VIOLATION OF EU SANCTIONS

Litasco, the vast nebula

In recent years, the Russian trading company, Litasco, has been involved in various transactions and scandals on the African continent. One notable instance is the supply of lower-quality products to Nigeria via MRS Oil Nigeria plc in January 2022, resulting in fuel problems in the country.

More recently, in September 2023, Litasco extended a loan facility of $620 million to the Ghana National Petroleum Company (GNPC). It is safe to say that this facility lacked transparency, and its conditions are currently under investigation by the Ghanaian Parliament. Another notable case involves the supply of multiple crude oil cargoes to the Senegal refinery through Der Mond Oil and Gas in April 2021.

These transactions have recently undergone arbitration proceedings between Der Mond and Litasco before a British court. During the trial, it emerged from the confidential document I am forwarding to you that Litasco violated several sanctions imposed by the European Union (EU). The attached document sheds light on Litasco's violation of EU sanctions.

Oil prices rise as shippers suspend Red Sea route amid intensifying Houthi attacks

Oil prices rose Tuesday as tankers shun the Red Sea on the back of heightened attacks by Iran-backed Houthi militants which have disrupted international shipping routes.

The West Texas Intermediate
 contract for January rose 97 cents, or 1.34%, to settle at $73.44 a barrel. The Brent contract
 for February gained $1.28, or 1.64%, to settle at $79.23 a barrel.

In recent weeks, Yemen’s Houthi rebels have launched a series of drone attacks against commercial ships crossing the Red Sea. Major shipping lines and oil transporters suspended travel through the Red Sea on Friday, after more than a dozen vessels came under attack since the start of the Israel-Hamas war in early October.

Shipping giants Maersk
, Hapag Lloyd, Mediterranean Shipping Company (MSC), CMA CGM and Evergreen announced they were diverting all scheduled journeys with immediate effect. Oil giant BP on Monday joined the transportation giants and paused shipping through the Suez Canal on the back of “deteriorating security” in the Red Sea.

“The energy markets are beginning to price in disruption of global daily oil demand of which 9% flows through the Suez Canal,” NewEdge Wealth’s Senior Portfolio Manager Ben Emons wrote in a daily note, adding that Brent is “particularly sensitive” to these disruptions.

Exclusive document on the Litasco violation.

VIOLATION OF EU SANCTIONS Litasco, the vast nebula In recent years, the Russian trading company, Litasco, has been involved in various transactions and scandals on the African continent. One notable instance is the supply of lower-quality products to Nigeria via MRS Oil Nigeria plc in January 2022, resulting in fuel problems in the country. More recently, in September 2023, Litasco extended a loan facility of $620 million to the Ghana National Petroleum Company (GNPC). It is safe to say that this facility lacked transparency, and its conditions are currently under investigation by the Ghanaian Parliament. Another notable case involves the supply of multiple crude oil cargoes to the Senegal refinery through Der Mond Oil and Gas in April 2021. These transactions have recently undergone arbitration proceedings between Der Mond and Litasco before a British court. During the trial, it emerged from the confidential document I am forwarding to you that Litasco violated several sanctions imposed by the European Union (EU). The attached document sheds light on Litasco's violation of EU sanctions.

Exclusive document on the Litasco violation.

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Oil Could See Second Weekly Gain in a Row

Oil prices have added 4% since the start of the week and may book the second consecutive five-day trading period for the past two months.

The biggest reason for the spike is the situation in the Red Sea as cargo traffic gets diverted away from the Yemeni coast where Houthis target ships with ballistic missiles and drones.
“The tensions in the Red Sea have largely boosted prices, but that’s been countered by uncertainty over supply,” Will Sungchil Yun, senior commodities analyst at SI Securities, told Bloomberg. “While it’s more of a wait-and-see for oil now, it will be hard for prices to find support if OPEC+ output cuts come into question.” Meanwhile, Angola dropped a bomb on OPEC with the announcement that it was leaving the group to pursue a more independent production policy. The move came as a surprise because just weeks ago Angola had said it was not considering leaving OPEC despite disagreements about production quotas.

"From an oil market supply perspective, the impact is minimal as oil production in Angola was on a downward trend and higher production would first require higher investments,” UBS’s Giovanni Staunovo told Reuters following the news.

"However, prices still fell on concern of the unity of OPEC+ as a group, but there is no indication that more heavyweights within the alliance intend to follow the path of Angola,” Staunovo also added.
Perhaps in confirmation of that lack of indication for more members leaving, prices reversed the Thursday fall on Friday morning in Asian trade with Brent hovering around $80 per barrel at the time.

Even so, oil seems to be heading for the first annual loss since 2020, Bloomberg noted in a report earlier today, as OPEC+ production cuts failed to fulfil their purpose amid record-high U.S. production and higher output in other non-OPEC producers.

Motorcycles Lead the EV Revolution in Asia and Africa

Small EVs are gaining traction in markets with high population density and developing economies, offering an environmentally friendly alternative to traditional transportation.
Major challenges include the need for government support through subsidies and incentives, and the high cost of electricity which can hinder market growth in some regions.
Successful models like India's push for electric two-wheelers and Kenya's electric boda bodas demonstrate the potential for small EVs to dominate the transport sector with proper policy support.