Despite Western sanctions Russian crude oil exports remain resilient, having risen from 3.35 million bpd in 2022 to 3.5 million in the first quarter of 2023, according to commodities tracking firm Kpler. From Dec. 5, 2022 an EU embargo on seaborne imports of most Russian crude oil and a $60/b price cap agreed by the G7 and Australia came into force. Moscow
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Mexico tapped international debt markets for the second time this year, selling $1.35 billion of new bonds due in 2025, alongside an offer to buy back some outstanding notes. The Latin American country priced the new notes due in 2053 at 260 basis points over similar US Treasuries, compared to early guidance of 300 basis points, Bloomberg reported citing people familiar with
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The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Thursday (April 13) that both the 2023 and 2022 world oil demand growth projections remained unchanged at 2.3 million barrels per day (bpd) and 2.5 million bpd respectively. “There are minor downward adjustments reflecting the latest developments in the OECD region, primarily in OECD Americas and OECD Europe.
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Russian President Vladimir Putin said on Thursday (Nov. 24) that attempts by the West to introduce a price cap on oil Russia is producing will very likely seriously affect the global energy market. “Such actions are contrary to the principles of market relations,” he told new Iraqi Prime Minister Mohammed Shia al-Sudani, according to the Kremlin’s press release. Earlier, Russian Foreign Ministry
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Aluminium prices eased on Tuesday (March 22) after rally but supply woes limited the commodity’s decline. The most-traded May aluminium contract on the Shanghai Futures Exchange SAFcv1 closed down 0.3% at 22,950 yuan ($3,608.55) a tonne. Aluminum futures have been rallying since mid-December and hit a record high above $3,800 a ton in the first week of March, as the intensifying Russia-Ukraine
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Palladium rose on Thursday (March 3), extending gains amid the deepening Ukraine crisis in the wake of sanctions imposed on Russia by the U.S. and Western countries set to disrupt exports of the precious metal. The auto-catalyst metal jumped 2% to $2,721.78, after hitting a fresh high since July at $2,735.18 earlier in the session. Palladium is usually transported by passenger planes and
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Spot gold rallied to the highest level in more than a year on Thursday (Feb. 24) as safe-haven demand for the precious metal jumped after Russian President Putin launched a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to “consequences they have never seen.” The Russian head of state declared what
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