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According to Irans Tasnim News Agency, the Iranian president said that his conversation with the Crown Prince of Abu Dhabi in the United Arab Emirates went well, and they agreed to put the past behind them.On September 13, the Crown Prince of Abu Dhabi met with Iranian President Pezehizian. This comes as Iran promotes an agreement that could allow more ships to pass through the Strait of Hormuz. This rare public discussion between the two major powers occurred during the BRICS summit. Meanwhile, Oman is seeking to bring the Gulf Cooperation Council (GCC) together with Iran to discuss this crucial chokepoint for global energy exports. Iran stated it would brief Gulf states on a new agreement on Monday, but emphasized that any agreement would not equate to a full reopening of the Strait of Hormuz, and that Iran would have a say in which ships could pass. The meeting has not yet been confirmed, and Bahrain has ruled out its attendance, citing recent Iranian-backed attacks on targets in the Gulf region. According to the UAEs official news agency WAM, the Crown Prince of Abu Dhabi and Pezehizian stressed the need to de-escalate tensions, promote de-escalation, and strengthen regional stability.On September 13, Russian Presidential Press Secretary Dmitry Peskov stated in New Delhi, in response to media questions, that the possibility of resuming trilateral negotiations on the Ukraine crisis in October could not be ruled out. This followed comments from Jared Kushner, President Trumps son-in-law, who stated that the US, through meetings in Moscow and Kyiv, had gained a clear understanding of what could lead to a long-term solution to the conflict. Furthermore, Kushner claimed that some new ideas emerged after the meetings and could be discussed at the upcoming trilateral summit.September 13 (Reuters) - Saudi oil buyers and traders say that if Saudi Arabia cannot restart its main pipeline to the Red Sea within days, its oil reserves for exports will run out, resulting in a global supply loss of up to 4%. A further decline in Saudi oil flows will exacerbate global supply tensions, a problem that has already driven global fuel prices to record highs, triggering inflation worldwide and pushing US Treasury yields to their highest levels since the 2008 financial crisis. Sources gave varying estimates, with one saying repairs could take five to six weeks, while another suggested faster repairs and the possibility of partial resumption of oil transport during the maintenance period. Additionally, according to three industry sources familiar with Saudi exports, Yanbus current reserves can only sustain exports for five to seven days with the pipeline outage. A fourth source said Saudi Arabia can also supply customers for several days from the Red Sea port of Ain Sokhna and the Mediterranean port of Sidi Kelir. Industry estimates suggest that Yanbu has a storage capacity of approximately 35 million barrels, while Ain Sokhna and Sidi Kelir have storage capacities of 18 million and 20 million barrels respectively.On September 13th, South Koreas Minister of Trade, Industry and Energy stated on Sunday that South Korea will hold further talks with the United States early this week to finalize details of Seouls proposed $350 billion investment commitment to the US. As part of the broader $350 billion investment commitment, a $200 billion strategic investment cap (including a $20 billion annual cap) has already been agreed upon and will remain unchanged. The two sides are close to reaching an agreement on many issues, but several matters remain unresolved. This weeks talks will be conducted via video conference.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."


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