rebecca babin is a senior energy trader at cibc private wealth. she gave me her predictions. i think the concern right now is really concentrated on the longer shipping time. the market is not pricing in that we actually lose barrels from the market as a result of what is happening in the suez canal. what it is concerned with right now and the reason it has risen 6% because the shipping costs associated with travelling around the southern tip of africa to reach its destination adds around 15 days of travel time. it increases freight costs. and it has increased insurance costs. that is what the markets are pricing in and looking at at this point. the market has not entered a panic mode, as we have seen in the past with other geopolitical events, where it starts to pricing supply is lost from the market. right now it is a logistical rerouting what we re seeing, and not kind of that panic and fear that we re going to lose barrels. that obviously can change very rapidly. to venez
but will it last? rebecca babin is a senior energy trader at cibc private wealth. she gave me her predictions. i think the concern right now is really concentrated on the longer shipping time. the market is not pricing in that we actually lose barrels from the market as a result of what is happening in the suez canal. what it is concerned with right now and the reason it has risen 6% is because the shipping costs associated with travelling around the southern tip of africa to reach its destination adds around 15 days of travel time. it increases freight costs. and it has increased insurance costs. that is what the markets are pricing in and looking at at this point. the market has not entered a panic mode, as we have seen in the past with other geopolitical events, where it starts to pricing supply is lost from the market. right now it is a logistical rerouting, what we re seeing, and not kind of that panic and fear that we re going to lose barrels. that obviously can change
around 0.32%. some reprieve, but will it last? rebecca babin is a senior energy trader at cibc private wealth. she gave me her predictions. i think the concern right now is really kind of concentrated on the longer shipping time. the market is not pricing in that we actually lose barrels from the market as a result of what is happening in the suez canal. what it is concerned with right now and the reason it has risen 6% is because the shipping costs associated with travelling around the southern tip of africa to reach its destination adds around 15 days of travel time. it increases freight costs. and it has increased insurance costs. so that is what the market is pricing in and looking at at this point. the market has not entered a panic mode, as we have seen in the past with other geopolitical events, where it starts to price in supply is lost from the market. right now it is a logistical rerouting, what we re seeing, and not kind of that panic and fear that we re going t
rises to 1.5 celsius above preindustrial levels. but island nations, which are hardest hit by climate change, are not happy. they say their way of life is being threated because there s not enough emphasis on cutting emissions in the short term. our climate editor, justin rowlatt, reports from dubai. we waited and we waited and then. hearing no objection, it is so decided. ..with the bang of a gavel, the deal was done. applause and it got a standing ovation. so the hammer has just gone down here in dubai, and that was the fastest that an agreement text has ever been agreed. the president, dr sultan aljaber, he s calling this an historic agreement, but it is hedged around with questions and doubts. it calls on countries to contribute to ambitious actions to tackle climate change. now, i could do a single plate and claim to have contributed to doing the washing up, but would you consider that i had really pulled my weight? the president of these talks was in no doubt how import
good afternoon. for the first time, there is a global climate agreement which calls on all countries to move away from using fossil fuels. delegates at the un climate summit in dubai reached the deal after negotiating through the night. the president of cop28 said it s an agreement that sets the world in the right direction. but many had wanted a stronger form form of words that called for the phasing out of coal, oil and gas. the latest now from our climate editorjustin rowlatt who s in dubai. justin. well, yes, this is the, some people are disappointed this is a compromise, i have to say these deals always are. we have 198 countries trying to agree on an issue which touches almost every aspect of their society. every country has a different perspective and we are looking for a compromise that charts a course through it. the overall reaction here is that this is an ambitious deal, this deal does make progress, it has got that commitment to transitioning away from fossil fu