Latest News
-
Diplomats claim that the EU will relax gas authorization rules to ensure supplies.
On Thursday, diplomats were told that the European 'Commission' would instruct governments to be flexible when enforcing EU regulations on gas imports. This move is likely to benefit Azerbaijani?imports. Diplomats say that the Commission intends to release guidance by March 18 regarding how to implement rules in the European Union laws to phase out Russian Gas. This guidance was issued by Brussels in an effort to avoid its Russia phase-out regulations accidentally choking Europe’s gas supply during a time of vulnerability. Some countries had expressed concerns that the rules might delay deliveries necessary to stabilise supplies?during the Iran crisis. The EU's plan to phase out Russian gas will not be affected. EU officials are concerned that strict enforcement of the law could cause delays in shipments and undermine the ability of the EU to keep its storage adequate. According to the rules, shipments of LNG or pipeline gas from certain non-Russian countries must receive "prior authorization" - which means that companies have five days to provide proof of gas's origin before the shipment arrives at the EU. Azerbaijan would be the main country to be affected by an easing of "prior authorization" rules, as it supplied 4% of EU imports of gas last year. Azeri gas is imported into Europe by Turkey, a major importer of Russian gas. Italy and Greece, among other EU countries, import gas from Azerbaijan through the Southern Gas Corridor. The 'guidance' could help the EU find LNG from new suppliers if countries are struggling to meet their gas needs due to the global market disruption. The EU has said that its main gas exporters, such as Norway and the U.S.A., won't be subject to the rules of prior authorisation because the EU deems there is a low risk for Russian gas entering these countries' exports. The European gas industry has already requested that Brussels temporarily suspend the rules regarding prior authorization. Eurogas stated that "we'simply can't afford to have a single flexible LNG cargo delayed in port, stuck at sea or rerouted into Asia due to unclear or pending prior authorisation". Reporting by Kate Abnett. Julia Payne contributed additional reporting. Jan Harvey, Mark Potter and Julia Payne edited the article.
-
US State Dept. says that US has organized nearly 50 charter flights to Middle East in response to the Iran strike
A State Department official revealed on Thursday that the Trump administration had organized nearly 50 flights 'to return U.S. Citizens from the Middle -East since the U.S. -Israeli War with Iran began. Officials also said the demand 'for 'the flights was declining. In the days following the conflict, the State Department received criticism for its tardy preparations in relocating diplomats and offering assistance to U.S. Citizens as Iran's attacks led to the closure of airspace?and cancellations of flights across the region. The official briefed journalists under condition of anonymity. "By today's end, we will have completed about four dozen flights, and safely evacuated tens of thousands of Americans from Middle East." The Department, which waived?the cost of government-assisted flight, declined to provide detailed numbers on how many people benefited. The official stated that as of Thursday 47,000 U.S. Citizens had returned to the United States from the region since February 28. Most of them had done so on commercial flights. The official stated that "Through the Department's Task Force, we directly provided travel assistance and security advice to approximately 32,000 Americans affected by the terrorist attacks." The official said that "most Americans who have requested assistance declined seats offered to them, choosing instead to remain in the country or take commercial flights, which allow for greater flexibility with regard luggage and destination." The Department announced on Wednesday that it will reduce the number of charter flights and options for ground transportation because commercial flight availability has improved. Iran has continued to hit U.S. installations in the region. On Tuesday, a drone attacked a'major diplomatic facility' in Iraq amid U.S. concerns that Iran-backed militias could target Americans and U.S. interest.
