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A ceasefire negotiated for repairs to the Zaporizhzhia Nuclear Plant has been implemented
The IAEA announced that a local ceasefire brokered by it took effect Saturday in order to allow repairs at the Zaporizhzhia nuclear power plant, controlled by Russia, to be made to restore external power. Since August 20, the plant has been relying on diesel emergency generators to cool vital safety systems. The U.N. Nuclear Watchdog said that if power is not restored to the facility or additional fuel cannot be delivered, a blackout could occur within days. IAEA stated that Ukrainian technicians would begin working on the damaged Ferosplavna electric line after demining the area. In the first weeks following the outbreak of war in Ukraine, 2022, Russian forces captured the largest nuclear power station in Europe, the?plant. Alexei Likhachev, Rosatom's chief executive officer, said that on Saturday morning a temporary ceasefire was in place around the plant. This would create the conditions necessary for repair work. It is expected to last a week. He stated that restoring the Ferosplavna power line does not guarantee the?resumption of external energy supplies to the plant. He said that another 'power line' had been repaired by July 23, but it had not yet been reconnected due to a lack of action from the Ukrainian authorities. Ukraine has not commented publicly on the reported ceasefire, or Likhachev’s remarks. Both Moscow and Kyiv accused each other of military actions that compromised nuclear safety during the war.
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Zagreb waste cleanup delays prompt tens of thousands to protest
On Saturday, tens of thousands of protesters gathered on the central square of Zagreb to demonstrate against the failure of the government to begin cleaning up the more than 30,000 tonnes of waste that have accumulated in central Croatia. Environmentalists claim this is polluting drinking water in the area. The protest was one of the largest in Croatia for several years. It was called "Walk for Lika", named after the mountainous area where the wastes are stored. Last year, authorities discovered between 34,000 to 37,000 tons at a site in the Lika region of Croatia, near the town of?Gospic. Much of this waste was?imported in 2023 or 2024 from Italy. The government promised to clean up the area, but environmental groups claim that little progress has been achieved. Environmentalists claim that the waste, including medical waste and other 'industrial waste', is contaminating Lika, an 'area known for its vast areas of unspoiled natural beauty. They accuse government of being too slow to remove the waste. The protesters held banners that read: "Stop the Destruction of Croatia", "Nature does not forgive" and "The Lungs of Croatia can no longer breathe". "We're not satisfied with the response of the government." Verica Jurnjak said that the site should have?been cleaned up long ago. It is sad that no one cares for our children or their future. Andrej Plenkovic, the Prime Minister of Serbia, visited Gospic Wednesday. He said that the government has selected a contractor to carry out the first phase?cleanup's removal of waste from the site. The protest was also attended by Croatian actor Rade Serbedzija. He is internationally recognized for his roles in Hollywood movies such as "Snatch", "Mission: Impossible II" and others. "I'm here because I have to be." He said that it was our duty to defend our country. It is an outrage that this has happened, and someone needs to be held responsible.
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Gas prices in the US hit record highs for Labor Day Weekend
The war in the Middle East is still driving up energy costs. Americans are facing record high gasoline prices for Labor Day Weekend, just as midterm Congressional election campaigns begin. Patrick De Haan, GasBuddy analyst, says that the national average gas price is likely to reach $4.03 per gallon on Labor Day. This will be a significant increase over the previous record of $3.83 set in 2012. De Haan, in a blog post, wrote that "Gasoline is not at all-time highs, but it's at the highest level ever recorded for this late in the year. This means Americans may see the first national average gasoline price above $4 per gallon at Labor Day." According to GasBuddy, the national average gasoline price was $4.13 per galon on Thursday. This is up almost a dollar compared to last year's price. Analysts claim that $4 per gallon can be a problem for consumers. The price of gasoline, one of the most visible indicators of economic health for U.S. citizens, can have a significant impact on the perceptions that consumers hold about the economy. Prices have been hovering around $4 per gallon for most of the year. This has caused President Donald Trump's?Republican Party to be concerned. Trump has promised to reduce energy costs. He has intensified his criticism in recent weeks of fuel retailers and refiners, accusing them to profit from high pump prices. Trump stated on August 14 that Americans should be prepared to pay a 'tiny bit more' for gasoline in order to prevent Iran from obtaining a nuclear weapon. Labor Day is often the last summer vacation for many Americans. Many people travel by car or plane. The price of gasoline has risen along with crude oil prices. This week, the price of crude oil jumped over $90 per barrel following renewed military action between Iran and the U.S. The