China Cuts Ag Tariffs, Black Sea Freight Snarls, 13M bpd Oil & African Metals

The Commodities Trade Institute Podcast · Sep 28, 2026 · 7m

Middle East crude shipments climb back to 12.8 million barrels per day as Saudi Arabia redirects flows through Hormuz, while the European Union warns of an energy crisis with winter gas inventories lagging at 70%. In maritime freight, severe terminal damage idles 80% of Russian Black Sea grain capacity, prompting rare French wheat shipments to Yemen. Global agriculture adjusts as Beijing slashes tariffs on $17 billion of non-soy United States farm imports and Argentina positions for a near-record $40 billion export windfall. Meanwhile, the critical mineral race intensifies in Africa, from…