The Food and Agriculture Organization of the United Nations (FAO) warned that tensions in the Red Sea will affect food trade and lead to higher prices.
Oleg Kobyakov, Director of the Office of the Director of the FAO Office, to communicate with Russia, said: The Ansar Allah group’s “Houthis” siege of the Bab al-Mandab Strait and the Red Sea negatively affects global food trade, and the cost of shipping ships traveling on this route has nearly quadrupled. The transportation of goods decreased by 30%.
The head of the FAO office added: The largest shipping companies in the world refused to deliver goods through the Red Sea, explaining that this led to the disruption of existing logistical chains, and forced the owners of the goods to use a circuitous route, sending ships sailing between Asia and Europe around the Cape of Good Hope. The length of this road is 8 thousand kilometers and extends from 10 to 14 days.
The cost of purchasing additional fuel increases costs by another 15%, and as a result, the price of products rises, leading to food price inflation and a decrease in the economic availability of food products for the final consumer, Kobyakov said.
Since the start of the Israeli aggression on the Gaza Strip, tensions have escalated in the Red Sea, especially after the United States and Britain launched raids on targets belonging to the Ansar Allah group (the Houthis), which confirmed that they will continue attacks on American and British warships in the Red Sea, saying: All ships participating in the aggression against Yemen represent legitimate targets, stressing that this comes in the context of legitimate self-defense.
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2024-04-26 15:44:06
Oil Giants Exxon and Chevron Disappoint with First-Quarter Earnings
Exxon Mobil and Chevron Stocks Decline Despite Strong Production Gains
Exxon Mobil Corp. and Chevron Corp. saw a decrease in their stock prices following disappointing first-quarter performances, despite showing significant production increases in key oil projects in Guyana and the Permian Basin.
Market Reaction
Exxon’s stock dropped by 3.2% in pre-market trading, while Chevron was down 1.5% on Friday, even as crude oil prices rose. Exxon reported an adjusted per-share profit that fell 13 cents below the Bloomberg Consensus due to higher refinery maintenance costs and accounting charges. On the other hand, Chevron’s capital spending exceeded expectations, leading to a $900 million miss in free cash flow.
Investor Sentiment
Investor sentiment has shifted towards favoring oil production growth to capitalize on concerns about global supply shortages that have been supporting crude oil prices.
Operational Highlights
Exxon saw a positive development in cash flow from operations, reaching $14.7 billion, which was $1 billion higher than forecasts, driven by increased crude production in Guyana.
Project Execution
Exxon’s successful execution in Guyana, with the early start of output at Payara, its third development in the region, has significantly boosted daily supplies. Gross daily production now exceeds 600,000 barrels, up from 440,000 barrels in the previous quarter.
Strategic Moves
Chevron’s interest in entering the Guyana project through a potential takeover of Hess Corp. highlights the significance of Exxon’s performance in the region. Arbitration proceedings between Exxon and Chevron are ongoing, with both parties selecting arbitrators to resolve the dispute.
Financial Analysis
Refinery maintenance activities impacted earnings for Exxon, while Chevron’s adjusted first-quarter profit slightly exceeded analyst estimates. Chevron’s Permian Basin output slightly declined but is expected to rebound in the second half of the year.
Conclusion
Despite challenges in the first quarter, both Exxon Mobil and Chevron remain key players in the oil industry, navigating market fluctuations and operational complexities.
–With contributions from David Wethe, Mitchell Ferman, and Ruth Liao.
(This article was originally published on Bloomberg Businessweek and is subject to copyright by Bloomberg L.P.)
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Oil Giants Exxon and Chevron Disappoint with First-Quarter Earnings
Thai Stock Market Closes Down 4.33 Points at 1,359.94 Points
Thai stocks closed today down 4.33 points at 1,359.94 points.
Reporters reported that Thai stock index today (April 26) Closed trading at 1,359.94 points, down 4.33 points or -0.32%, trading value 40,149.83 million baht, reaching a high of 1,366.24 points and a low of 1,358.26 points.
Foreign investors sell net
Net of foreign investors sold 822.78 million baht and net of domestic investors sold 160.86 million baht.
InfoQuest reports that Mr. Nattaphon Khamthakruea, Director of Securities Analysis at Yuanta Securities (Thailand), said that the Thai stock market contracted today. Investors are waiting to follow the situation in the Middle East, so they have slowed down their buying pressure and have some selling pressure to reduce risk. After the situation had previously become more serious during the holidays. Meanwhile, most Asian stock markets rose. Following the US stock market that decreased in the negative period. and was supported by weakening US government bond yields (bond yields) as well as the announcement of better-than-expected earnings from the US technology sector.
In addition, the Thai stock market has been pressured by retail groups, particularly Berli Jucker Public Company Limited (BJC), due to concerns that 1Q24 results may not be as expected. As a result, the retail sector has declined accordingly.
Next week’s outlook for the Thai stock market is expected to change sideways. Record period of speculation on individual stocks This is because listed companies are gradually announcing their operating results for the first quarter of 2024, including following up on the reporting of Thailand’s export figures. Meanwhile, next week the US Federal Reserve (Fed) holds a monetary policy meeting and announces its decision on interest rates. And following the release of US labor sector figures on Friday.
The support level is 1,350-1,355 and the resistance level is 1,370. The next resistance level is 1,380 points.
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Thai Stock Market Closes Down 4.33 Points at 1,359.94 Points