An agreement to ban Russian seaborne exports of oil and oil products reached by the EU will redirect trade flows and keep prices high, at least in the short term, Fitch Ratings says. Oil delivered from Russia by pipeline is temporarily exempted from the ban to allow land-locked countries, such as Hungary, Slovakia and the […]
The European Union is all set to impose the harshest sanctions against Russia targeting oil and insurance, with exemptions to Hungary. The EU plans to ban imports of Russian oil and block insurers from covering Russia’s cargoes of crude. The ban on insurers will cover tankers carrying Russian oil anywhere in the world. These sanctions could […]
India is planning to boost shipments to Russia by an additional $2 billion as the two nations work out a payment system in local currencies to continue bilateral trade amid sweeping international sanctions on Russia for invading Ukraine. The Prime Minister Narendra Modi’s administration is in talks with Moscow to liberalise market access for several […]
The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts. “Global inflation is back with a vengeance after an absence […]
India’s role in maintaining food security on the global stage could significantly increase if it succeeds in expanding its market share of wheat. New Delhi is already the largest exporter of rice. With the US and European Union slapping sanctions against Russia, wheat supplies have become uncertain leading to high prices. Sources said that several […]
India, the world’s third-largest energy-consuming and importing nation, is hoping on resumption of crude oil supplies from Venezuela and Iran as well as higher production from OPEC+ nations to help cool international oil prices that have hit multi-year highs. It will also evaluate the Russian offer to sell crude oil at discounted prices after considering […]
The U.S. Energy Information Administration (EIA) said in its latest short-term outlook report that it expects the Brent price ot average $117/b in March, $116/b in 2Q22, and $102/b in the second half of 2022 (2H22) and fall to $89/b in 2023, but the price forecast was “highly uncertain” due to the situation in Ukraine […]
Several commodity markets are starting to price in some geopolitical risk around the growing tension between Russia and Ukraine. There is still plenty of uncertainty over how the situation will evolve, but it is still worthwhile to look at what the potential impact could be should tension boil over into a conflict. A scenario where […]
The United States has temporarily waived sanctions on Iranian oil funds abroad but without returning Tehran’s access to its bank accounts in Japan and South Korea. “Allowing these funds to be used to repay exporters in these jurisdictions will make those entities whole with respect to the goods and services they exported to Iran, address a recurring […]
Russia’s President Vladimir Putin is starting to feel the heat of new U.S. sanctions, as Washington is putting some additional bite into its confrontation with Moscow. At the same time, new sanctions are looming on the horizon, looking at the tensions at the Russian-Ukrainian border. US President Joe Biden, however, seems not to be satisfied […]
