Latest News
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California sues Trump administration for Sable oil pipeline restart
California's Attorney General announced on Friday that the state is suing the Trump administration because it asserted federal authority over two state pipelines and allowed Sable Offshore to resume pumping oil. This lawsuit is part of a dispute that has been raging between Sable and California officials for a while over a 'drilling project' off the coast Santa Barbara, which was shut down after an oil spill in 2015. This is one of the many conflicts between U.S. president Donald Trump, a Democrat, who wants to boost domestic 'fossil-fuel production', and California Governor Gavin Newsom. Newsom is a Democrat, but he has been a harsh critic of Trump. California Attorney General Rob Bonta said in a?statement that the administration had broken the law when it reclassified the Las Flores pipelines as "interstate", even though they ran between two California counties. This reclassification enabled the federal Pipeline Hazardous Materials Safety Administration (which regulates interstate pipelines) to issue an urgent permit for restarting operations. The attorney general's office announced that the petition?will go to the U.S. Court of Appeals, Ninth Circuit.
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Ship data shows that US naphtha is arriving in Venezuela, reviving heavy oil production.
Ship tracking data revealed that the first naphtha shipment for Venezuela, as part of an oil deal reached between Caracas & Washington in this'month', arrived Friday on Venezuelan waters aboard a tanker chartered a trading house Vitol. Caracas, Washington and Venezuela agreed on a $2 billion oil deal this month after the U.S. captured Venezuelan president Nicolas Maduro. The agreement covers up to 50,000,000?barrels Venezuelan oil that is in storage. The agreement gives traders Vitol &?Trafigura first access to Venezuelan oil to resell to refineries worldwide. It also includes a?supply? of heavy naphtha, needed to dilute Venezuela's extra-heavy output. According to documents and shipping data from the state company PDVSA, the United Kingdom flagged tanker "Hellespont Protector" was approaching Venezuela's Jose port on Friday. The tanker was due to discharge in the next few days. The documents show that PDVSA has not received any new naphtha cargos since late December. PDVSA imports approximately 100,000 barrels of light crude and naphtha per day to "dilute" its heaviest crude production. Last year, PDVSA's principal joint venture partner U.S. Chevron supplied the last cargo under?U.S. authorization. Washington's strict ban on all vessels sanctioned from entering and leaving Venezuela's waters has stopped many suppliers including Russia from sending cargoes to Venezuela. Sources in the industry said that Venezuela reversed its oil production cuts last week. However, the reversal was not very successful due to a lack of diluents, and the slow draining of its crude stockpiles. (Reporting and editing by Julia Symmes Cobb and David Gregorio; Marianna Paraga)
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Boeing orders will increase US Commerce-aided contracts to $244 billion by 2025.
U.S. firms signed contracts with foreign governments worth $244 billion in 2025, almost triple what they did in 2024, as Boeing saw a huge increase in orders for jetliners, according to the International Trade Administration of the U.S. Commerce Department. ITA stated that the 121 contracts will also be aided by the foreign spending?commitments?"in recent trade agreements negotiated by Trump administration. The contracts contain approximately $206 billion of U.S. Export Content and will support around 844,000 American Jobs. In 2024, in the final year of the Biden Administration, ITA signed $87 billion worth of contracts, a significant increase from the COVID era low of only $17 billion that was reached in 2021. BOEING ORDER SURGE 2025's jump is due to a huge increase in Boeing net orders, which jumped from 377 in the year 2024 to 1,075 in the last year. Boeing's 2025 order volume was its sixth best ever, and it surpassed Airbus for the first time in seven-years. The U.S. Export Champion recovered from years full of production and safety challenges. According to the Trump administration's estimates, Boeing planes and GE Aerospace engines accounted for $215 billion out of a total ITA-assisted contract value of $205 billion, including $187 billion from exports. Commerce valued the widebody jetliner contract with Qatar Airways at $96 billion including engines. Boeing CEO Kelly Ortberg and Qatar's Emir Tamim Bin Hamad Al Thani signed the contract during Trump's May visit to Doha. Trump has boasted about being the "greatest Boeing salesman ever." "Commerce's Support