The company had a business plan to meet 80% of domestic demand within five years but is now considering making Brazil 100% self-sufficient in diesel over the same period. Prices have surged due to the war in the Middle East.
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Sultan Ahmed Al Jaber, UAE minister and CEO of Adnoc, spoke about the impacts of a disruption in the Strait of Hormuz on the global economy. A significant share of essential commodities is transported through the route.
Attacks on the UAE and Bahrain drive up the commodity’s price. Oil rises amid renewed threats to the Strait of Hormuz, while a desalination plant in Kuwait is also targeted in retaliations.
Measures announced by the government aim to curb rising energy costs, which have increased from USD 560 million to USD 1.65 billion since the start of the Middle East conflict.
Naeem is a luxury residential development to be built by Mitre Realty. Dubai-based firm NKEY is responsible for designing the common areas of the future building.
The Brazilian government has scrapped import duties on machinery and IT products whose tariffs had been raised in February, after hearing from companies that cited a lack of domestic production and insufficient supply in the local market.
Commenting on the impact of the war in the Middle East during the company’s earnings presentation on Thursday (26), CEO Gilberto Tomazoni said JBS continues to supply the region normally.
The International Monetary Fund forecasts GDP will sustain around 4% annual growth in the medium term but warns of risks stemming from the conflict in the Middle East.
Oil prices fell and stocks rose after U.S. President Donald Trump said the country will not target Iran’s energy infrastructure over the next five days.
Attacks on oil and natural gas facilities have driven prices higher. UN shipping agency IMO calls for a safe navigation corridor in the Strait of Hormuz.
The company’s CEO, Miguel Gularte, said demand in the region is being met through an operational stock strategy and by redirecting cargo to active ports, using feeder vessels and overland freight.
Despite the closure of a key Middle East strait, the country has sufficient essential stocks and has airlifted 300 metric tons of goods, the minister said.
This week, representatives from some of the world’s largest central banks are meeting to analyze the consequences of the conflict in the Middle East. Rising energy costs are expected to trigger higher prices.
Global oil prices are rising due to the conflict in Iran.
