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Shipping schedules show that about 2 million barrels Venezuelan oil are being shipped to Spain’s Repsol.
According to the shipping schedules seen, about 2 million barrels of Venezuelan heavy crude will be'sent to refineries owned and operated by Repsol in Spain following purchases made by Trafigura. Trafigura, Vitol and other companies were granted U.S. Last month, Trafigura and Vitol were granted?U.S. Since then, the companies have been storing oil at Caribbean terminals and marketing cargoes for refiners in the U.S. Repsol declined comment. Trafigura declined to comment when asked about Venezuelan sales. Spain has not imported Venezuelan oil since the first quarter last year, before U.S. president Donald Trump revoked the authorizations of foreign companies to receive and transport oil from the sanctioned country. The first of two Merey heavy oil cargoes for Repsol on Suezmax tanks left the Jose port operated by PDVSA in early February. According to the schedule, the second cargo is expected to be loaded this week. The report was written by Marianna Pararaga and Pietro Lombardi, with editing by Julia Symmes Cobb.
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Senators demand that the US disclose whether FAA administrator has sold stake in airline
Three Democratic U.S. Senators asked Thursday the Transportation Department if the head the Federal 'Aviation Administration had sold 'his -shares in Republic Airways, and if he would be forced to forfeit any gains resulting from not selling before a divestment deadline. Bryan Bedford, FAA Administrator, said in 'December that he had not sold his shares of Republic. However he would continue to recuse him from any issues which could affect the airline's finances while he worked to sell his holdings. Senator Maria Cantwell claimed that Bedford, the former CEO of Republic Airlines, violated his ethics agreement because he hadn't completed a sale of shares, despite having agreed to do so by October. 7. Cantwell and Senators Tammy Duckworth, Ed Markey, in a letter, seen by DOT, asked DOT to "initiate?appropriate disciplinary?or corrective action?to address M. Bedford's .... Lack of accountability would send the signal that senior DOT officials could disregard their ethical obligations without consequence."
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LME copper stock swells in US and Asia as cargoes are diverted to its warehouses
Available copper inventories The London Metal Exchange has seen its trading volume increase by 11 months, as traders from the U.S.A. and Asia have increasingly turned to the exchange for metal storage. After more than 20,000 tonnes of copper were delivered to New Orleans and Baltimore over the last three weeks as well as similar inflows into South Korea and Taiwan, the amount of copper available in LME warehouses reached 160,625 tons on Wednesday. This is the highest since late February of last year. Copper was shipped in large volumes to the United States before possible import tariffs. Higher?prices at the U.S. Comex Exchange encouraged the LME to ship metal. Recent price spreads or arbitrage between the two have flipped. Alastair Munro is a senior base metals analyst at broker Marex. He said that Comex 'copper now trades at a discounted price to LME. This means the latter will naturally attract the 'inflows, as it is the premium location. LSEG data show that the front-month Comex contract for copper is currently trading at a price of about $60 a ton lower than the LME. The arbitrage for shipping metal from the Shanghai Futures Exchange back to the LME is also open. Two industry sources have reported inquiries from traders who are delivering cargoes by sea and want to put the metal in U.S. LME storage facilities, as delivery into Comex, their original destination, is no longer profitable. One source, who declined to be identified because he wasn't authorised to talk to the media, said: "They are scrambling for room." LME copper inventories in New ?Orleans From zero on January 15, the number of tons has risen to 16,975 on February 4 - the highest level since April 2024. And 4,625 tonnes?has flown into Baltimore The highest total since August 20,22. This means that there are 21,600 tonnes of copper in U.S. LME storage warehouses, which is 13.4% of the available LME copper. Around 15,000 tons of copper have been shipped to LME warehouses from Asia. Gwangyang, South Korea Busan This week. Munro believes this is copper of African origin, as the downstream purchasing in China's top metals consumer pauses before the Lunar New Year holiday at the end of this month. (Reporting and editing by Pratima Deai, Alexander Smith, and Tom Daly)
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Vaca Muerta is expected to boost Argentina's energy surplus to a new record in 2026