price of distillates (which includes diesel and heating oil) has also increased. This is due to the ongoing attacks against Russian refineries, which have raised concerns about possible supply disruptions. Crude oil and retail fuel prices typically move in the opposite direction, because crude feedstock is a major cost for the production of fuel. DRIVERS CUTTING BACK Randi?O'Brien said, "It's totally out of control" while filling her truck up at a 'Phillips 66' near Evergreen in Colorado. Colorado, Utah, Idaho Montana, Wyoming and North Dakota are among the states that have seen the most dramatic price increases since the start of the war. California, Hawaii and Washington have the highest average gas prices in the country. O'Brien said that she could only afford to pay $15 for gas at the moment. She drives 40 minutes each way round-trip every day to her job at Home Depot. She partly blames the high prices on an increase in crude and fuel exported from the U.S. after the start of Iran's war. This prompted countries to look to America for their fuel supply. According to the U.S. Energy Information Administration, refined products exports have increased by more than 10% since last year. She said, "We are sending our fuel to other countries even though we have it here." O'Brien’s struggles have been echoed by motorists in the U.S. Madison Moore, a 28-year-old Houston resident, said that she had to cut back on her Labor Day plans because the cost of a simple grocery trip was increasing and household budgets were already stretched. It used to be so easy to load up the car and drive to Galveston, out to the beach for a cookout. Moore, who was filling up his car at a Shell station in Houston, said that people "don't want" to move around like this anymore. "You'd think that our government could do a little more for its people when they actually need it." NO WIGGLE ROOM Kuan Dosmuratov is a research analyst with Wood Mackenzie. He believes that the main reason for persistently high gas prices is a lack of supply. The fear of disruptions in energy shipments across the Strait of Hormuz has pushed up crude prices as well as refining margins. Attacks on Russian refineries have also impacted fuel inventories. There are currently few levers available to increase fuel supply. The U.S. refinery is currently operating at 98% utilization, the highest since 2018. The Jones Act waiver has been extended by the government, making fuel shipping between U.S. port ports easier. Washington has also terminated the summer blend gasoline requirement early in an attempt to limit prices. The Energy Information Administration reported on Wednesday that U.S. gasoline stocks fell by 1.2 millions barrels to 205.7 million last week. The Energy Information Administration reported that the U.S. gasoline inventories fell by 1.2 million barrels last week to 205.7 million barrels. Other refined products are also seeing a sharp rise in price. U.S. Diesel prices have reached a record high this week, while AAA predicts that air travel over Labor Day will cost 20% more than it did a year ago. Tom Kloza said, "The public isn't obsessed with diesel, but I think there is a greater than even chance of retail numbers surpassing the all-time high of $5.82 per gallon by June 2022." It's a worrying future.
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US Embassy issues health alert to Cuba amid oil blockade and sanctions
The U.S. Embassy in Havana has issued a health alert for Cuba, warning residents and travelers of a rise in diarrhea and intestinal illness due to a 'failing electricity and water supply.' This is happening as the Trump Administration continues to halt fuel shipments that are necessary for the power generation in Cuba. The alert said that the U.S. Embassy had noted an increase in diarrheal illnesses across Cuba. This was associated with the continued degradation of Cuba's water and energy infrastructure. This degradation affects the water supply and food storage, as well as temperature control. The U.S. alert comes nine months after Trump's administration imposed a fuel?blockade on communist-run Island, contributing to an increase in power?cuts as well as complicating refrigeration measures and sanitary measures for homes and businesses. U.N. human rights experts called the Trump fuel ban a 'violation of international law. In August, a team of U.N. scientists?warned that the U.S. had tightened its sanctions on the island and increased the risk of disease outbreaks. The experts warned that "the humanitarian consequences have already exploded into a crisis that threatens the rights to life, health, food, and development." Trump's administration claims that sanctions are needed to force a?change in the island's governing body, an aim the U.S. has had for decades following Fidel's revolution of 1959. Trump has called Cuba an?threat' to national security in the United States. Residents in Cuba have been complaining of a rash of illnesses that cause diarrhea, fever, and body aches for several days, leaving them bedridden. In the Caribbean, it is difficult to sleep without an air conditioner or fan, and food preservation is impossible without refrigeration. The U.S. blockade of fuel has led to widespread blackouts lasting days. The U.S. health alert issued on Friday warned?travelers to Cuba and residents to be "cautious" of "perishable food that has been improperly stored." It also cautioned against eating foods that have appeared to be sitting at room temperature.