-
DP World expects increased traffic to Red Sea ports due to the Iran crisis that has choked access to Gulf
DP World, a global ports operator, expects higher volumes 'at its Red Sea Terminals 'as the Iran Conflict approaches the two-week mark, %its CEO stated on Thursday. The Strait of Hormuz is closed and spiraling tanker attacks are cutting traffic to Gulf ports. Conflict triggered by U.S., Israeli and other airstrikes against Iran has affected energy and transport markets, and closed the world's main oil artery. The narrow waterway of Hormuz is the only way to reach most major Gulf ports. Yuvraj 'Narayan, CEO of DP World, said that Jebel Ali, DP World’s flagship hub in?Dubai is still fully operational, with no damage to infrastructure, but there are fewer inbound vessels. Volumes "are still moving through the port on the eastern side of Strait of Hormuz," added he. RED SEA PORTS CAN ACCOMMODATE MORE TRAFFIC UAE ports located outside the strait are limited in capacity. Khorfakkan has a capacity of 5 million twenty-foot units (TEUs), and Fujairah is less than 1,000,000. This means that they are unable to compensate the lost throughput in Abu Dhabi's Khalifa Port or Jebel Ali. Last year, Jebel Ali handled 15.6 million Twenty-foot Equivalent Units (TEUs) out of the 56.1 million TEUs that were consolidated by the group. Narayan stated that DP World is deploying regional rerouting measures and operational mitigation to maintain the continuity of supply chains. He said that the crisis would likely lead to an increase in traffic in its Red Sea ports including Jeddah, Saudi Arabia, and Sokhna, Egypt. However, he did not specify what additional volumes or types cargo might be handled. The logistical and security risks are still high. Hapag-Lloyd, a German shipping company, said that projectile fragments struck a container ship chartered by Maersk in the Strait of Hormuz on Thursday. Narayan, a?analyst, told analysts in a conference that he could see the reopening of?the Strait happening in phases. He added that it would be likely to reopen for ships from countries who have "neutral or friend relations" with Iran. DP World, one of the largest port and logistic operators in the world, has operations in countries such as?Canada and Peru. It also operates in India and Angola. The company reported that the profit attributable shareholders increased by almost 43% last year to $1.07billion, thanks to strong performances from its ports, terminals, and logistics division. The company has set a capital expenditure target of $3 billion by 2026. Narayan became the group CEO in Februrary after Sultan Ahmed Bin Sulayem, who had been in charge for many years, resigned under pressure due to his alleged relationship with Jeffrey Epstein. (Reporting by Federico Maccioni. Sarah El Safty, Nadine Adwadalla and Sarah El Safty contributed additional reporting. Thomas Derpinghaus (Editing), Louise Heavens, Mark Potter and Thomas Derpinghaus.
-
US natgas at Waha Hub, Texas, remains negative for the 25th consecutive day
U.S. spot gas prices for the Waha Hub on Thursday Permian production in West Texas has been in decline for the 25th consecutive day as a result of pipeline restrictions. This is causing some analysts to predict a reduction in gas production in the near future. Energy firms are likely to boost Permian production in the long-term as more gas pipelines enter service, as rising oil prices due to the Iran War encourage oil and gas production. Analysts have said for years that negative prices, where some energy companies are forced to pay other firms to take the?gas produced by their oil production, is a sign that there needs to be more gas pipelines in the Permian Region, which spans West Texas to eastern New Mexico. This year more pipes are on their way, but they won't be able to handle the current amount of gas coming from the ground. "Continued downward pricing in the Permian can be expected for most of spring." Analysts at EBW Analytics Group wrote in a report that as regional production is likely to ebb lower, this may also affect national-level output in the coming weeks. According to U.S. Energy Information Administration data dating back to 2009 the Permian 'gas production has reached record highs each year since 2013. In 2025, it is expected to reach a staggering?27.7 bcfd (bcfd), which would be enough to meet over a quarter (25%) of U.S. energy demand. One billion cubic feet is enough gas to power five million U.S. households for one day. The Permian Basin has seen its gas production increase by an average of 12% per year over the last five years (from 2021-2025). This makes it the second largest shale gas producing basin in America, behind the Marcellus/Utica Shale located in Appalachia which includes Pennsylvania, Ohio and West Virginia. According to the latest EIA estimates, gas production growth in Permian will slow to 4% per year on average?in 2026-2027. "Longer-term, higher oil prices encourage more oil production. Future associated gas also suggests that there will be a large supply tailwind when new Permian pipes come online at the end of 2026," said EBW. NEGATIVE PRICES The Permian has been willing to accept some gas losses because it can compensate for those who make money from oil sales. Gas prices that were negative were rare a decade before, when environmental regulations were more relaxed and drillers were able to burn some of the unwanted gas. In recent years, this gas has gained in value as a fuel for generating electricity that is used to power the data centers of the United States. It can also be exported via pipeline to Mexico or as LNG to other markets. The average price at the Waha Hub for the U.S. Cash Market fell to minus 6.34 dollars per million British thermal units (mmBtu), down from minus 5.40 dollars for Wednesday and a record-breaking minus 7.15 dollars for Tuesday. Daily Waha prices were first?averaged under zero in 2019. The prices were below zero 17 times this year, six times next year, once in 2020, 49 times 2024, 39 time in 2025 and 34 times already in 2019. The average Waha price has been negative 37 cents/mmBtu in 2026 compared to $1.15 per mmBtu in 2025, and $2.88 in the five years prior (2021-2025). (Reporting from Scott DiSavino).
