Diplomats have been under pressure to nail down the cap plan before EU sanctions on seaborne Russian oil kick in December 5.

The smuggling process builds on operations in Russian-occupied Ukraine, where trucks have moved stolen grain through a clandestine system to Crimea.

Under the agreements, Chevron will take over operations at an oil upgrading facility where it will process about 1 million barrels of crude to be shipped to U.S. refiners.

The warning from the world’s third-largest container line is bleaker than in September, when the closely held company signaled the start of a slowdown.

The escalating shipping costs, however, are being offset by falling spot premiums in the current cycle even for OPEC producers’ crude, traders said.

The U.S. has imported more goods from Europe than from China in 2022, pushing East Coast ports ahead of their West Coast counterparts in import volumes

Cargo volume at the Port of Los Angeles dropped in October as the Port handled 678,429 Twenty-Foot Equivalent Units (TEUs), a 25% decrease from October 2021.

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A solidarity pact could allow Europe’s largest consumers of natural gas to bail each other out if an extreme cold snap were to create shortages this winter.

The project will increase the efficiency and the resiliency of the supply chain in the region for the construction and manufacturing sectors.