from Boeing, believes that widebody aircraft will account for 42% (the highest percentage globally) of the total demand by 2044. Gabriel Semelas, Airbus' President for Africa and Middle East, said that the Middle East was a major force in global aviation. The forecast fleet expansion, especially when it comes widebody aircraft, is significant. Semelas said, "This region will become the hub for long-haul travel in the future." Reporting by Federico Maccioni in Dubai and Ahmed Elimam, writing by Menna al-Din in Cairo and editing by Andrew Heavens and Alexander Smith.
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Boeing aims to stabilize the industry before increasing production
Boeing's top executive in jet manufacturing said that the company aims to stabilize aircraft production levels at present before moving on to new industrial milestones, while implementing safety and quality improvements. Boeing Commercial Airplanes' CEO Stephanie Pope said it was still too early to predict when Boeing will increase 737 jet production to 47 per month. The regulators had recently cleared Boeing to achieve 42 per month following the lifting of temporary output limits. Pope told a press conference ahead of the Dubai Airshow that "getting it right at (the correct) pace is more important than speeding up." PRODUCTION MILESTONES Boeing received approval last month to increase 737 production to 42 planes per month. This is a reduction of the 38-plane limit in place following a mid-air explosion in 2024 caused by missing bolts on a door plug. This incident exposed Boeing's widespread safety and product quality failures. The U.S. aircraft manufacturer is producing 42 jets per month, and is close to reaching 8 a monthly production rate for the 787 model. Pope stated that his initial focus was to stabilize at these two rates. This would include meeting six targets set with the Federal Aviation Administration. These included keeping track of supplier shortages and work out-of sequence. Pope stated that the trend of such industrial errors is declining. Pope replied that he could not define when the milestones of 10 per month for the 787 and 47 a monthly for the 737 would be achieved. "We'll increase the rate when the system allows it." NEW 'NORTH LINE' AT EVERETT FACTORY Boeing, after decades of producing the 737s in its Renton plant, south of Seattle is now setting up a "North line" at its vast wide-body Everett facility, north of Seattle to increase production of the narrow body jet. Pope said that this will not be necessary until Boeing takes its next step to pre-Covid levels, which are 52 per month. Pope responded that "my near-term goal is to focus on one rate reduction at a time." She added that the extra capacity was part of a plan to "meet the demand and market for our products in the long-term". Boeing is far behind Airbus in terms of industrial performance, largely due to the success of Airbus' A321neo. It also has a number of safety and production mishaps with its 737-series that produce most of the cash for the company. Airbus produces 63 A320neo jets per month, and plans to increase that number to 75 in 2027. However, some suppliers doubt whether this goal is realistic. Analysts believe that the production plans for both companies are crucial as Boeing attempts to repair its finances, and Airbus tries to build up an arsenal for the next-generation of aircraft. (Reporting and editing by David Goodman, Alex Richardson and Tim Hepher)
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Sources and LSEG data show that oil loadings have resumed at Russia's Novorossiysk Port
Two industry sources and LSEG data show that the Russian port of Novorossiysk resumed oil loadings Sunday, after a suspension lasting two days due to a Ukrainian drone and missile attack. Novorossiysk temporarily halted oil exports on Friday, equating to 2.2 millions barrels of oil per day or 2% global supply. According to two anonymous industry sources, loadings have resumed. According to LSEG, two tankers - the Suezmax and Aframax classes Rodos - are loading oil on the port's berths. Two oil berths were damaged by a Ukrainian drone at the Russian Black Sea port Novorossiysk on Friday, which forced it to suspend operations. The Ukrainian attack on Novorossiysk was the most damaging attack against Russia's main Black Sea oil export infrastructure. Guy Faulconbridge, Editor and Reporter (Reporting)
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Boeing announces imminent partnership with T-7 Trainer Export Bid
Boeing executives announced on Sunday that they are close to announcing an agreement to bid for a sales opportunity in international markets for the T-7 trainer. They highlighted the fast-growing need for light military training aircraft. In July, it was reported that Boeing and Sweden’s Saab had been in discussions with Britain’s BAE Systems about a possible future replacement for the UK’s Hawk trainer. Boeing and Saab jointly developed the T-7 Advanced Trainer for the U.S. Air Force. Meanwhile, Britain plans to replace the Hawk fleet that is out of production, a part of which can be instantly recognised through the Red Arrows team. Steve Parker, Boeing's Defense, Space & Security CEO, responded "Watch this space" when asked at a briefing before the Dubai Airshow if the partnership would meet Britain's needs for trainers. He declined to give any further details. Boeing officials stated that the announcement of the planned cooperation would be made within a week. They also said that the overall demand for trainers was spread across major markets, including Europe and Asia. A British defence strategy review in June recommended replacing BAE Hawk, and the UK government welcomed any interest from UK suppliers. BAE said that it had not yet decided whether or not to develop a replacement for the Hawk, which was discontinued in 2000. (Reporting and editing by Alexander Smith; Tim Hepher)
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Ashfall from Japan's Sakurajima volcanic eruption cancels flights
On Sunday, a volcano on Japan's western island of Kyushu erupted several times. A plume of smoke ad ash reached as high as 2.73 miles (4.4 km) in the air. This caused dozens of flights to be cancelled. Japanese Meteorological Agency said that the volcano, called Sakurajima, located near Kagoshima on the southern tip Kyushu, erupted around 1 a.m. (1600 GMT Saturday), according to the agency. Two more eruptions occurred at around 2:30 and 8:50 in the morning. Kyodo News Agency reported that this is the first time in nearly 13 months that an eruption has reached a height of 4 km or more. The local media reported that 30 flights into and out of Kagoshima Airport have been cancelled due to ashfall or other reasons. The JMA reported that volcanic ash had drifted to the northeast after the latest eruption. It said it expects ash to fall on Kagoshima and nearby Miyazaki Prefecture Sunday. Sakurajima, one of Japan's active volcanoes, is prone to eruptions. In 2019, it released ash up to a height of 5.5 km (3.44 miles). (Reporting and editing by Kate Mayberry; Satoshi Sugyama)
