Latest News
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Trump: US will block the Strait of Hormuz as soon as possible
Donald Trump said on Sunday that the U.S. Navy will 'immediately begin blockading?the?Strait of Hormuz?and interdict any vessel in international waterways which has paid a toll for Iran. Trump's remarks were made in a Truth Social post, hours after U.S.-.Iran talks ended without a deal. Trump said that the meeting went "well," adding that the two sides were not in agreement on Iran's nuclear program. "Effectively immediately, the United States Navy will begin the BLOCKADING of any and all ships trying to enter or leave the 'Strait of Hormuz,'" said Trump. He is opposed to the idea of Iran charging a toll for ships to pass through the strait. "I also ordered our Navy to search for and intercept any vessel in international waters that has paid tolls to 'Iran. He said that anyone who pays an illegal toll on the high seas will not be allowed safe passage.
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China offers incentives for Taiwan after opposition leader's visit
China announced 10 new incentives for Taiwan on Sunday, including easing tourist restrictions, allowing "healthy" TV dramas and facilitating the sale of food, after a visit from the island's opposition leader. Cheng Li-wun (chairwoman of Taiwan's largest political opposition party, the Kuomintang) made this decision at the end of a visit to China. She spoke with Chinese President Xi Jinping about the importance of peace and reconciliation. The official Xinhua News Agency announced 10 measures that "explore" a number of issues, including the resumption of flights between China and Taiwan, and the permission to individuals from Shanghai or Fujian Province to visit Taiwan. Xinhua reported that a mechanism would be created to reduce the inspection standards of food and fishery items, but it must be based on a political platform "opposing Taiwan's independence". Taiwanese TV dramas, documentaries, and animations will be allowed to air, as long as "they have a correct orientation, healthy contents, and high-quality production," the statement added. Taiwan's Mainland Affairs Council (which is responsible for the island's China Policy) said in a recent statement that Beijing's "unilateral" concessions are merely poison pills disguised as "generous gifts packages." It said that the Taiwanese Government supports healthy and orderly exchanges across the Strait, but these should not be dependent on political objectives or preconditions. The?KMT issued a statement in which it welcomed China's declaration, calling it a "gift" for the people of Taiwan. China has refused to speak with Taiwan President Lai Ching Te, claiming that he is a separatist. He rejects Beijing’s claims of sovereignty over the democratically-governed island. China and Taiwan blame each other for the lack of Chinese tourism on the island following the COVID-19 pandemic. Taiwan has also complained before about Chinese restrictions on the import of certain agricultural and aquatic products. Taiwan claims that China uses unjustified excuses in some cases to prevent the spread of pests.
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Saudi Arabia restores capacity to the East-West oil pipeline at 7 million barrels per day after the attacks
Saudi Arabia said that it had restored the full capacity of the East-West oil pipeline to about seven million barrels per day. This was after assessing the damage caused by the attacks on the energy sector during the Iran conflict. According to the ministry, the energy facilities and pipelines that were damaged during the conflict are now operational again. Saudi Arabia did not say who was behind the attack, but it has intercepted Iranian missiles and drones many times in recent weeks. The strikes also disrupted key oil, gas and refining sites, as well as petrochemical, electricity and petrochemical sites, in Riyadh and the Eastern Province. RESTORE OUTPUT TO CONTINUE SUPPLY Saudi Arabia said that the attacks on Thursday had reduced its oil production by approximately 600,000 barrels a day, and its East-West Pipeline throughput by about 700,000. Saudi Arabia has only one crude export route, the East-West Pipeline, due to the closure of Strait of Hormuz. Reports on Wednesday claimed that Iran had attacked the 'pipeline just hours following the ceasefire. The ministry said it had'recovered affected volumes' from the Manifa field, where production had been reduced previously by approximately?300,000. The ministry said that work was underway to restore the full output at the Khurais plant after attacks on it reduced Saudi Arabia's capacity by a further?300,000 bpd. The company said that a quick recovery would improve the "reliability and consistency of supplies for local and global markets." Reporting by Menna Alaa Al-Din, Muhammad Al Gebaly and Bernadette B. Baum
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China offers incentives for Taiwan after opposition leader's visit
China announced 10 new incentives measures for Taiwan on Sunday, including relaxing tourist restrictions, allowing "healthy" TV dramas and facilitating the sale of food. This follows a visit by Taiwan's opposition leader. Cheng Li-wun (chairwoman of Taiwan's biggest opposition party, the Kuomintang KMT) made the decision at the end of a visit to China. She spoke with Chinese President Xi Jinping about the importance of peace and reconciliation. The 10'measures', announced by the official Xinhua News Agency, "explore" establishing a'regular communication system between the KMT, and China’s Communist Party. They also include the full resumption of flights between both sides, and allowing individuals from Shanghai, and Fujian Province, to visit Taiwan. Xinhua reported that a mechanism would be created to reduce the?inspection standard for food and _fishery products. However, this must be based on the political basis of "opposing Taiwan's independence". Taiwanese dramas, documentaries, and animations will be permitted to be shown, as long as they are "correctly oriented, have healthy content, and are of high production quality," it added. Taiwan's government did not immediately respond. China has refused to speak to Taiwan's President Lai Ching-te because it believes he is "separatist." He rejects Beijing’s claims of sovereignty over the democratically-governed island. China and Taiwan blamed eachother for the failure of a large-scale Chinese tourism on the island after the end of the COVID-19 epidemic. Taiwan complained before about Chinese restrictions?on the imports of certain agricultural and aquatic products. It claimed that China had in some cases used unjustified reasons to stop the spreading of pests and disease.