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Stocks and yields rise after a solid US jobs report
Treasury yields and the dollar rose, while stocks fell ?on Friday after stronger-than-expected U.S. job growth data boosted bets on a September interest rate hike by the Federal ?Reserve. The three major U.S. stock indexes all ended the day lower, in a widespread selloff before a 'three-day holiday weekend. Global stock index also declined. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. The economists polled predicted an increase of 56,000. This was after the previously reported decline of 23,000 jobs in July. The unemployment rate remained unchanged. The yield on two-year Treasuries, which is particularly sensitive to changes of monetary policy and was the last increase 4 basis points, at 4.37%, led this rise. The yield briefly reached a high of?4.4246%. This was its highest level since January 2025. The yield on Treasury 10-year notes increased by nearly 2 basis points to 4.78% after peaking at 4.812%. Bret Kenwell is a U.S. Investment Analyst at eToro, New York. He said investors would pay close attention to the consumer price report next week ahead of Fed's mid September decision. Short-term interest rate futures indicated that there was a 64% chance of a Fed hike in September, compared to 55% just before the jobs report. In New York's afternoon trading, this had dropped to 57%. The producer price inflation data will be released on Thursday and the consumer price inflation report will be published next Friday. Economists predict that the core CPI will ease from 2.5% to 2.4% over the course of the year. OIL PRICES, DOLLAR-UP The renewed attacks on the U.S. - Iran war this week has sparked a rise in oil prices and added to concerns about rising costs. The oil prices increased and finished higher for the entire week. Brent crude futures ended the week at $92.68 per barrel, an increase of 76 cents or 0.8%. West Texas Intermediate crude finished at $91.48 per barrel, an increase of 18 cents or 0.2%. Brent crude increased 7.6% this week, while U.S. Crude gained almost 10%. This is because the Middle East remains a difficult place to supply oil due to the ongoing war. Adobe's 6.7% drop after its announcement that Anil Chakravarthy, an insider, will succeed long-time CEO Shantanu Narayen. The Dow Jones Industrial Average dropped 271.86 points or 0.51% to 53,414.25.?The S&P 500 declined 29.11 points or 0.38% to 7,718.60, and the Nasdaq Composite was down 77.07 or 0.29% to 26,506.99. The MSCI index of global stocks fell by 1.09 points or 0.09% to 1,153.65. The pan-European STOXX 600 Index?rose by 0.12%. Dollar jumped following the jobs data, but lost some of its initial gains. The dollar index, which measures the greenback versus a basket including the yen, the euro and other currencies, rose by 0.21% at 99.17. However, the euro fell 0.12% to $1.1611. The dollar gained 0.26% against the Japanese yen to?156.19. The yen is surging this week as traders bet on more or quicker Bank of Japan interest rate increases. It's testing the 155.21 mark, which was last month's high following U.S.-Japan interventions. It will then reach its highest level since May 6 if it manages to break through this barrier. Spot gold dropped 1.2% to $4.419.09 an ounce.