Analysts say Argentina could surpass the record energy trade surplus of last year in 2026. This is due to infrastructure improvements that have improved the country's ability to ship oil from Vaca Muerta shale formation. Analysts said that the 2026 energy surplus could be between $8.5 billion and $10 billion. This would be largely dependent on oil production. Argentina's government is aiming to boost energy exports while reducing its dependence on imported natural gas. It also wants to strengthen the central bank reserves, increase foreign currency inflows, and boost investor confidence. Argentina's government posted a record $7.8 billion energy surplus last year. Exports were $11.1 billion - up nearly 13% since 2024 - while imports dropped 18% to $3.3billion. The development of Vaca Muerta, part of Argentina's Neuquen Basin, has helped to reverse a deficit which peaked at $7 billion in 2013. Vaca Muerta's production peaked at 600,000 barrels per day by 2025. Fernando Bazan, a consultant with Abeceb, said that Vaca Muerta is the engine of growth, as the other basins of conventional hydrocarbons are declining. He said that oil exports which made up 86% of 2025's energy surplus will also be a key driver in this year. Argentina's total trade surplus by 2025 is expected to be $11.3 billion. Agustin Monteverde, a senator and economist by training, expects a large contribution from the energy sector. He projects a surplus in exports due to easier offloading at Vaca Muerta. The greater capacity of transporting oil and gas will not only strengthen exports, but will also decrease our dependence on imported gas. We are also seeing growth in the exports to the United States which is becoming the main buyer. VACA MUERTA IS A PLACE WHERE COMPANIES INVEST. Companies bet on the continued growth of oil production. YPF, a state-controlled energy company, is developing the Vaca Muerta Oil Sur Project, in conjunction with Pan American Energy Pluspetrol Vista and Pampa Energia. The project includes a 550,000-barrel-per-day pipeline, a plant, and storage tanks at the Punta Colourada terminal, Rio Negro. The project was financed with $2 billion. YPF's chief executive, Horacio Martin, said that the project will generate more than 15 billion dollars in exports each year. Gas capacity has been increased on a trunk 'pipeline' from Vaca Muerta. Work is also underway to reverse Northern Gas Pipeline in order to supply the northern part of Argentina. This will replace gas that was previously imported from Bolivia, and allow for a greater number of exports to Brazil. Argentina also wants to be a global exporter of liquefied gas, but this would require a major infrastructure in order to transport gas to a port on the Atlantic for liquefaction. Analysts expect Argentina to still require gas imports in order to meet peak winter demand. Bazan stated that "the major promises of an increase in gas production would come after 2027". (Reporting and editing by Cassandra Garrison, Nia Williams, and Eliana Raszewski)
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India exports its first fuel to Europe after the ban on Russian crude oil-derived products
Reliance Industries partially unloaded a jet-fuel cargo in Italy. This was India's first export to the region after a European Union ban took effect on 21 January on products made from?Russian?oil. India is the largest buyer of Russian crude oil, and traders are watching closely to see if there are any signs of disruptions in trade that might drive up the price of other sources of supply. The EU ban on the import of products made from Russian crude oil is intended to?reduce oil revenues that Moscow uses to finance its war in Ukraine. Reliance has two refineries in its Jamnagar Complex - one is geared towards exports and the other for the domestic market. On November 20, it announced that its facility geared towards exports had stopped processing Russian crude. Aframax tanker Liwa-V chartered by Reliance offloaded around 390,000 barrels or half of its cargo at the Fiumicino Port near Rome between January 1 and February 4. Data shows that the Liwa-V arrived around January 8 in Italy and waited at the port for almost three weeks. The cargo was initially scheduled to be unloaded by January 24 according to two different trade sources. The discharge was delayed because of bad weather. The ship had already discharged a substantial amount and is now waiting outside the port for the cargo to be completely offloaded," stated a spokesperson from Reliance Industries. RELIANCE SEGREGATES RUSSIA FREE FUEL FOR EUROPEAN MARK India has taken advantage of the discounted Russian crude as Western nations sought to reduce their dependence on Russian oil due to the conflict in Ukraine. Kpler data showed that India shipped 4.1 million tons of jet-fuel to Europe last year. This is nearly three times more than it did in 2021, before the outbreak the conflict. It also supplied 15% of Europe's aviation oil imports between 2022 and 2025. Reliance has told European buyers and traders that they have received written confirmation from the company that Russian crude oil has not been used in the production of fuels for export to Europe. James Noel Beswick, an analyst at Sparta Commodities, said that if European buyers are still cautious they may consider blending or FOB (free on board) sales. Shipping data from Kpler and two sources of trade showed that only one Indian jet fuel shipment per month is headed to Europe on the tanker Karpathos. Since the ban began, Europe has not received any diesel imports.
