Maersk Shipping Group said on Monday that another of its joint container services with Hapag-Lloyd will resume its flights through the Suez Canal, as part of their gradual return to using the shortcut between Asia and Europe.
Maersk said in a statement that the ME1 service linking India to Europe will now sail via the Suez Canal route instead of taking the much longer route around Africa.
Most shipping companies abandoned the trade corridor between Asia and Europe via the Suez Canal in late 2023 following attacks by the Houthis in the Red Sea.
The company stated: “Maersk and Hapag-Lloyd will continue to closely monitor the security situation in the Middle East region, and any changes in services within the framework of Gemini cooperation (existing between the two companies) will remain dependent on the maintenance of stability in the Red Sea region.”
Guinea opened its first gold refinery in Conakry, a few months after it announced a ban on the export of raw gold and imposed its processing within Guinean territory.
Guinea is one of the main gold-producing countries in Africa, along with Ghana, Mali, South Africa and Burkina Faso, according to the World Gold Council.
“For centuries, Guinea has extracted and exported gold in its raw state,” Mines Minister Bona Sylla said during the opening ceremony. Although our country is among the countries that produce gold mainly in West Africa, it did not benefit from the added value resulting from its refining operations.” He added: “Today, that era is over.”
President Mamadi Doumbouya, who came to power in a coup in 2021 and was then elected in presidential elections held last December in the absence of any actual competitor, announced, in June, the start of operation of the “Nyimba Gold Refinery.”
Doumbouya also announced a ban on the export of raw gold and imposed the obligation to refine it within Guinean territory.
Of the 70 tons of gold produced by Guinea last year, 20 tons came from companies operating industrial or semi-industrial mines.
Sela explained that the government's goal is to refine 30 percent of it, while the remaining 50 tons were produced in informal artisanal mines.
Guinea follows the example of other countries in West Africa, such as Burkina Faso, which also opened its first gold refinery last September.
Also, Guinea is one of the world's largest producers of bauxite, a material used in the production of aluminum. The country also has deposits of iron, diamonds, and uranium.
Oil prices fell nearly 4 percent on Monday, as talks between Iranian and Qatari officials on an agreement to end Iran's war raised hopes that the turmoil overshadowing oil supplies from the Middle East would ease.
An informed official said, according to Reuters, that Iranian negotiators left the Doha talks yesterday, but this was not due to difficulties faced in the conduct of the negotiations, which aim to reach an agreement to end the US-Israeli war on Iran.
Tamas Varga, oil analyst at BVM, said: “The new month has come and with it come renewed hopes for a breakthrough in the Iranian impasse.”
By 09:00 GMT, Brent crude futures fell $4.20, or 3.7 percent, to $109.23 per barrel, while the price of US West Texas Intermediate crude reached $100.14 per barrel, down $3.98, or 3.8 percent.
Brent ended October at its highest level in six months, amid fears that the conflict between the United States and Iran will escalate again after the US midterm elections scheduled for Tuesday.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the goal of the ongoing talks is to continue consultations with Qatari mediators, adding that Tehran is ready “for both defense and diplomacy.”
These talks come in the wake of a recent increase in attacks on oil tankers passing through the Strait of Hormuz, despite indications of an increase in shipments from some major exporters.
Sultan Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), said on Monday that the world is depleting its energy reserves, as about one billion barrels of oil have been withdrawn from global stocks since the US-Israeli war on Iran led to disruption of shipping movement through the Strait of Hormuz.
Some analysts believe that oil prices could rise further. Goldman Sachs raised its forecast for oil prices due to rising supply risks, and said that Brent could jump to $140 in 2027 if oil production in the Gulf remains 3.5 million barrels per day below its average in 2025.
The bank said in a report: “The continuing attacks on ships, the damage to the oil infrastructure, and the continued high risk premium remain the main factors that may lead to a potential rise in prices.”
