text: We start this week with a note on oil and gas. The map above shows the current location of oil tankers in the Middle East, Mediterranean, and European regions. With Russian oil routing to China via pipeline, China is set to slow oil purchases from the Middle East, which will increase sales to Europe. Europe-bound oil tankers will transit the Suez Canal, where oil has to be offloaded and piped through to the other side to be reloaded. This will add to lead and delivery times. Additionally, Egypt is set to raise Suez transit fees by 15% starting on 01 May, on top of increased carrier rates. With the increased traffic for the foreseeable future, the Suez risks another blockage, as we saw in March 2021 when traffic on the Suez stopped for about a week due to the Ever Given becoming lodged in the canal. Keeping the Suez open is now crucial for Europe after many countries expressed an end to Russian oil sales.