YPC: Unable to cope with falling global prices due to detention of oil vessels by coalition

SANAA, April 21 (YPA) – Saudi-led coalition’s continued arbitrary detention of oil derivatives vessels shipped in recent months at high global prices has caused a lack of flexibility and inability to adapt to falling world prices, especially in light of escalating delay fines,” the Yemeni Petroleum Company  (YPC) said in a statement on Monday night.

The company explained that the ship “Kornet” which will arrive today April 21, 2020 after being held at sea in front of the port of Jizan for 103 days after obtaining the UN permit was shipped on December 12, 2019 with an average of high exchange price of $70.34

“The company regrets to assure our fellow citizens that there is no room to move the selling prices at this stage,” the statement read.

The YPC confirmed that it will spare no effort in reconsidering the current price if the forces of aggression lift the arbitrary restrictions imposed on oil derivatives vessels, which fall within the practices of collective punishment adopted since the beginning of the aggression.

E.M