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Petroperu, the Peruvian oil company, changes its board and appoints a new chairman
Petroperu, the state-owned oil company in Peru, announced on Saturday that it had appointed four new members to its board, including a chairman, following the resignation of four previous members. Key Context Four members of the board resigned immediately on November 15: Fidel Augusto Moreno Rodriguez as Chairman, David Quispe Figueroa as Vice-Chairman, Jose Luis Carlos Balta Chirinos, and Cesar Rod Villanueva. Luis Alberto Canales Galvez was named as the new chairman of the company. * Three additional directors have been appointed: Elba Rojas Alvarez De Mares, Jesus Valentin Ramirez Gutierrez, and Oscar Gerio Zapata Alcazar. * The changes have been made in accordance with Law 32103, and Emergency Decree No. 004-2024 which allow the immediate recomposition of Petroperu's board and waive the standard selection procedure. * At a future shareholder meeting, shareholders will decide if new board members are "independent directors." (Reporting and writing by Marco Aquino, Editing by Christian Schmollinger; Daina Beth Sooland; Daina Beth Solomon)
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Iran confirms the seizure of a tanker carrying petrochemical cargo on the Gulf
Iran's state media confirmed that the Revolutionary Guards seized on Saturday a tanker in Gulf water carrying a cargo petrochemicals bound to Singapore due to alleged violations. An official from the United States and sources in maritime security said that Iranian forces had intercepted and diverted the oil tanker into Iranian territorial water on Friday. This was the first time that a tanker had been seized by Tehran since Israeli-U.S. airstrikes on Iran in June. The Iranian state television broadcast a statement by the Islamic Revolutionary Guard Corps, stating that 'the tanker violated for carrying unauthorized goods. The statement did not give any further details about the alleged violations. According to maritime sources, the Talara tanker was sailing near the coast of the United Arab Emirates and carrying a cargo containing high-sulfur gasoil from Sharjah, in the UAE, through the Indian Ocean on its way to Singapore. Columbia Shipmanagement, the vessel's manager, said that it lost contact with Talara on Friday morning at around 20 nautical mile off the coast Khor Fakkan in the UAE. The company said it was working with all relevant parties to restore contact, including maritime agencies and the vessel owner. The ship's owner is Cyprus-based Pasha Finance. The U.S. Military said in a statement that it was aware of this incident and actively monitoring the situation. In recent years, the IRGC of Iran has repeatedly seized commercial ships in Gulf waters, citing maritime infractions such as alleged smuggling or technical infractions, or legal disputes. The U.S. official who spoke on condition of anonymity said that the incident was surprising, since Iran hadn't carried out such operations in the recent months.
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Italy's Snam cancels German gas contract amid Berlin's concerns about China
Snam, the Italian gas grid operator, announced on Friday that it had scrapped its plans to buy a minority stake of Germany's biggest independent gas transmission company. The German Economy Ministry has resisted. Berlin's concern over the 920 million-euro ($1.1billion) transaction is due to the fact that China's State Grid is an indirect shareholder in Snam. This was reported earlier today, citing sources who are familiar with the issue. The Italian group has signed an agreement in April to purchase a 24.99% share in Open Grid Europe Infinity Investments in Abu Dhabi has acquired the owner of's (OGE), Vier Gas Holding, with the aim to enter Germany's gas market, which is the largest in Europe. Snam, in a press release, said that the German authorities had terminated the agreement after an extensive review of foreign direct investments. They also stated that Snam's proposed solutions to obtain regulatory clearance were deemed inadequate. The company said that this development would not affect its financial forecast for 2025. Since the agreement, Germany's Economy Ministry has been reviewing the contract. The German government's resistance is a reflection of the European governments' tougher stance on Chinese investment in Europe because of security concerns. Agostino Scrnajenchi, CEO of Snam, had previously indicated that the company would not pursue an acquisition "come Hell or High Water" during the lengthy approval process. Germany has blocked China's State Grid from buying a stake in 50Hertz, a power grid operator in 2018.
After Ukrainian attack, oil loadings resume at Russia's Novorossiysk Port
Two industry sources and LSEG data show that the Russian port of Novorossiysk resumed oil loadings Sunday, after a suspension lasting two days due to a Ukrainian drone and missile attack.
Novorossiysk suspended oil exports on Friday, a move that equates to 2.2 millions barrels of oil per day or 2% global supply. Oil prices rose by over 2% globally on the back of supply concerns following the attack.
According to two anonymous industry sources, loadings have resumed.
According to LSEG, two tankers - the Suezmax Arlan and Aframax Rodos - are loading oil on the port's berths. Two oil berths were damaged by the Ukrainian attack in Novorossiysk.
The Ukrainian attack on Novorossiysk was the most destructive attack against Russia's major Black Sea crude export infrastructure.
A long shutdown could have led to the costly closure of oil wells located in West Siberia. This would have reduced the amount sent by Russia, the second largest oil exporter on the planet, to the international markets.
After months of Ukrainian drone strikes on Russian refineries and oil depots, the attack on Novorossiysk was a response to those attacks. Reports on Thursday showed that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year.
According to industry sources, the total amount of crude oil shipped through Novorossiysk’s Sheskharis Terminal in October was 3.22 million tons, or 761,000 barges per day. Sources said that 1.794 millions tonnes of oil products have been exported through Novorossiysk during October. Reporting by Guy Faulconbridge; Editing by Christina Fincher and Guy Faulconbridge
(source: Reuters)