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A Mexican lawmaker from the ruling party was found dead, with a gunshot wound a year prior to elections
By Lizbeth Diaz MEXICO CITY - On Friday, September 4, a member of Congress of Mexico's ruling Morena party, was found dead in Veracruz, an eastern state, from a gunshot wound. This happened a little more than a year before local and federal election. Zenyazen Escobar, a federal lawmaker representing the coastal state - home to many of the oil complexes in the country - was found dead with at least one bullet wound inside his vehicle. Lisbeth Lisbeth told reporters that the investigation file was being prepared, without providing any further details. Ricardo Ahued said that the vehicle of the legislator showed no signs of violence. Mexico's lower chamber of Congress sent condolences Escobar's friends and family, and asked judicial authorities to "conduct a thorough investigation into the fact." The death happened as the country prepares for elections to be held on June 6, to renew positions in mayoral, state legislative, city council, and gubernatorial offices. During previous elections, violence was linked to organized criminal groups that sought to control political figures by co-opting them. Data Civica reports that in just one month, there were 30 "political criminal violence" incidents in 11 states of Mexico. Of these, 14 were homicides. Zacatecas had the most cases, followed by Michoacan and Quintana-Roo with four cases each, Oaxaca with three, and then?Baja California,?Veracruz and 'Baja California, each with two. Data Civica defines political-criminal violent as threats, murders and armed attacks. It also includes assassination efforts, kidnappings, disappearances and assassination tries. The national?electoral?body INE has warned organized crime is a serious concern for democratic processes. According to INE, in the past, court rulings documented the presence of armed individuals who attempted to intimidate the public or 'coerce them into voting a particular way.
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Brazil Government projects $4.4 billion in revenue from the extra pre-salt auction by 2027
According to the annex of the budget bill submitted to Congress, Brazil expects to earn?22.4 billion (US$4.4 billion) in revenue from a pre-salt oil auction in 2027. This is a source of income that will be crucial in achieving Brazil's goal to post its first primary surplus since years. The government of Luiz inacio da Silva, who is seeking re-election this October, has projected an 18,6 billion reais surplus for next year. This would be equivalent to 0.13 percent?of the gross domestic product. It would be the first primary surplus for Brazil since 2022 if it is achieved. Officials from the government claim that the results of 2022 were distorted because part of the court-ordered payments by the government had been postponed after Jair Bolsonaro approved an amendment to the constitution capping these expenditures, which Lula later reversed. Dario Durigan, the Finance Minister, has stated that Lula would leave the next administration, regardless of the results, with a budget balanced and free from additional measures that require Congress approval. The auction of pre-salt oil in an offshore area off Brazil will, however, be crucial to achieving the fiscal target as the expected proceeds are greater than the primary surplus projected. Unnamed government officials confirmed that the money would be collected. A second source with knowledge of the plan said that the planned operation would include 'the sale of future revenues tied to the Federal Government's share of oil production. The government expected to earn?31 billion from an extraordinary pre-salt sale earlier this year. However, that estimate was scrapped by the end of May. The government claimed that the TCU federal audit court had questioned the model of selling federal government rights in the pre-salt area, and therefore it was necessary to remove projected revenues "until oil disposal model is properly implemented."
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Nigeria's SEC has approved a Dangote Refinery IPO worth $1.6 billion
The Nigerian Securities and Exchange Commission has approved the initial public offering (IPO) of 'Dangote Group Refinery's business.' This is Africa's largest-ever share sale. According to the statement, the IPO could raise up to 2.15 trillion ($1.63billion) if it is fully subscribed. The company plans to sell 4.1 billion shares of ordinary stock at 525 naira each. The terms were first announced on Friday. The listing will test the appetite of investors for one of Africa's most ambitious projects. The 650,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has transformed Nigeria's fuel market and emerged as a ?major beneficiary of supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe. According to calculations, the SEC has registered 120.13 billion shares of ordinary stock in the refinery company. This implies a value of approximately $47 billion. The company stated that "with SEC approval secured, the refinery will embark on a historic offering which could broaden investor participation significantly in one of Nigeria’s most transformative industries ventures." Sources with knowledge of the issue said that the order book would open on the 14th September, which is in line with the timeframe set by Aliko Dangote - the majority shareholder of the group - on Thursday. Dangote Group refused to comment on when the offer was made. The refinery's major shareholder has raised cash to fund a planned doubling in capacity to 1.4million barrels per day. They have already secured a 400 million dollar underwriting commitment. Two sources from the company said that a formal signing ceremony will take place next week to launch the deal. AFRICA'S RICHEST MALE Market participants claim that the rapid growth of the refinery has helped to fuel investor interest in this share sale. First source: The IPO 'will include a greenshoe option that allows it to sell up to 15% more shares if the demand exceeds the supply. A private placement made in July showed a refinery's valuation at $40 billion. However, some analysts and investors say that this is high compared to other listed oil refiners. Tupras in Turkey, which has a similar refinery capacity across?four locations, has a?market?value of around $12 billion. Meanwhile, HF Sinclair of New York, with a capacity of approximately 678,000 bpd is valued at $16 billion. Aliko Dangote said at a Botswana business meeting on Thursday that he wanted to turn the refinery - which doesn't disclose financial details - into a company with a profit before tax, interest, depreciation, and amortization of more than $12 billion. Dangote is Africa's richest person with a net-worth estimated between $31 billion to $35 billion. He said he wanted investors across the continent, including Nigerian investors, to "participate" in the offering. This is not a Nigerian listing. In his Botswana address, he stated that it was an African listing and we would pay everyone, including Nigerian listings, in dollars.
