The world was already struggling to combat a global energy supply squeeze well before the Russian invasion of Ukraine. Now, as world powers seek to condemn the Kremlin’s actions in Ukraine by crippling the Russian economy, it’s becoming increasingly clear that energy sanctions will be a necessary part of any meaningful global response. In order …
Continue reading “Russian Coal Ban Leaves Europe Even More Vulnerable To Rising Energy Prices”
Russian oil and gas condensate production fell to 2020 lows and OPEC warned it would be impossible to replace potential supply losses from Russia. Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday to its lowest since July 2020, two sources familiar with data said on Tuesday, as …
https://youtu.be/VrTLiziqQ3A One of Russian President Vladimir Putin’s closest allies warned NATO on Thursday that if Sweden and Finland joined the U.S.-led military alliance then Russia would have to bolster its defences in the region, including by deploying nuclear weapons. Finland, which shares a 1,300-km (810-mile) border with Russia, and Sweden are considering joining the NATO …
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https://youtu.be/ZKU5VcH2QOY Major global trading houses are planning to reduce crude and fuel purchases from Russia’s state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia. The EU has not imposed a ban on imports of Russian oil in response to Russia’s invasion of Ukraine, because …
Continue reading “Oil traders to cut Russian oil purchases from May 15”
Businesses felt the bite from inflation in March as prices for goods and services surged more than expected. The producer price index, or PPI, rose 11.2% year over year in March on a non-seasonally adjusted basis, the Labor Department said Wednesday. This is the largest increase since 12-month data were first calculated in November …
Continue reading “Producer Prices Rose at a Record Rate. Inflation Remains ‘Very Strong.’”
Russia’s current account surplus, the broadest measure of trade, more than doubled in the first quarter of 2022 from the same period last year amid soaring oil and gas prices, according to data from the Russian central bank cited by Bloomberg. Russia—which continued its oil and gas sales in Q1 at the highest prices in …
Continue reading “Russia’s Q1 Trade Surplus Hits Record As Oil And Gas Prices Soar”
Federal Reserve Bank of St. Louis President James Bullard told the Financial Times in an interview he believes it is a “fantasy” to assume that a neutral stance from the central bank will bring inflation down to pre-pandemic levels. He noted the downward pressure on inflation will be achieved only by elevating rates to a …
Continue reading “‘Fantasy’ to think modest hike will tame inflation – Fed’s Bullard”
President Vladimir Putin said peace talks with Ukraine are “at a dead end” and vowed to continue Russia’s invasion as Kyiv accused Moscow of sabotaging the negotiations. There’s been no word of progress for days in video-link peace talks after Ukraine accused Russian troops of carrying out war crimes including killing unarmed civilians in Bucha …
Continue reading “Putin Says Ukraine Talks ‘at Dead End’, Vows to Pursue War”
Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months …
Continue reading “US inflation soars to record 8.5% in March”
OPEC and the EU met on Monday amid pressure on the EU to impose a ban on Russian oil. OPEC’s Secretary-General Mohammad Barkindo said it would be “nearly impossible” to replace Russian oil. Barkindo said the highly volatile market is not based on fundamentals and is out of its control. The Organization of the Petroleum …
Continue reading “OPEC Warns The EU That Replacing Russian Oil Will Be “Nearly Impossible””