Earlier this month both China and Russia reported that they have developed a Covid-19 vaccine that has been clouded by doubt throughout the world since Phase III testing had not been performed. The vaccines have been developed by CanSino Biologic from China and the Gamaleya Institute in Moscow and are a modification of adenovirus type 5 (AD5). AD5 is currently being used to treat the common cold, and scientists and researchers are now concerned with the effectiveness of the vaccine.
Clorox, the world’s largest cleaning products maker stated yesterday, that one of their most popular items will not be fully in stock until next year. Clorox CEO Benno Dorer, stated that the company is struggling with the massive demand increase caused by the pandemic for their top selling product, disinfecting wipes. The fact that consumers are stockpiling the product as well as the short supply of raw materials used to make the wipes are two of the main reasons behind the disruption in the supply chain.
The National Oil Corporation in Libya (NOC) is eager to reopen one of their main export hubs this week, marking the first movement from the OPEC member since oil terminals were placed under force majeure at the beginning of this year after the occupation of the Libyan National Army (LNA). As the blockade reaches into its seventh month and Libyan oil production plummeting from 1.2 million bpd to 100,000 bpd during this period, the LNA and NOC are currently negotiating the restart of oil production.
The United States has joined the United Nations and Libyan government’s investigation into the potential brokering of an unlawful sale of Libyan oil by General Khalifa Haftar. The rebel general reportedly traveled to Venezuela to discuss oil contracts to raise money for his Libyan National Army (LNA) through the sale of crude oil. Libya’s National Oil Corporation (NOC) is the only legal entity allowed to market Libyan crude as a result of sanctions given by the United Nations during the country’s civil war.
The country of Venezuela has battled through tumultuous times under United States sanctions, a poor refining network has caused gasoline shortages as well as political and social upheaval. Another country that has also been under similar scrutiny and sanctions from the United States for comparison is Iran. Over the past month, Iran has sent dozens of plane loads to Venezuela, consisting of equipment and chemicals necessary to produce gasoline as well as technicians to help jumpstart the dilapidated refineries of the South American country. In addition, five Iranian tankers are currently in route to Venezuela to help improve the growing shortage of gasoline that as of last month had consumers paying close to $8 per gallon.