-
Lucid announces subscription to self-driving technology, unveils concept of two-seater roboticaxi
Lucid announced on Thursday a subscription to self-driving technology for its electric vehicles and showcased the concept of a robotaxi with two seats. The EV maker stated that the monthly subscription will range between $69 to $199, depending on what level of autonomy a customer wants. Lucid's decision puts it in line with Rivian, and Tesla who have both?shifted to subscription-based advanced driving assistance systems over the past few months. Software and recurring revenue streams are increasingly important to automakers to boost their business beyond vehicle sales. Lucid's concept of a two-seater roboticaxi is similar to Tesla's Cybercab. This vehicle is also designed without a pedal or steering wheel and runs on 'Full Self-Driving' system. Elon Musk's company announced last month that its first Cybercab officially rolled off of the production line in?its Gigafactory, Texas. Musk stated that Tesla will begin mass production of Cybercabs 'in April. Tesla's 'Full Self Driving (FSD)' feature is no longer available as a permanent, one-time option. Instead, the company now offers a $99 monthly subscription. Musk has said that the $99 per month price will increase "as FSD?s capabilities improve." Rivian has launched its own driver-assistance system Autonomy+. It is priced at $49.99 per monthly or $2,500 for a one-time payment, which undercuts Tesla's price.
-
Lufthansa: Majority of flights were operated on the first day of the pilot strike
The airline said that more than half of Lufthansa's flights to and from Germany were cancelled on Thursday. This was the first of two strike days by pilots over pensions. The VC union has called for strikes on Lufthansa cargo and passenger flights departing from German airports this Thursday and Friday. This will affect the German flag carrier as well as?passengers, who are trying to deal with the chaos created by the Iran War. Lufthansa announced on Wednesday that it would operate "more than half" of its scheduled flights during the two day 'walkout. This includes 60% of long haul routes and 80% cargo flights. A spokesperson for Lufthansa confirmed that the reduced flight schedule was implemented as announced. VC, however, played up the disruption. It said that 70% of Lufthansa's flights were grounded at 3 p.m. local time (1400 GMT) Thursday because of the?industrial action. VC also added that its estimate was based upon solid data. It stated that it was still waiting for a negotiable offer from Lufthansa. The operator of Fraport, which is the largest hub of the airline, recorded 426 cancellations out of an original schedule of 1,168 take-offs/landings. This represents a 36% cancellation rate. (Reporting and writing by Ilona wissenbach Editing by Linda Pasquini).
-
Two U.S. sailors are injured in the Red Sea after non-combat gunfire aboard a carrier
Two U.S. sailors have been injured after the USS Gerald Ford was hit by a 'non-combat related fire' on board. The military announced on Thursday. Ford, the newest and largest aircraft carrier in the world, is currently in the Red Sea, where it is participating in operations against Iran. The military stated that the sailors were receiving treatment for injuries which did not pose a life-threatening threat and are in a stable condition. The aircraft carrier is still fully operational, and the propulsion system of the ship has not been damaged, according to the military. They also said that the fire began in the main laundry area. On Tuesday, it was reported that as many as 150 U.S. soldiers had been injured in the war between Israel and the United States against Iran. Ford has more than 75 military aircraft, including fighter jets like the F-18 Super Hornet. The carrier was deployed for more than nine months, and took part in operations in the Caribbean this year. Reporting by Idrees Al and Phil Stewart, Editing by Chizu nomiyama
-
Sources say that the Black Sea's Novorossiysk Oil Exports were 10 days behind schedule for March.