The U.S. uses an Iranian smuggling technique to sneak oil from the Gulf
US military has conducted a number of secretive oil transfers between ships to maintain Gulf energy exports. They have used aerial and water drones, as well as helicopters, in an operation that guides convoys to waiting tankers. The US military operation near the Strait Of Hormuz uses a technique that Iran has long used to avoid sanctions.
Eleven people with knowledge of the operation identified two specific locations for the oil transfer - one off Fujairah, in the United Arab Emirates, and the other off Sohar's port in Oman.
According to satellite images and shipping data, the transfer began in early May. At least 116 vessels were involved. Satellite imagery shows that as recently as Tuesday morning 12 pairs of ships were seen side by side in the Gulf of Oman. Eight of them off the coast of Sohar, Oman, and four near Fujairah. Images from last week show that on June 11, the activity peaked and 17 pairs of vessels were seen simultaneously transferring oil at both sites. Four sources, including an ex-U.S. official who was aware of the attack, said that the Apache helicopter shot down by Iran on the 9th, which sparked retaliatory U.S. bombings, played a role in the mission. Six pairs of tanker vessels were grouped together on satellite imagery in a small area near the port of Sohar, the day that the Apache helicopter was shot down.
Could not confirm the role of the Apache in the operation. A U.S. Defense official responded to questions by saying that no Central Command forces were involved in the offshore ship-toship oil transfer operations. U.S. officials confirmed that a drone boat rescued both crew members.
Previously, the Apache's involvement in the operation, the extent of the transfers and how they operate, as well as the Apache's role, had not been reported. Centcom was contacted by the White House. The Iranian government has not responded to inquiries about the transfer operation. These two locations, located in the Gulf of Oman, near the exit of Strait of Hormuz are very close to the borders drawn by the Persian Gulf Strait Authority. This is a new Iranian body established to manage the Hormuz Strait. The Islamic Revolutionary Guard Corps may use drones and missiles to attack ships that do not comply with Iran’s orders. Fujairah has experienced repeated Iranian attacks during this U.S. led operation. According to British maritime risk management company Vanguard, a "unknown projectile", which struck a tanker near the coast of Oman, hit 'this past weekend. Vanguard stated in a press release that the crew was safe, and the impact had caused some cargo leakage but not environmental damage. The statement did not say whether the tanker had been involved in a transfer from ship to ship. Iran's response to the U.S./Israeli conflict was to effectively close the Strait of Hormuz. This is where roughly a fifth of the world's oil consumption passes. This caused the largest global energy disruption in history, and sparked inflation all over the world. Ship-to-ship transfers are part of Trump?administration efforts to restore normal oil flow from the Gulf, even though they're risky and inefficient. Donald Trump, the U.S. president, said that Friday would be the reopening of Strait of Hormuz under a framework agreement with Iran announced earlier this week. Details are still vague. It was not possible to determine if the announced agreement had affected oil transfers. An investigation published on May 20 revealed that Iran had established its own system to guide ships through the Strait. This involved island checkpoints and diplomatic deals, as well as sometimes fees.
STAGGERED Departures and Waypoints
Eight sources confirmed that the U.S. Military is in full control of the American transfer operations, including the private security contractor involved with the transfers.
According to satellite imagery and one source, tankers are required to sail to a rendezvous point before reaching the strait. They then stagger their departures to be around 3,000-4,000 meters apart. Four sources claim that their transponders and lights have been dimmed.
One source said that the Americans "are obviously?watching" you at all times.
