Australia To Ban Live Sheep Exports By Sea From May 2028
By Emily Cadman May 11, 2024 (Bloomberg) —Australia will ban the live export of sheep by sea from May 2028, and help those impacted by the decision to adjust, Agriculture Minister...
By Bill Lehane (Bloomberg) —
Earnings for oil tankers in the Middle East declined to the lowest level so far this year as the prospect of deeper OPEC+ production curbs darkened the outlook for the sector.
Freight earnings on the benchmark Middle East-to-China route declined by 21% on Friday to just $8,055 a day, according to data from the Baltic Exchange. That’s down by almost 90% since mid-June.
Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices. Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show.
More pain could be on the way for oil tankers. Russia has agreed with its OPEC+ partners on further cuts to its crude exports, according to Deputy Prime Minister Alexander Novak.
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