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IndiGo reviews India antitrust order following mass cancellations
IndiGo announced on Thursday that it will review the order from India's antitrust regulator in detail and take appropriate action after reviewing it. The Competition Commission of India has ordered an investigation into the airline following its widespread flight cancellations that shook the?air travel industry in India during December. IndiGo, India’s largest airline based on market share, cancelled 4,500 flights during the first weeks of December. This left tens and thousands of passengers stranded across the country, raising concerns about the lack of competition in one of the fastest growing aviation markets in the world. The 'CCI' said that by canceling thousands of flights, which represented a large portion of scheduled capacity, IndiGo effectively blocked its service, creating artificial scarcity and limiting access for consumers to air travel during times when demand is high. The airline's shares were trading at a 1.5% decline after the response. Reporting by Hritam?Mukherjee from Bengaluru, editing by Nivedita?Battacharjee and Mrigank Dhaniwala
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Dubai Financial Centre new registrations will rise by nearly 40% in 2025
Dubai's International Financial Centre DIFC announced on Thursday that new company registrations at the hub increased by almost 40% last year to a total of?1,525 - largely due to an influx of hedge funds and other?firms?. Hubs such as DIFC are attracting more companies, as Gulf countries diversify away from oil and invest billions of dollars in sectors such financial services. According to a presentation, the total number of active registered firms at the centre was around 8,840 by the end of last year's December, an increase of 28% over 2024. There are 557 asset and wealth management firms that have set up or expanded their base in Dubai and Abu Dhabi over the past few years as the UAE has attracted high-net worth individuals who are drawn by factors such as tax-free status and relative ease of business. DIFC Governor,?Essa Kasim, told the media that the geographic breakdown of firms in the center was a bit higher. Authorities announced last week that the DIFC will undergo an expansion of?around $27billion by 2040. The hub has reached its capacity and is looking to welcome new companies. When asked about funding, Kazim replied that DIFC had a net profit of $400 million in the last year. "That is the future cash flow", which will contribute to the expansion. The market is definitely open. "In the past, we have issued sukuk. That's a possibility."
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Russian captain imprisoned for crew member's deaths in U.S. Tanker Crash
The captain of the 'container ship' that collided with a U.S. oil tanker off Britain's east cost last year, was?jailed?for 6 years for gross negligence in causing death to a crewmember. Vladimir Motin was the captain of the Portuguese flagged Solong, when the tanker?Stena Immaculate,' was anchored with just over 220,000 gallons?of aviation fuel. This happened on March 10, 2025. The collision caused a fire on both vessels and the death of Mark Pernia (38), a Filipino national and member of the 'Solong crew. His body has never been located. James Leonard, Motin’s lawyer, said that Motin tried unsuccessfully to change the Solong’s course and take it off autopilot. Leonard argued that Motin had been at fault but was not grossly negligence. Motin, who was tried at London's Old Bailey court on Monday, was found guilty and sent back to be sentenced on Thursday. Judge Andrew Baker described Motin as "an accident waiting to happen". He also told him Pernia had died "under your command and because of your gross neglect". Tom 'Little, the prosecutor, read out the statement of Pernia’s wife who lived in the Philippines and was seven-months pregnant with her second child when he died. She said, "Our desire for him will last forever."
One person is dead and a young girl has gone missing after the storm Leonardo hits Portugal and Spain
A man in Portugal died after floodwaters engulfed the car he was driving. In Spain, a young girl was dragged by a river while trying to save her dog as Storm Leonardo pounded 'the Iberian Peninsula with strong winds and heavy rains on Thursday.
Leonardo is one of a half dozen winter storms which have hit Portugal and Spain in the past year. They have killed several people and destroyed roofs and flooded towns.
Authorities in Portugal said that a man aged around 70 years old died Wednesday after his car was swept off a road that had been flooded near a dam.
A girl in southern Spain's Malaga Province went missing after being dragged by the Turvilla River while trying to?rescue her dog.
We spent all day and night searching for the girl from where she fell into the river to the end. Manuel Marmolejo, the fire chief of Malaga, said to Spanish television that they found "the dog but not her."
Aemet, the state weather agency, predicts that Storm Marta will hit the region this weekend.
The cost of reconstruction in Portugal following Storm Kristin last week could be as high as 4 billion euro ($4.7 billion), according to Economy Minister?Manuel Castro Almeida.
After successive storms, the river Sado broke its banks in Alcacer do Sal. Sandbags were stacked up in front of the doors of shops and homes to protect them from flooding. Restaurant terraces had been completely submerged.
"I have never seen anything so bizarre." Maria Cadacha, a resident of the area, said that it was surreal. There are many people here. Many shopkeepers and homes have been damaged. I would not want to be in their shoes."
Andalusia’s emergency services attended to over a million cases by Wednesday midnight, they said on X.
Antonio Sanz is the head of regional government's Interior Department. He said that 14 rivers and 10 dams are at "extreme risk" of overflowing.
Portugal's National Civil Protection reported that it had recorded at least 70 incidents by early Thursday.
(source: Reuters)