to Boeing was a Differentiator in Our Achievement of Record Deals in 2025," Ortberg said in a?statement, adding that?teams from the agency provided "timely advocacy" and "insightful recommendations that advanced U.S. Jobs and Manufacturing." Commerce's aircraft total includes a $50 billion deal with Korean Air Lines, which was part of an investment and trade deal between the United States and Asian exporter. The deal also included $350 billion worth of other investments. Estimates of the value of announced aircraft orders often are based on the list price. However, the final sale prices can vary greatly depending on a variety factors such as customer loyalty and size, timing for delivery, long-term agreements on maintenance, order volume, and terms for escalating materials costs. Planemakers receive most of their money when a jet is actually delivered. Boeing won't see much of this money until 2029, several years after Trump ends his term. Focus on US interests An ITA spokesperson said that the Commerce Department totals include only signed contracts. Therefore, a number preliminary Boeing purchase commitments made?last year in trade negotiations by Malaysia, Bangladesh, and other countries would be included in the 2026 totals if they are finalized. Howard Lutnick, Commerce Secretary, said in a press release that "we are laser-focused" on promoting manufacturing, investment and new opportunities for American workers and companies. "While 2025 marked a historic moment, it was only the beginning. We will continue to usher a "new era" of American manufacturing, and prosperity. The ITA Advocacy Center provides advice to companies about bidding on foreign government contracts and arranges meetings between high-ranking U.S. official and foreign decision makers in order to promote American companies, marshaling the resources of various U.S. agencies. WABTEC MADE ITS LARGEST OUTSIDE SALE U.S. railroad manufacturer Wabtec signed a $4.2 Billion contract in September to supply 300 heavy haul locomotive kits?to Kazakhstan after an advocacy campaign which included a telephone call between Trump, and Kazakh president Kassym Jomart Tokayev. ITA reported that the Wabtec deal was its largest ever foreign sale and was part of $8.3 billion worth of global infrastructure and supply-chain projects that U.S. firms will win by 2025. The agency stated that the $244-billion total includes $10 billion worth of contracts in the defense sector, $7 billion worth in contracts in the energy sector, and $3.4 billion dollars in contracts in technology sectors, such as AI, cybersecurity and fintech.
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AirAsia is close to a deal with Airbus to buy around 100 A220 aircraft, according to sources
Airbus is close to a deal with AirAsia to sell 100?A220 narrowbody jets, marking AirAsia's first venture into regional aircraft. Sources, who asked not to be identified, said that if confirmed, a deal, including options, for about 50 additional aircraft could be announced in the next few days, as Asia's biggest low-cost airline pursues a turnaround. Both companies declined comment. AirAsia's spokesperson stated that they had no news to announce at the moment. The first discussions to become the exclusive buyer of a high-density 160-seater version?of Airbus' A220 appeared ahead of the Paris Airshow last year. Brazil's Embraer was also competing for the chance to break Airbus’ exclusive hold on AirAsia. Airbus redoubled its efforts last week to reach a deal with AirAsia, which could be reached as soon as this month. AirAsia, with over 350 jets of the larger A320 family already ordered, is one of the biggest customers for European planemakers. In July, it ordered 50 A321XLR long-range aircraft. AirAsia's co-founder Tony Fernandes said in June that the airline is ready to expand its fleet, by selecting smaller planes for new destinations. Farouk kamal, the deputy CEO of Group?, said that AirAsia continues to work with aircraft manufacturers for regional-type planes, and is considering ordering 150 more jets. AirAsia has led the boom of low-cost carriers across the region over the last two decades as incomes have risen. Capital A's parent company was crippled by pandemic travel restrictions, which led Malaysia's stock market to declare it 'financially distressed' in a measure called PN17. Fernandes, the CEO of Capital A said that in a Friday statement, the group has completed its PN17'regularisation plans and is "working towards the uplift". Capital A will focus on reviving the finances of its airline, AirAsia X. The consolidation of all AirAsia branded aviation businesses into AirAsia X allows AirAsia to concentrate on expanding operations while reducing costs. (Reporting and editing by Susan Fenton; Additional reporting by Danial Azar; Reporting by Tim Hepher)
