LONDON (Dow Jones)–Somalian piracy could spread further unless an onshore solution is found, the secretary general of the Organization of Petroleum Exporting Countries said in an interview published Tuesday.
Abdalla Salem el-Badri said in an interview with shipping daily Lloyd’s List that Somalian piracy would evolve into “a moveable industry,” threatening shipping beyond its waters in the absence of “a solution not only offshore but also onshore.”
However, in OPEC’s first official comments on piracy, el-Badri rejected the use of armed guards on tankers as potentially “very dangerous.”
Asked if he stood by his view that about 1 million barrels a day in Libyan output would come back on-stream within six months, El-Badri said he is “more confident of Libya production.”
On oil demand, the OPEC secretary general acknowledged economic stagnation in Europe and the U.S. were “a real concern” to OPEC. But he added that strong Chinese demand meant “we should not panic” and release sharp downgrades on growth estimates just yet.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
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