Skip to main content

Featured

What’s Happening Across Ontario

Heavy rainfall mixed with melting snow could cause flooding this weekend, warns Environment Canada. Summary Environment Canada is calling for significant rainfall across many regions of Ontario , with totals generally in the 15–40 mm range depending on location. Several areas also face flood risks due to melting snow and frozen ground that can’t absorb water.  Rainfall Amounts 15–40 mm expected from Friday evening to Saturday evening in regions including: Newmarket–Georgina–Northern York Region Barrie–Orillia–Midland Owen Sound–Blue Mountains Perth County Sault Ste. Marie, Elliot Lake, Temiskaming Shores, Manitoulin Similar totals (15–40 mm) forecast for: Greater Sudbury North Bay–West Nipissing Huntsville–Baysville Kitchener–Waterloo Flood Risk Factors Environment Canada and the Insurance Bureau of Canada warn that: Heavy rain + melting snow + frozen ground = high flood potential , especially in low‑lying areas and basements. Southwestern and south‑cen...
Post a Comment
Read more

article

Labels

Red Sea Tensions Delay Oil Shipments from Saudi Arabia and Iraq


Tankers carrying nearly 9 million barrels of oil from Iraq and Saudi Arabia have been forced to delay their deliveries due to Red Sea security threats. The attacks by Iranian-backed Houthis from Yemen on commercial vessels passing through the Red Sea have made some shipowners reluctant to sail via the region. The Red Sea carries an estimated 9 million barrels a day of oil shipments, representing about 10% of global demand, while the route covers almost one-third of global container traffic and around 12% of global goods trade. The diversions and delays highlight the chaos in the shipping industry that’s spilling over into the wider economy and raising the risk of inflation as flows of food and other goods get disrupted.

The diverted vessels are heading toward Africa, which is a longer voyage from the Middle East to refiners and consumers in Europe. The detour can add more than two weeks’ sailing time when compared with the trip from the Persian Gulf through the Red Sea and Suez Canal. The Middle East, which produces about a third of the world’s crude, ships most of it to Asia and those supplies aren’t affected. Crude prices in London are below $80 a barrel.

The situation is still developing, and it remains to be seen how long the threat will persist. However, the current situation has already had a significant impact on the oil industry and the global economy.

Labels:

Comments

Post a Comment