According to three sources, the Black Sea port 'Novorossiysk is running 10 days behind schedule due to persistent storms, drone attacks and other factors. One of these forced a suspension in loadings at the beginning of this month. A source in the trade stated that "every time a danger warning is issued, tankers are demoored and sent to sea." According to LSEG, industry sources and estimates, shipments from Novorossiysk of Urals and KEBCO 'crude oil' in the first ten days of March averaged around 200,000 bpd, about half of them being carryovers from February. Another source from the oil industry stated that "Russia's Black Sea port are constantly closed due to storms, dive inspections or threats of attack." The main oil transshipment plans for Novorossiysk for?March required shipments of approximately?450,000 Bpd. Sources reported that the actual exports of oil products were also running about a full week behind schedule. They totaled around 210,000 tonnes in the first ten days of March, compared with 460,000 tons one month earlier. Sources said that a drone attack by Ukraine on the 'Tikhoretsk' oil pumping station, in the Krasnodar area, could disrupt oil flow to Novorossiysk. However, they did not have any information about the effects of the attack. One?of?the?sources? stated that exporters were attempting to redirect shipments away from the Black Sea Port to other routes. However, Baltic ports are also?facing capacity constraints because of a shortage in ice and vessels. Novorossiysk re-started oil transshipment from tankers on March 6 after a drone attack?on Sheskharis Terminal?on?March 2?. The pace of loading remains low as the port is often forced to stop operations and move the tankers away from berths because of the threat of drone strikes. (Reporting and editing by Andrei Khalip).
Sources say that Kazakhstan's Tengiz oil field is recovering daily production, but the average March production falls short of target.
Two industry sources said that oil output at Kazakhstan's biggest Tengiz Field rose to 810,000 barrels of oil on March 11 but only averaged 495,000 barrels per day (bpd), lagging behind the capacity goal.
Sources claim that the average production in Tengiz between March 1-10 was 16 % lower than it was in February when output was around 590 000 bpd.
Tengizchevroil, a U.S. Chevron company that operates in Tengiz, is now restoring production after a January 18 emergency shutdown caused by an fire.
The main export route, the Caspian Pipeline Consortium system (CPC), is constrained by adverse weather conditions as well as the threat of drone attack.
TCO is looking for alternative export routes in order to recover production.
Traders say the company intends to export 120,000?metric tons of oil in March, from Tengiz, to the Baku-Tbilisi Ceyhan (BTC), pipeline. Traders said that?TCO also seeks?another opportunity to ship 100,000-tonne KEBCO via Russia's Ust-Luga Port this month.
Erlan Akkenzhenov, Kazakhstan's Minister of Energy, told reporters that the oil production in Tengiz had increased to 120,000 tonnes per day (955,000 bpd) on Wednesday. Erlan Akkenzhenov, Kazakhstan's Energy Minister, did not mention the exact date.
According to the sources, daily deliveries of Tengiz oil into the CPC system reached 932,000 barrels per day on 10 March, up from 700,000 at the end?of?February.
Crude deliveries from a producer company can differ from production volume, since they include stocks held in its facilities.
TCO does?not comment on the details of its export and production activities.
KazTransOil, Kazakhstan's state-owned oil pipeline operator, did not respond immediately to a comment request.
The Future Growth Project (FGP), which was completed in 2016, allowed TCO to increase its crude production from 27.8 millions tons in 2024 to 39.01million tons last year.
Chevron is the largest shareholder in TCO, with a 50% stake. Exxon Mobil holds a 25% stake. KazMunayGas has a 20% share. And Russia's Lukoil owns a 5% share.
(source: Reuters)