Paris (France) (AFP) – Here are the latest economic events in the Middle East war on Friday:
– **US allows Venezuela fertilizer imports**
Washington on Friday authorized imports of fertilizer from Venezuela, whose leader it deposed in January, as the US-Israel war against Iran drives up prices of the key agricultural commodity. Washington has issued new licenses as part of the ongoing easing of its sanctions on Venezuela’s energy sector. In addition to oil and gas, the licenses now include trade in fertilizers, including urea and phosphates.
– **Brent surges 11% over week**
The price of a barrel of Brent crude, the international benchmark for oil, soared by 11 percent over the week to $103.14 at Friday’s close, while stocks slipped. Brent prices have rocketed more than 42 percent since US-Israeli strikes on Iran plunged the oil-rich Middle East into war.
– **Pushback on easing Russia sanctions**
The US Treasury Department said it would temporarily allow the sale of Russian oil that is at sea as energy prices soared, triggering pushback. The leaders of France, Germany, and EU chief Antonio Costa all spoke out against the idea. Russia’s economic envoy Kirill Dmitriev said that the global energy market “cannot remain stable” without his country’s oil.
– **Only 77 ships have traversed Hormuz: Lloyd’s**
Only 77 ships have so far crossed the Strait of Hormuz in March as the war disrupts one of the world’s most vital shipping routes, a maritime data firm reported Friday. Lloyd’s List Intelligence said most of these vessels belonged to the so-called shadow fleet — ships used to skirt Western sanctions and regulations, typically linked to Russia and Iran. It added that during the period of March 1 through 11 last year, around 1,229 vessels made the passage through the waterway.
– **20 ships attacked trying to transit Hormuz**
Twenty oil tankers and cargo ships have been attacked since the war began, according to AFP monitoring with British maritime security group UKTMO and other sources. But a Turkish-owned ship was able to cross the Strait of Hormuz with Iran’s permission, Turkey’s transport minister said.
– **Serbia, Portugal cut fuel tax**
Serbia’s government temporarily cut fuel taxes by 20 percent, with its energy ministry saying the excise duties on petrol and diesel would be reduced from Friday until April 15. Portugal also said it was renewing a temporary cut to fuel taxes, with officials adding that the cut would apply to petrol and diesel.
– **African nations have limited oil reserves**
Fuel shortages caused by the war could knock up to three percentage points off African economic growth if they persist, a top regional energy regulator told AFP on Friday. Most African countries have fuel reserves for just 15 to 25 days, compared to the International Energy Agency standard of 90 days, said Geoffrey Aori, CEO of the Regional Association of Energy Regulators for Eastern and Southern Africa. He called on African governments to introduce fuel rationing and subsidies to cushion the blow of inflation and weakening currencies in the short term.
– **6 million air passengers affected**
More than six million air passengers travelling to or from the Middle East have had their flights cancelled since the start of the war, according to the aviation data specialist Cirium. It said more than 52,000 out of 98,000 scheduled flights have been called off.
– **Nepal restricts cooking gas**
Nepal has started selling half-filled cooking gas cylinders to curb hoarding and panic buying, officials said, following import disruptions due to the war. The landlocked Himalayan nation of 30 million relies almost entirely on India for the transportation of its fossil fuel needs, and some 90 percent of India’s liquefied petroleum gas passes through the Strait of Hormuz.
– **Australia slams price-gouging**
Australia’s energy minister warned against “dangerous” price gouging of petrol as he relaxed rules on how much fuel companies needed to hold in stock in a bid to boost supply. The country, which relies on oil imports for fuel, has seen petrol prices spike due to panic buying.
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© 2024 AFP
