Paris (France) (AFP) – Here are the latest economic events in the Middle East war on Friday:
– **US lifts Russia restrictions**
The US Treasury Department said it would temporarily allow the sale of Russian oil that is at sea, as energy prices soared after US-Israeli strikes on Iran plunged the crude-rich Middle East into war. 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.
– **Oil up, stocks down**
Brent rose back above $100 a barrel on Friday while European and US stocks mostly fell.
– **Only 77 ships have traversed Hormuz: Lloyd’s**
Only 77 ships have so far crossed the Strait of Hormuz in March as the Mideast 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. Lloyd’s List Intelligence noted that during the period of March 1 through 11 last year, around 1,229 vessels made the passage through the Strait of Hormuz.
– **20 ships attacked trying to transit Hormuz**
Twenty oil tankers and cargo ships have been attacked since the war began with US-Israeli strikes on Iran on February 28, according to AFP monitoring with the British maritime security group UKTMO and other sources.
– **Iran allows Turkey ship to cross Hormuz**
A Turkish-owned ship was able to cross the Strait of Hormuz with Iran’s permission, Turkey’s transport minister stated.
– **Serbia cuts fuel tax by 20%**
Serbia’s government temporarily cut fuel taxes by 20 percent as countries around the world grapple with surging oil prices. The energy ministry announced that the excise duties on petrol and diesel would be reduced from Friday until April 15.
– **Portugal cuts fuel taxes**
Portugal announced it was renewing a temporary cut to fuel taxes to limit the impact of the soaring price of oil due to the war in the Middle East. The government said the cut would apply to petrol as well as diesel.
– **African nations have limited oil reserves**
Fuel shortages caused by the war in the Middle East 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, Geoffrey Aori, CEO of the Regional Association of Energy Regulators for Eastern and Southern Africa, told AFP. 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 cancelled.
– **Nepal restricts cooking gas**
Nepal has started selling half-filled cooking gas cylinders to curb hoarding and panic buying, officials said, following import disruptions caused by 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 since the outbreak of the war.
– **Dubai finance district hit**
A building in Dubai’s financial district was hit by debris from an intercepted attack Friday, witnesses reported. On Wednesday, US banking giant Citi, consultancies Deloitte and PwC, as well as other firms closed their offices or told employees to leave, mainly in the Dubai International Financial Centre (DIFC).
– **Drones near Iraqi oil field**
Two drones fell near a major southern Iraqi oil field, hitting communications towers near the Majnoon site, without causing casualties or material damage, oil ministry officials told AFP. The oil field had already paused operations prior to the incident.
© 2024 AFP
