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Sunday, February 28th, 2021
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Trade

U.S. sells illicit Iranian fuel, another seized cargo on the way

A general view of Abadan oil refinery in southwest Iran

REUTERS, FEBRUARY 11, 2021 WASHINGTON (Reuters) – The United States has sold more than a million barrels of Iranian fuel seized under its sanctions program last year, a Department of Justice official said, as another ship with intercepted Iranian crude oil sails to a U.S. port. The seizures are part of Washington’s tough economic sanctions on Tehran imposed over its …

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Fury as exports from UK to EU plummet 68%

Lorries queue in at the border control

REUTERS, FEBRUARY 7, 2021 LONDON (Reuters) – Exports from Britain to the European Union fell by 68% in January as trade was disrupted after the end of a transition period following Britain’s departure from the European Union, according to a trade body representing hauliers. The government did not confirm the data and said disruption at the border had been minimal …

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A Huge Number of Oil Supertankers Are Pointing at China’s Ports

Oil tankers at sea. Sunset

BLOOMBERG, FEBRUARY 6, 2021 Number of supertankers signaling China highest since July | Armada bound for nation is very high for the time of year By Bill Lehane and Alex Longley for Bloomberg – Is China piling into the crude oil market again? A snapshot of where the world’s supertankers are headed suggests it may well be. The number the vessels sailing toward …

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A Month on From Brexit, U.K. Firms Are Being Slowly Ground Down

Truck. Border gates. Parking lot

BLOOMBERG, JANUARY 30, 2021 Trade reset has hit trucking firms, banks, consumers, farmers | Full effects from leaving European Union may take years By Lizzy Burden for Bloomberg – Truckloads of British pig meat waiting to be shipped to Germany and stuffed into bratwursts perished at U.K. ports this month while stuck in line for customs clearance.It’s a story that barely …

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Corpus Christi Gears Up for More Oil Exports to China Despite Virus

Oil tanker

BLOOMBERG, JANUARY 26, 2021 Corpus Christi customers adding storage to prepare for rebound | Port eyes potential futures contract based in Corpus Christi By Sheela Tobben for Bloomberg – America’s main oil-export hub sees demand picking up from China this year even as a resurgence in the coronavirus clouds the outlook for consumption in the world’s biggest importer. Texas’s Port of …

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Biden’s ‘Insult’ Sees Alberta Leader Urging Trade Retaliation

Large green sections of oil pipe

BLOOMBERG, JANUARY 21, 2021 By Alan Levin and Keith Laing for Bloomberg – The leader of Canada’s oil heartland called President Joe Biden’s decision to cancel the Keystone XL pipeline project an “insult” and urged Prime Minister Justin Trudeau to consider retaliation. “This is a gut punch to the Alberta and Canadian economies,” Alberta Premier Jason Kenney said in a press conference Wednesday. …

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Germany warns of border closures amid fear of COVID-19 mutations

People wear face masks as they walk past a bus

REUTERS, JANUARY 19, 2021 BERLIN (Reuters) – German Chancellor Angela Merkel warned that Germany may need to consider border crossing curbs if other European countries do not act to halt the spread of the coronavirus, particularly its new, more transmissible variants. “We can do anything we like, but we will not succeed if others are not working in parallel,” Merkel …

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France wants suspension of ‘poisonous’ U.S.-Europe trade spat

REUTERS, JANUARY 17, 2021 PARIS (Reuters) – The European Union and the incoming administration of U.S. President-elect Joe Biden should suspend a trade dispute to give themselves time to find common ground, France’s foreign minister said in remarks published on Sunday. “The issue that’s poisoning everyone is that of the price escalation and taxes on steel, digital technology, Airbus and …

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US bans all imports of cotton and tomato products from Xinjiang, on allegations of forced labour

Chinese flag. Barbwire

REUTERS, JANUARY 13, 2021 US companies annually import around 1.5 billion garments containing Xinjiang cotton, representing sales of more than US$20 billion, a watchdog group says WASHINGTON (Reuters) – The Trump administration announced an import ban on all cotton and tomato products from western China’s Xinjiang region on Wednesday over allegations that they are made with forced labor from detained …

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Vaccination passports are ‘inevitable,’: No Travel Rebound Till Third Quarter

Man putting fuel into a jet

BLOOMBERG, JANUARY 13, 2021 Vaccination passports are ‘inevitable,’ says Vitol’s Muller | Oil demand to rise by 6 million barrels a day this year: Vitol By Verity Ratcliffe and Anthony Di Paola for Bloomberg A return to pre-pandemic levels of oil demand will hinge on jet-fuel use, which is unlikely to recover until the third quarter of the year, said Mike Muller, head …

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