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Israel reprimands Spain for blowing up an effigy of Netanyahu
Israel announced on Saturday that it had reprimanded Spain’s most senior diplomat in Tel Aviv for the explosion of a giant effigy?of Prime Minister Benjamin Netanyahu this week in a Spanish town. Maria Dolores Narvaez, the mayor of El Burgo in southern Spain, told local TV that the seven-metre-high (23-foot-high)?figure had been packed with?14 kg (31 lb) gunpowder during a ceremony held for decades on April 5. Israel's Foreign Ministry stated in a press release on X that highlighted a video, "The appalling hatred of Jews on display is the direct result from Spanish Prime Minister Pedro Sanchez's Government's systematic incitement." I was not able to confirm the video immediately. "The Spanish government is committed to combating antisemitism, hate and discrimination in any form. We reject any 'insidious allegations' that suggest the opposite, a Spanish Foreign Ministry?source said. El Burgo Mayor Narvaez stated that the town had previously used effigies for U.S. president Donald Trump and Russian president Vladimir Putin at the annual event. Spain has always been a vocal critic of U.S. military operations in Iran and Lebanon. This is despite U.S. warnings to punish non-cooperative NATO members. Spain and Israel have been involved in a long-running dispute that began with the Gaza War. Gideon Sa'ar, Israeli Foreign Minister said that a Spanish ban on aircraft or ships transporting weapons to Israel through its?ports and?airspace was antisemitic. Spanish Foreign Minister Jose Manuel Albares has accused Israel of breaking international law and the two-week truce after a wave of airstrikes across Lebanon this week. Netanyahu claimed on Wednesday that Lebanon is not a part of the ceasefire, and Israel's military continues to attack Hezbollah with force. Sanchez, who is a prominent opponent of the Iran War, has shut down Spanish airspace for any aircraft that may be involved in an encounter he describes as reckless and illegal. (Reporting and editing by Alexander Smith; Reporting by Graham Keeley)
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The pilots' union has called for strikes on April 13 and 14.
?Union VC called on 'pilots 'at Lufthansa on a saturday to strike for two days starting on Monday over a pension dispute, saying the company has failed to make an acceptable offer. The union has asked pilots at Lufthansa CityLine, Lufthansa CityCargo, and Lufthansa Cargo to strike between April 13, 0001 CET (2221 GMT) and April 14, 2359 GMT (2159 GMT), the union stated. The ban excludes flights to the following Middle East countries: Azerbaijan (Azerbaijan), Egypt (Bahrain), Iraq, Israel (Israel), Jordan (Jordan), Kuwait, Lebanon, Oman and Saudi Arabia. The union has also asked pilots at Lufthansa's subsidiary Eurowings to go on strike from 0001 to 2359 CET on the 13th of April. The Cockpit 'union felt compelled to make this move after the employers showed no real willingness -to reach a resolution in several collective bargaining Disputes, said VC President Andreas Pinheiro. "Despite our deliberate choice not to strike over Easter holidays, no serious offer has been made." Lufthansa stated in a press release that VC's announcement was a "completely a new escalation" and questioned the union's demands to "double a company pension plan which is already excellent and above average". Reporting by Christoph Steitz, Ilona Knowebach. Jane Merriman edited the article.
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India increases export duties on aviation turbine fuel, diesel
India has raised its windfall 'tax' on the export of diesel and aviation turbine fuel, which it had imposed last week to ensure an adequate supply at home. India's Finance Ministry increased taxes on diesel exports to 55.5 rupees/litre from just 21.5 rupees/litre. The tax on aviation turbine fuel exports was also raised from 29.5 rupees/litre to 42 rupees/litre. India cut the excise tax on petrol and diesel last month by 10 rupees ($0.11). To control the rise in airfares it also set a limit of 25% on domestic airline fuel prices. Jet fuel can account for up to 40% of airline expenses. The global oil price has risen to $100 per barrel as the U.S. - Iran war continues to restrict the flow of crude oil through the Strait of Hormuz. This is the conduit that carries 40% of India's crude?oil?imports. India is the third largest oil consumer and importer in the world, and it relies heavily upon foreign supplies. (Reporting and writing by Nikunj Ahri; editing by Jan Harvey).