The oil transfer begins when the tankers pass through the Strait just beyond the zone Iran has designated as its own. Many of the ships are Very Large Crude Carriers (VLCCs). The oil transfers take anywhere between 24 to 40 hours. The VLCCs are then loaded and sail through the Strait.
This ship-to ship operation is possible because a few shippers are willing to navigate their vessels through this strait in order to deliver oil to waiting tankers despite the Iranian ban.
The operation is dangerous. Noam Raydan is a Washington Institute senior fellow who specializes on maritime risk. He reviewed the findings.
Iran has used the ship-to-ship method for years in order to avoid sanctions because it hides the source. Iran usually operates one pair of vessels at a given time to avoid detection, and also because its exports before the war were small. The U.S. led operation, which involves massive transfers, provides Gulf producers with better protection against Iranian retaliatory strikes so that they can move crude oil, condensate, and petroleum products to foreign buyers.
The review included more than 12 satellite images, taken between 2 May and 11 June. These showed ship-to-ship transfers that involved state-owned Gulf oil tanker fleets as well as international vessels receiving the?oil. LSEG and Kpler data on shipping reviewed by revealed that tankers in the region met up repeatedly during the same time period.
Based on imagery up to June 11, it is estimated that 90 million barrels or petroleum products have likely moved through the offshore system since early May.
Based on the tankers carrying capacity, the volumes are still low compared to pre-war levels of approximately 20 million barrels per day that were passed through the Strait.
Michael Froman wrote in a Friday note that "as the old rules are weakening, it is ironic that America now takes a page from the playbook used by China, Russia and North Korea. Their so-called dark fleets pioneered this technique precisely to evade U.S. sanctions and UN sanctions." He was referring the practice of sending vessels through the strait with no transponders. Trump made this comment in his comments on June 10, after the downing the Apache.
Six sources who had direct knowledge of the operations said that the U.S. supported the?participating ships through a combination aerial surveillance, compliance screening, and monitoring instead of naval escort. No evidence was found that U.S. personnel were directly involved with the transfers.
A review of shipping records shows that international tanker operators dominate the receiving side of the operation. Dynacom Tankers, a Greek company, has spoken of its attempts to find innovative ways to ship oil across the strait ever since the conflict began on February 28, 2008.
George Procopiou (founder of Dynacom) told the Capital Link Shipping Conference in Athens on June 1 that "freedom of navigation" is essential. No one can impose any tolls, or other burdens. He said, "We're here to serve and Greece has a tradition of breaking blocksades since ancient times." "I won't go into details, but the hints should be enough for you to get my meaning."
Dynacom has not responded to an immediate request for comment about the U.S. operations.
A maritime source said, however, that the new system poses?its own risk to their industry.
The source for maritime security said that there was a lack of reliable data. Transponders that communicate the location of ships are turned off and companies do not report through the usual reporting centers. This increases the risk of collisions between ships traveling at night without lights at speeds which make maneuvering difficult.
Four sources with knowledge of the arrangements have confirmed that operators seeking to access the system must undergo a compliance assessment process before they are allocated transit window. This process involves submitting information to the U.S. Navy’s Naval Cooperation and Guidance for Shipping Office in Bahrain.
Two preliminary documents of compliance reviewed by? Operators were required to provide geospatial track histories, beneficial ownership disclosures, cargo documentation, and be willing to allow cargo testing.
Upon approval, the participating vessels will be assigned transit windows and remain in touch with the U.S. Military Office in Bahrain during the entire voyage. According to the shipping records examined by, Emirati exports make up a significant portion of the U.S. transfers. According to six of the sources, UAE's national oil company ADNOC was among the most active participants.
Kuwait Oil Tanker Company is also involved in the transfers. TankerTrackers.com reports that 2.3 million barrels were siphoned off one of their ships on the coast of Sohar, June 6, which was one of the busiest transfer days. Five days later, the receiving ship Sea Ruby was seen off India's south-west coast, bound for China where cargo was to be discharged.
Requests for comments from the UAE government, ADNOC, and Kuwait Oil Tanker Company were not answered.
Raydan said, "I do not see a solution permanent to all this." "This is only a temporary fix in these exceptional times."
(source: Reuters)