Seven coalition members have pledged supply curbs totaling about 900,000 barrels a day this quarter, in tandem with a 1 million-barrel reduction by group leader Saudi Arabia.

Since the start of 2024, the wholesale cost of fuel delivered to northwest Europe has jumped by 12% to just over $116 a barrel.

Under the deal, Fujitsu will provide Japanese businesses with its warehouse management system (WMS) services while YE Digital will offer its MMLogiStation warehouse automation tool to Japanese logistics companies.

Despite the diversions, lots of tankers — many hauling Russian oil — continue to ferry barrels through the waterway. 

Farmers have been choking roadways across the country to protest higher production costs, stringent regulations imposed from Brussels and what they call unfair competition from abroad.

South African companies need to reduce their reliance on supply chains affected by conflict and prioritize domestic sourcing, production and distribution, PWC said.

While the White House is monitoring the discussions, there’s no indication yet of what steps the Biden administration would take in response to complaints about Boeing.

Mohamed El-Erian, the former CEO of the investment management firm PIMCO, warned that shipment disruptions caused by Houthi attacks could cause shipping costs to increase while hindering global economic growth.

The California-based oil giant is working with naval authorities in the U.S. and Middle East to move its cargoes through the region, said CEO Mike Wirth.

Michelin suspended shifts at Spanish plants during the weekend of January 13 due to raw material delivery delays that arrive by sea from Asia.