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Irish police break up blockade by protesters at high fuel prices
Irish police cleared protesters who had blocked the only oil refinery in Ireland on Saturday, after a senior government minister said that protests over surging fuel prices created a "very danger economic moment" for Ireland. Protesters angry by a rise of more than 20% in diesel prices following the U.S./Israeli war on Iran have used tractors and trucks to block a Whitegate refinery and a fuel terminal, as well as a few roads in Dublin's capital. The government said that hundreds of petrol stations were left 'without fuel,' putting emergency services at risk. State broadcaster RTE reported that police detained one protester and pushed others back at the Whitegate refinery on Saturday. The police released a video on social media that showed a number?of oil trucks?entering the refinery. After Finance Minister Simon Harris stated that the protests caused an "extremely hazardous moment" for the economy, this action was taken. Micheal Martin, the Prime Minister, said on Friday that the country was in danger of being forced to stop oil deliveries. Conor Humphries is the author. (Editing by Jane Merriman.
South Bow plan for Keystone XL revival needs Trump's approval and US oil pipeline connections
The proposal by the Canadian company 'South Bow' to revive portions of the Keystone XL oil pipe, which was cancelled in 2010, could increase Canada’s crude exports into the?U.S. If it is given the green light by U.S. president Donald Trump, and additional links are built to U.S. refinery hubs, then Canada's crude exports could increase by more than 12 percent.
The new proposal includes a different route in the U.S. compared to the Keystone XL project, which was cancelled by former U.S. president?Joe?Biden after years of Indigenous opposition and environmental resistance.
South Bow, the company set up in 2024 by former Keystone XL promoter TC Energy to take over their oil pipeline business is looking at reviving a portion of line already built in Alberta. It already has all Canadian permits.
Canadian Prime Minister
Mark Carney raised the revival of the pipeline in a conversation he had with Trump in October. This could give him leverage for upcoming negotiations to renew the U.S. Mexico-Canada (USMCA).
Trump, whose tariff wars have caused tensions with Canada and his annexation threat has strained relations between the two countries, has repeatedly called on lower oil prices. Many U.S. refiners depend on Canada's roughly 4.4 millions barrels of exports each day that it sends south of border.
Bridger Pipeline is South Bow's possible U.S. partner. They recently submitted a proposal to Montana regulators. The proposal describes the construction of a 645 mile (1,038 km) pipeline capable of transporting 550,000 barrels per day. It would begin near the U.S. Canada border in Phillips County Montana and travel to Guernsey Wyoming.
Analysts say that Guernsey does not represent an end-market for crude oil. Therefore, additional links will be needed to transport the oil to refinery hubs like Cushing, Oklahoma, Patoka in Illinois, and U.S. Gulf Coast.
Matthew Lewis, the founder of Plainview Energy Analytics, believes that the most plausible configuration is a new pipeline that stretches 425 miles between Guernsey and Steele City in Nebraska. From there, oil could be moved into underutilized pipelines running towards Cushing, Patoka?and Wood River, Illinois. The oil would then be transported to underutilized pipelines that run towards Cushing, Patoka, and Wood River in Illinois.
However, it is unclear who would be willing to take the risk of that part of a project.
Lewis stated that the biggest challenges in this plan for a Guernsey to Steele City segment are obtaining permits and building a new pipeline, which would likely be subject to environmental litigation that would tie up such a large project in court.
South Bow stated that its proposal could connect with downstream pipelines in the U.S., but declined to provide further comment. Bridger Pipeline refused to comment.
Leveraging Existing Infrastructure
Bridger's application says that it will build the Montana to Guernsey leg at locations near existing pipeline infrastructure. This would make obtaining permits easier. Around 150 km of Keystone XL pipeline has already been built in Alberta and is sitting idle after the project was cancelled.
White House spokesperson refused to comment on South Bow-Bridger project, but analysts stated that a presidential permit was required for the segment crossing the U.S. Canada border. Richard?Masson is the former CEO of Alberta Petroleum Marketing Commission. He said that even if the Trump Administration supports the plan, it's not guaranteed that the next U.S. government will.
He said that while the proposal is different from Keystone XL it is still a large-scale expansion of the pipeline and will likely 'attract the ire?of environmentalists, landowners, and indigenous communities.
Many pipeline projects have been halted or slowed down by litigation in the U.S. Trump and his team tried to speed up permits and cut regulations, but a project that spans multiple administrations would be politically risky.
It brings up the same issues. Masson stated that this was the same material for those who wanted Keystone XL to be cancelled.
COMPETITIVE EXPORT PIPELELINE EXPANSIONS
The proposed project is being developed at the same moment that the company that owns the Trans Mountain Pipeline from Alberta to Canada’s west coast, plans a series enhancements that will increase its capacity by up to 360,000 barrels per day.
Enbridge, South Bow's main competitor, has approved expansion projects for its Flanagan & Mainline pipelines. These will add a combined capacity of 250,000 bpd for Canadian heavy oil shipping companies moving crude to the U.S. Midwest & Gulf Coast.
Aaron MacNeil, analyst at TD Securities, says that these projects will be less complex and more cost-effective than South Bow’s proposal.
He said South Bow would face questions from investors regarding its ability to fund a new project, while maintaining its dividends and avoiding too much debt. (Reporting from Amanda Stephenson, Calgary; Additional reporting by Siddharth Cavale in New York; Valerie Volcovici and Georgina Mcartney in Washington; Editing and proofreading by Caroline Stauffer & Nia Williams).
(source: Reuters)