Is a food crisis coming for countries reliant on Ukrainian grain exports? The country's government says that despite a grain export deal, Russia is blocking shipments of grain from Ukrainian ports in the Black Sea. Pavel Polityuk reports for Reuters: Ukraine’s ministry of renovation and infrastructure said on Thursday the U.N.-brokered Black Sea grain export deal had been halted again because Russia had blocked registration of ships to all Ukrainian ports. A U.N. spokesman said Russia had informed officials overseeing the initiative that Moscow would limit registrations to the port of … [Read more...]
Western Sanctions on Russia Have Strengthened Its Ties to India, China
Exports of Russian crude oil that had traditionally been bound for European or American shores are now finding destinations in India and China as the Asian mega-countries eagerly lap up the energy necessary to feed their growing economies. Muyu Xu reports in Reuters: Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. The jump in Russian supplies comes ahead of a meeting between the Organization of the Petroleum … [Read more...]
Chinese Steel Market “Collapses”
After experiencing a strong rebound upon reopening after its harsh COVID lockdowns, China's steel market has "collapsed," according to Leslie Hook, Hudson Lockett, and Cheng Leng in the Financial Times. They write: Chinese iron ore prices dropped to their lowest levels in five months, as weak demand adds to evidence that the country’s economic rebound from tough coronavirus lockdowns may be faltering. After strong steel production during the first quarter, the optimism and activity that followed the end of lockdown have waned, leading to a “collapse” in the steel market and raising … [Read more...]
High Costs of Inputs Driving Sand Shortage
Sand production has become uneconomical as the costs of its inputs have risen faster than its saleable value. Kenza Bryan reports in Financial Times: The rising cost of a grain of sand is inflating the price of materials such as glass and cement even as energy bills flatten out, highlighting its importance for everything from jam jars to global infrastructure projects. Sand is the world’s most used natural material, mainly in construction and in fracking for oil and gas, as well as some industrial processes such as memory chips owing to its high quartz content. Sand is the primary raw … [Read more...]
While America Cuts Out Coal, China Digs Faster
While America continues to weaken its electric grid by shutting down coal power to cut emissions, China is ramping up coal use. Reuters reports: China plans to accelerate the approval of new coal mines and fast track the construction of already approved mines to support its baseload energy supply during demand spikes, Liang Changxin, an official from the National Energy Administration (NEA), said on Wednesday. Peak energy demand is expected to exceed 1.36 billion kilowatts this summer, representing a "significant increase on last year", Liang added. Some provinces could face power cuts … [Read more...]
OPEC+ Announces Surprise Oil Production Cut
The group of oil producing countries known as OPEC+ has announced an unexpected 1.16 million barrel per day cut to its target production. Maha El Dahan and Ahmed Rasheed of Reuters report: Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 … [Read more...]
Mild Weather Pushes Gas Prices Down in Europe
Mild weather has stunted demand for natural gas in Europe this winter, keeping prices low in what could have been a volatile market in light of wartime sanctions and supply constraints. David Sheppard reports in the Financial Times: The price of European natural gas has fallen to its lowest level since the build-up to Russia’s full-scale invasion of Ukraine, boosting the EU and UK economies and delivering a blow to President Vladimir Putin’s war effort. The benchmark gas price on Friday fell below €50 per megawatt hour for the first time in almost 18 months, down to €48.90/MWh, as traders … [Read more...]
Will Increasing Chinese Demand Send Oil Prices Soaring?
Will an increase in oil demand from China following the end of its COVID-19 restrictions drive the price of oil higher? Tom Wilson reports on IEA projections that demand will reach new highs. He writes in the Financial Times: Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to the International Energy Agency. Demand for crude oil could rise 1.9mn barrels a day to reach a record 101.7mn b/d, while the evolving impact of western sanctions on Russia … [Read more...]
Russia’s Arctic Oil Seeps into Asia
Despite sanctions and price caps from Western nations, Russian oil is finding its way to Asian nations. Reuters' Florence Tan and Nidhi Verma report on Russia sending oil to China and India, writing: Russia is sending more crude oil produced in the Arctic region to China and India, and at steeper discounts, after Europe slammed its doors shut on Russian supplies last month, trade sources and data show. Arctic grades Arco, Arco/Novy Port and Varandey do not normally head East but are now finding new homes further afield after the European Union, G7 nations and Australia introduced a price … [Read more...]
The World Is Using More Coal than Ever
Despite regulatory and treaty efforts by Western governments to reduce the use of carbon dioxide producing fossil fuels like coal, the world is set to use more coal than ever. Leslie Hook reports for the Financial Times: Global coal use will reach a record level this year as the war in Ukraine and growing demand in India and Europe push consumption of the fuel to new highs. The trend flies in the face of pledges made at the UN climate talks last year, when 194 countries pledged to phase down their use of coal to curb emissions. Coal consumption will rise by 1.2 per cent this year … [Read more...]
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