OPEC Daily Basket Price Reaches $78.03 a Barrel on Friday As of December 15, 2023, the price of the OPEC basket of 13 crudes was $78.03 per barrel, an increase from the previous day’s price of $76.77. The OPEC Reference Basket of Crudes (ORB) comprises a variety of crude oils from OPEC member countries, reflecting…
TotalEnergies Announces Plans to Invest $6 Billion in Nigeria in the Coming Years TotalEnergies has announced plans to invest up to $6 billion in Nigeria, the largest oil producer in Africa. The energy company intends to focus on deep-water projects and gas production, aligning with the trend among international oil companies (IOCs) that are shifting…
Two Drifting Survivors Rescued Following Cargo Ship Sinking Off Vietnam The crew of the cargo ship Gia Bao 19, which sank off the coast of Vietnam over the weekend, experienced an extraordinary stroke of good luck as all nine crew members, including two initially missing, were safely rescued. The incident occurred when the cargo ship…
Korea Chooses Pan Ocean’s Parent Company as Buyer for HMM Korea’s state-owned financial institutions have progressed in the ongoing process to privatize HMM (Hyundai Merchant Marine) by revealing that they have chosen the bid from the parent company of Pan Ocean, the Harim Group, as the preferred bidder to acquire control of HMM. The conclusive…
Vessel Attacked in Red Sea off Yemen Coast, U.S. Attributes Blame to Houthis On Monday, Yemen’s Houthi movement claimed responsibility for attacking two commercial ships in the Red Sea using naval drones. The Iran-backed group stated that the attacks were a response to Israel’s military campaign in Gaza. Houthi spokesperson Yahya Sarea identified the targeted…
Oil Surges Over 3% Following Red Sea Tanker Attack and Rerouting Concerns. Oil prices rose more than 3% on Monday as attacks by the Iran-aligned Yemeni Houthi group on ships in the Red Sea disrupted maritime trade and raised concerns about supply disruption. A Norwegian-owned vessel was attacked, leading oil major BP to temporarily pause…
Austin Joins List of U.S. Officials Visiting Israel as Biden Administration Advocates for Strategy Shift from Netanyahu As the latest administration official to travel to Israel in a growing spat between Israeli Prime Minister Benjamin Netanyahu and President Joe Biden over the increasing number of civilian deaths in Gaza, Secretary of Defense Lloyd Austin is…
Trump Plans to Appoint Loyalists to Reshape U.S. Foreign Policy on China, NATO, and Ukraine If Donald Trump were to secure a second term in office, it’s anticipated that he would likely appoint loyalists to key positions in the Pentagon, State Department, and CIA. According to nearly 20 current and former aides and diplomats, the…
Lars Sorensen Assumes Role as Senior Managing Director, Region Middle East at Hapag-Lloyd Starting on January 1, 2024, Mr. Lars Sorensen will assume the role of Senior Managing Director of Region Middle East, based in Dubai, UAE, at Hapag-Lloyd. He will be taking over from Mr. Dheeraj Bhatia, who, from the same date, will become…
Philippines, US, and Japan to Enhance Maritime Defense Capabilities Security officials from the three countries conveyed their concerns regarding China’s recent actions in the West Philippine Sea, describing them as “dangerous and unlawful.” The Philippines, the United States, and Japan have pledged to enhance trilateral defense and security efforts to “maintain a free and open…
