Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

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I’m afraid our longstanding, covert energy crisis has become very much overt:

World faces ‘energy starvation’ as oil and gas prices soar even higher… Efforts to offset disruption to energy markets will not provide sufficient relief, analysts warn

“Households across the world are facing “energy starvation”, analysts have warned, as gas prices hit a fresh record and oil surged an 11-year high.”

https://www.telegraph.co.uk/business/2022/03/02/world-faces-energy-starvation-oil-gas-prices-soar


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US oil hits highest level in 14 years and wheat prices surge.

US oil prices shot up to the highest level since 2008 while the global Brent benchmark hit $120 a barrel, as indications Russia had seized its first major Ukrainian city boosted expectations of further sanctions.”

https://www.ft.com/content/fb5ef3cd-b4ab-461d-bfa4-77d9a6d73cd3


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All bets are off if Putin slashes the West’s oil supplies… The worldwide supply of oil was already failing to keep up with demand.

“If Russia, the world’s No. 2 oil producer, intentionally held back supply, it would likely send oil prices skyrocketing, dealing a painful blow to consumers around the world.”

https://edition.cnn.com/2022/03/01/business/oil-ukraine-russia-putin/index.html


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Publicly traded U.S. shale firms are not budging on production restraint vows as oil markets surge amid Russia’s invasion of Ukraine…

“Smaller producers may want to ramp production, but they may struggle “to get rigs and supplies necessary to drill and complete wells,” said Bradley Williams, CEO of Dallas-based Elephant Oil & Gas.”

https://www.reuters.com/business/energy/us-shale-oil-forecasts-keep-rising-smaller-producers-lead-way-2022-03-02/


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Russia Sanction Fears Push Raw Materials to Record Backwardation…

“Traders are paying the highest premium on record to secure commodities immediately as Russian supplies of everything from oil to coal struggle to find purchasers… Buyers are increasingly worried that Russia will become a no-go zone for commodity purchases…”

https://www.bloomberg.com/news/articles/2022-03-02/raw-materials-reach-record-backwardation-as-traders-shun-russia


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Putin Sets Commodities Up for Biggest Weekly Gain Since 1960.

“Commodities are on course for their most stunning weekly surge in records that go back to when Nikita Khrushchev was in the Kremlin. Bloomberg’s gauge of raw materials is closing in on the biggest weekly gain since at least 1960…”

https://www.bloomberg.com/news/articles/2022-03-03/putin-sets-commodities-up-for-biggest-weekly-gain-since-1960


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Ukraine war threatens food security worldwide.

“The consequences of Putin’s war will play out in regions already experiencing acute food insecurity and in food-importing countries that are most vulnerable to supply shocks and price increases.”

https://www.nationalheraldindia.com/international/ukraine-war-threatens-food-security-worldwide


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UK inflation to hit generational high of 9.5 per cent as Russia-Ukraine war sends energy prices soaring…

“Fears over Moscow squeezing oil and gas flows in retaliation to Western sanctions has pushed energy prices dangerously close to record highs, leading to inflation in Britain peaking at 9.5 per cent, according to Goldman Sachs.”

https://www.cityam.com/uk-inflation-to-hit-generational-high-of-9-5-per-cent-as-russia-ukraine-war-sends-energy-prices-soaring/


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Germany is prepared for the worst if Russia stops exporting gas to Europe and could keep coal-fired power plants running, according to its economy minister.

“Robert Habeck sought to calm concerns about the potential disruption of energy supplies to Europe’s largest economy…”

https://www.telegraph.co.uk/business/2022/03/02/germany-prepared-vladimir-putin-turns-russian-gas/


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European gas prices hit record high as Russia supply fears grow.

