- Turkish Airlines Expresses Willingness to Partner Nigerian Carriers
Turkish Airlines has said it is looking forward to effective code-sharing agreements in Nigeria, given that the country had a functional national carrier with a view to faciliate more flexible flight operations between Nigeria and other countries.
Country Manager for Turkish Airlines in Nigeria, Mr. Tarkan Ince, has stated this in an interview even as Copa Airlines and Turkish Airlines begin codeshare flights between Europe and Latin America.
According to Ince, “We have had many codesharing deals with many national carier across the world and we would have loved to strike similar deal in Nigeria. This would have facilitated more flexible flight operations between Nigeria and other countries where Turkish Airlines has flight rights.”
He, however, noted that the fact that Nigeria does not have a national carrier makes it impossible for foreign airlines to have effective codeshare agreements.
Meanwhile, with the new codeshare agreement between Turkish Airlines and Copa Airlines, passengers from several destinations in Latin America and Europe will enjoy seamless connections through the carriers’ ideally located hubs in Panama (Americas), and in Turkey, the bridge country that connects the East and the West.
Copa Airlines, subsidiary of Copa Holdings, S.A., and Turkish Airlines, both members of Star Alliance, the leading global airline network, signed a Codeshare Agreement which will offer passengers more flight options with seamless connections through Copa’s Hub of the Americas, in Panama City, and Turkish’s seamless gateway to Europe through the company’s Hub, in Istanbul, Turkey.
The strategic Hub of the Americas of Copa Airlines, in Panama City, will allow passengers coming from Istanbul fast and efficiently connect to 74 destinations in America and the Caribbean, including the most important cities of the region.
Also, with this codeshare agreement, the Latin American passengers traveling with Turkish Airlines through its uniquely positioned hub, Istanbul, that bridges the East and the West, will have more entry options to Europe also Africa, Asia/ Far East and Middle East.
Chief Executive Officer of Copa Airlines, Mr. Pedro Heilbron, said, “This agreement between Copa Airlines and Turkish Airlines has great importance since it contributes to strengthen the connectivity between Latin America with Istanbul and the rest of Europe. Passengers from both hemispheres will benefit from world-class services and seamless connections through the hubs of the codeshare partners.”
Initially, Turkish will place its code on Copa flights between Panama City and David in Panama; Porto Alegre, Rio de Janeiro, Manaus, Belo Horizonte and Sao Paulo in Brazil; Santo Domingo and Punta Cana in Dominican Republic; Guayaquil and Quito in Ecuador; San Salvador in El Salvador; Asuncion in Paraguay; Lima in Peru.
On the other hand, Copa will place its code on Turkish operated flights between Panama and Istanbul. Progressively, as government approvals are granted, Turkish will also place its code on Copa flights to Cancun, Mexico City, and Guadalajara in Mexico; Managua in Nicaragua; San Jose in Costa Rica and Montevideo in Uruguay in order to expand the range of these codeshare flights into the region.
“We are delighted to begin codeshare cooperation with Copa Airlines, which will improve our partnership as Star Alliance partners and also provide unique travel opportunities to the passengers through the far-reaching flight networks of both airlines. Especially, with our flights to Panama City operated from our incomparably positioned hub, Istanbul, passengers would enjoy to travel all around the continent with Copa Airlines’ flights from Panama City,” Deputy Chairman and Chief Executive Officer, Turkish Airlines, Mr. Bilal Ekşi, said.
The latest agreement, which complements and expands the route networks of both airlines as well as the connectivity between the continents, will also improve and promote bilateral opportunities for tourism and commercial developments between two countries.
According to Ekşi, “Passengers of Copa and Turkish will enjoy the multiple benefits offered by Star Alliance, including reciprocity between the frequent flyer programs of both airlines and global recognition of the Star Alliance Gold and Silver status through the large route network that includes 1,300 airports in 190 countries.”
A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.
Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.
A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.
One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.
However, Saudi authorities are yet to confirm or respond to the story.
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
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