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Real-time News
September 8th - Billionaire Aliko Dangotes mega-refinery in Nigeria is operating at full capacity to maximize diesel and jet fuel supplies to Europe, capitalizing on soaring profit margins. Since the start of the war, Middle Eastern oil product supplies have plummeted, disrupting crucial diesel and jet fuel shipments to Europe, and Dangote has stepped in to fill the gap. Africas largest refinery reached full capacity shortly before the start of the US-Israel war against Iran on February 28th, enabling it to help compensate for the disruption in fuel supplies to Europe while profiting from the surge in earnings. This timing also demonstrates its profit potential ahead of its initial public offering on September 14th, the largest equity sale in Africa.On September 8th, Volker Treier of the German Chamber of Commerce and Industry stated that the setback in German exports in July stemmed directly from fluctuations in trade policy. Exports fell 0.8% month-on-month after five consecutive months of growth. He noted that a relatively weak global economy and increased competition are putting pressure on German exporters. However, exports to the US increased somewhat due to the Trump administrations announcement in July of a 10% tariff on EU imports. But Treier stated that the much-needed boost from an improved business environment for Germany and Europe has yet to materialize.On September 8, French Foreign Minister Jean-Michel Barrow announced that France would halt trade with Israeli settlements in the occupied Palestinian territories. France, along with the United Kingdom, Canada, Denmark, Spain, Finland, Ireland, Iceland, Norway, Poland, Portugal, and Sweden, issued a joint statement that day, committing to restrict trade with Israeli settlements. The joint statement said that the situation in the West Bank is rapidly deteriorating, with settler violence and settlement expansion reaching unprecedented levels. France, the United Kingdom, and Canada will propose national-level measures to ban trade with settlements. Barrow stated that France believes Israel must stop settlement expansion and related violence, and that France cannot support a situation that threatens the security of Israelis and Palestinians and regional peace and stability through trade. He also called on the European Union to take corresponding measures.On September 8th, British Foreign Secretary Ed Miliband announced in the House of Commons a shift in the UK governments Middle East policy and new sanctions against Israeli settlements in the West Bank. According to the measures announced by the British government, the UK will ban imports of goods from Israeli settlements in the West Bank and restrict British companies from providing certain services such as financing, construction, and advertising for new settlements.Geopolitical risks in the Middle East escalated sharply, causing WTI crude oil to surge past $92. A chart provides a quick overview of the pre-market conversion of domestic and international crude oil prices.