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Adani Group firms lose $12.5 billion in market capitalization after SEC requests court approval to serve summonses
India's Adani Group firms lost $12.5 billion on Friday after the U.S. Securities and Exchange Commission asked a court to?help? in serving summonses against founder Gautam Adani, and group executive Sagar Adani for an alleged $265 million bribery and fraud scheme. The U.S. Securities and Exchange Commission requested procedural information in its civil case against Adanis on Thursday, after Indian markets had closed. Adani Enterprises, the flagship company of the Adani Group, fell the most on Friday against India's Nifty 50 benchmark. The Nifty fell 0.95% as the shares of the company dropped 10.65% to 1,864.2 Rupees. The group shares dropped between 3.4% to 14.54%. In November 2024, U.S. authorities accused Adani Green Energy executives of participating in a scheme that paid bribes for Indian officials to buy electricity produced by Adani Green Energy, a division of the Adani Group. The SEC civil case against Gautam Adani, his nephew Sagar Adani and the criminal indictment by the Department of Justice against the Adanis as well as?several others is separate. Court records indicate that the Justice Department's case is still open. U.S. laws prohibit foreign companies from paying bribes to gain business overseas, as well as soliciting investments based on false or misleading claims. It is common to serve a summons, but according to the SEC, India's government has refused twice for its summonses to be served on "the Adanis". The regulator requested that a judge allow it to serve summonses to Adanis' lawyers in the U.S. and send copies via email to Adanis. The SEC stated that U.S. civil procedure rules permit this method of service. The SEC said that defendants are aware of the litigation, as evidenced by their public statements, filings with regulatory agencies, and hiring of U.S. attorneys. The SEC said that emailing their business addresses would be an effective way to notify them. Adani Group has called SEC's allegations "baseless". It said it would "seek all possible legal recourses" to defend themselves. The SEC's latest filing, dated 21 January, was not commented on immediately. Ambareesh Baliga is an independent analyst. He said, "Market participants assumed that there was nothing pending, and the group had been cleared. So the SEC filing seemed to have come out of nowhere." Baliga, who said there was no timeline for next steps, noted that the overall market sentiment is already low. (Reporting and editing by Mrigank Dahniwala, Noeleen Walder and Daniel Wallis in Bengaluru.
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Ukraine's grid operator claims that the energy situation in Ukraine has'significantly worsened'
Kyiv’s grid operator said that Ukraine’s energy situation “significantly” worsened Friday following recent Russian air attacks. This triggered emergency power outages across most regions. This grim assessment came after a statement made by Energy Minister Denys Shmyhal, who said on Thursday that Ukraine’s energy system has experienced its worst day since the November 2022 blackout when Russia started bombing Ukraine’s power grid. Moscow has intensified airstrikes over the past few weeks, further damaging infrastructure that was already badly damaged and leaving many people without heat and power during this subzero cold spell. Ukrenergo announced on Telegram that several power plants are in need of emergency repairs due to?the combined missile and drone attacks. The equipment was operating at the 'limits of its capability,' it stated. It added that power blocks were carrying a?tremendous? overload due to damage caused by Russian strikes. Maxim Timchenko said that the situation in Ukraine was "close to humanitarian disaster" on Friday. any future peace deal The agreement between Russia and Ukraine should include an end to the attacks on energy infrastructure. Negotiators from Ukraine and Russia Meeting in Abu Dhabi On Friday and Saturday, U.S.-brokered talks will take place between the three countries to move towards a resolution of this nearly four-year old war. The European Commission On Friday It would send 447 'emergency generators' worth 3.7 millions euros ($4.3million) to restore electricity to Ukrainian hospitals and shelters, as well as critical services. This comes after President Volodymyr Zelenskiy declared a state of energy emergency. Ukrenergo stated in a statement that it hoped to complete repairs "shortly" and return to scheduled outages. Ukraine's grid is almost exclusively dependent on nuclear power and has lost more than half its capacity. (Reporting and writing by Yuliia Dyesa, Anna Pruchnicka and Dan Peleschuk; editing by Daniel Flynn & Mark Heinrich).
