BASIC & RECENT MARKET INFO

Highlights An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, which can load 3.3 million barrels of crude oil per day. No reason was given for the spill, but construction was on-going to expand the port's capacity by 145.000 barrles per day. Egypt will raise Suez Canal rates on Jan 1. 2023 by 15% for most vessels, but 10% for dry bulk ships (grain, coal, iron ore pellets, etc) and cruise ships. Egypt expects annual revenues to rise by US $700