“European and British gas prices soared on Wednesday, with a benchmark Dutch gas price hitting a record high as countries said European Union sanctions against Russia could target gas shipments, while some cargos of Russian liquefied gas changed course.”

https://www.aljazeera.com/economy/2022/3/2/european-gas-prices-hit-new-record-as-russia-supply-fears-grow


Russia’s biggest lender Sberbank exits Europe. Russia’s largest lender Sberbank says it is pulling out of Europe after coming under pressure from tough sanctions announced by Western countries in response to Moscow’s invasion of Ukraine.”

https://www.aljazeera.com/news/2022/3/2/russias-biggest-lender-sberbank-exits-europe


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Russia’s financial system teeters on the brink of collapse…

“Sanctions allow for energy purchases, giving Russia a vital source of hard currency – but potentially making it harder for the Kremlin to threaten to close the gas pipelines in retaliation, for fear of losing its remaining financial lifeline.”

https://www.telegraph.co.uk/business/2022/03/02/russias-financial-system-teeters-brink-collapse/


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China Moves to Secure Commodities Rocked by Ukraine War…

“Government agencies, including the country’s top economic planning body — the National Development & Reform Commission — have been ordered to push state-owned buyers to scour markets for materials including oil and gas, iron ore, barley and corn…”

https://www.bloomberg.com/news/articles/2022-03-02/china-moves-to-secure-commodity-supplies-rocked-by-ukraine-war


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Philippines approves revival of nuclear power to help replace coal.

“Philippine President Rodrigo Duterte has signed an executive order to include nuclear power in the country’s energy mix, as authorities prepare for the phasing out of coal-fired power plants and after earlier efforts failed due to safety concerns.”

https://www.reuters.com/business/energy/duterte-approves-inclusion-nuclear-power-philippine-energy-mix-2022-03-03


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South Asian Nations Switch to Expensive Diesel Due to LNG Supply Crunch.

“Pakistan and Bangladesh are turning to expensive and dirty diesel fuel to generate electricity as the nations struggle to secure shipments of liquefied natural gas amid a supply crunch intensified by Russia’s invasion of Ukraine.”

https://www.bloomberg.com/news/articles/2022-03-02/lng-supply-crunch-forces-south-asian-switch-to-expensive-diesel


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Higher oil prices push Sri Lanka into deeper economic crisis.

“Sri Lanka’s already dire economic crisis has deepened as oil prices hover near $110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy.”

https://www.independent.co.uk/news/sri-lanka-colombo-ukraine-russia-india-b2027388.html


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Sudan’s economy tumbles in post-coup deadlock.

“Sudan is once again lurching towards economic collapse in the aftermath of a coup in October, with exports plummeting more than 85% in January according to central bank data and the currency sliding on the black market.”

https://financialpost.com/pmn/business-pmn/sudans-economy-tumbles-in-post-coup-deadlock


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Tunisia raises fuel prices for second time in a month.

“Tunisia has raised fuel prices by about 3% for the second time in a month due to a sharp rise in oil prices, in an effort to rein in its budget deficit, the Energy Ministry said on Monday.”

https://www.reuters.com/world/africa/tunisia-raises-fuel-prices-second-time-month-2022-03-01/


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Namibia: Fuel Prices to Go Up On Wednesday.

“Motorists should brace themselves for a steep hike in fuel prices as the Ministry of Mines and Energy announced that fuel pump prices will increase by N$1,20 for petrol and diesel by N$1,30 from Wednesday, 02 March.”

https://allafrica.com/stories/202202280521.html


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Nigeria On The Verge Of Collapse, Says Former Electoral Commission, INEC Boss, Jega…

““While Nigeria may not have totally collapsed, it is in the process of collapsing, as reckless elite in control of the governance process are blindly running the country aground…””

http://saharareporters.com/2022/03/02/nigeria-verge-collapse-says-former-electoral-commission-inec-boss-jega


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Afghan economic collapse ‘approaching a point of irreversibility’.

“Humanitarian agencies may have distributed enough aid in Afghanistan to avert famine and large-scale starvation, but the country’s economic collapse is “approaching a point of irreversibility,” the UN envoy to Kabul has said.”

https://www.trtworld.com/asia/un-afghan-economic-collapse-approaching-a-point-of-irreversibility-55233


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Ukraine conflict could hit food supplies, worsening Yemen hunger crisis.

“Potential disruption to global wheat supplies after Russia’s invasion of Ukraine is raising concerns that war-torn Yemen’s hunger crisis and food price inflation could deepen, with some Yemenis rushing to buy flour.”

https://www.reuters.com/markets/funds/ukraine-conflict-could-hit-food-supplies-worsening-yemen-hunger-crisis-2022-03-02/


You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.

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