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Source: Adani and Embraer will announce a pact to assemble civil airplanes in India next week
A?source who has direct knowledge of this matter said that the aerospace and defence company owned by billionaire Gautam?Adani and Brazil's Embraer would announce a tie up?next?week to assemble commercial planes in India. This will boost?the civil aviation industry?of India. The Indian government has been urging planemakers to manufacture jets in India for years, citing over 1,500 orders from Indian carriers. Assembling commercial aircraft in India will be a major win for them. Planemakers have resisted this until now, arguing that the "business case" did not make sense. Adani Aerospace signed a Memorandum of Understanding with Embraer to establish a final assembly line in India for regional jets. Embraer is the third largest planemaker after Airbus and Boeing. Tuesday, Adani Aerospace and Embraer invited the media to a "historical" event in commercial aviation. According to the invitation, the announcement would be made in the office of India’s civil aviation minister. Adani Aerospace, Embraer and India's Civil Aviation Ministry did not respond immediately to comments. The Times of India reported the pact earlier. Star Air, a regional airline in India, operates 50 Embraer aircraft. The fleet is smaller than the Airbus or Boeing aircraft that dominate Indian airlines' order books. Embraer opened a New Delhi office last year and forecasts that South Asia will require at least 500 aircraft between 80-146 seats in the next 20-years. Aditya K. Kalra, Abhijith G. Ganapavaram, and Dhwani Pandya reported. Mark Potter (Editing)
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Kyiv Zoo fights to keep the animals warm while city suffers power outage
The staff at Kyiv Zoo work around the clock in freezing temperatures to keep Tony, the 'gorilla' and other animals warm. Kyiv Mayor Vitali Klitschko reiterated his call to citizens on Friday, urging them to find temporary shelter outside of the city due to fears about further strikes. Tony, 51, and the other residents of the zoo who have suffered for so long are not able to leave. Kyrylo Trantin, the zoo's chief, said that he could not tell Tony to go to rural Ukraine. "He does not have a grandmother in the country... where he can stay." Five times per day, staff bring firewood to the 'constantly burning stove' to maintain a comfortable 20 degrees Celsius in the primate cage. In recent weeks, repeated Russian air attacks on Ukraine's power system have left millions of people in Kyiv as well as other cities in darkness and cold for sometimes long periods. Water supplies have been disrupted as well by emergency outages worsened even further by temperatures as low -18 degrees Celsius. Generators are used to heat animals at the zoo. These include horses, bison, and elephants. Viktoriia sluzhenko, a zoo staffer, said that the zoo has enough water to cover the elephants' daily needs of 150 litres. She said, "We fill up the tanks constantly so that we can live in autonomy mode for three days." Trantin said that the responsibility of keeping animals alive is a burden on staff who are also preoccupied by their own survival. The war in Russia, which has been going on for four years, shows no signs of ending. Trantin continued, "Everyday is a fight for warmth and strength." (Writing and editing by Gareth Jones, Dan Peleschuk)
The French Navy diverts a suspected Russian shadow fleet to Marseille-Fos port
Sources close to the investigation said on Friday that the French navy diverted the Grinch tanker they?detained Thursday to the port of Marseille-Fos in order to?further investigate?.
The tanker had been intercepted by the navy after it had left Murmansk, a Russian port, in early January. It was suspected of being under a false guise and of belonging to'shadow fleet,' which allows Russia to export oil, despite sanctions.
The ship was sailing under the Comoros flag.
In a statement released on Thursday, the French maritime police stated that the interception took place on the high seas between the southern coasts of Spain and Morocco. The statement added that?navies from other countries, such as Britain, supported the operations.
The Marseille prosecutor's office, which is in charge of maritime law matters and is investigating this case, announced on Friday that the vessel had been "diverted", but did not specify to where.
The EU has imposed sanctions on Russia in 19 different packages. However, Moscow has adjusted to the majority of these measures and continues selling millions of barrels of crude oil at discount prices to countries like India and China.
A large?part of the oil is transported by a'shadow fleet' of vessels that operate outside the 'Western maritime industry.
In October, France arrested another sanctioned oil tanker, the Boracay. It was released after a couple of days.
(source: Reuters)