The attack on Saudi Arabian oil infrastructure over the weekend has shut down around 6m barrels per day of output, equivalent to around 60% of Saudi Arabia’s total output and 6% of total crude oil output worldwide.
Brent prices jumped at the open today, the biggest intra-day surge since trading began in 1988.
Singapore’s Eastport Research & Strategy warned today that the immediate losers in shipping from the attacks could be owners who have invested in scrubbers.
Posted on - 2019-09-16Extreme events linked to climate change, such as the heatwave in Europe this year, are occurring sooner than expected, an ex-chief scientist says.
Prof Sir David King says he's been scared by the number of extreme events, and he called for the UK to advance its climate targets by 10 years.
But the UN's weather chief said using words like “scared” could make young people depressed and anxious.
Posted on - 2019-09-16Small island developing states (SIDS) need urgent help. After a visit to Abaco and Grand Bahama in the Caribbean last week, Saint Lucia’s Prime Minister, Allen Chastanet, returned to deliver a keynote address at the United Nations’ European headquarters in Geneva to open the first United Nations Trade Forum on 9 September.
His message: “Our extinction is imminent.”
“The climate crisis has taken away from us the ability to control our own destiny,” Mr. Chastanet told a gathering of the trade and international community.
“There are not many more storms that we can sustain and remain viable. Therefore, the urgency is now for us to be able to build resilience.”
Posted on - 2019-09-15