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Saudi Arabia and Iran agreed to restore diplomatic ties on March 10, bringing an end to seven years of conflict between the two nations in a deal brokered by China that is expected to have wide-ranging consequences.
Russia starts reducing its oil output by 500,000 barrels per day from March 1 in a one-month production cut that is intended to “stabilise the market,” according to Deputy Prime Minister Alexander Novak.
Russia’s previously announced decision to cut oil production by 500,000 barrels per day (bpd) in response to EU sanctions will only apply to output in March, Deputy Prime Minister Alexander Novak ...
In December the EU commissioned a secret report to assess just how badly the war in Ukraine, and the polycrisis it is fuelling, is hurting Europe’s economy. Good news: Europe is doing OK; bad news: so is Russia.
The EU’s oil embargo, contained in the sixth and eighth packages of sanctions, comes into effect on December 5 and is likely to severely disrupt Russia’s oil trade but not stop it.
SOFAZ reported losses from asset management of $2.659bn, or 5.7% of its value, as well as extra-budgetary expenses amounting to $2.46bn, largely due to exchange rate appreciation.
The European Commission announced the price for the mooted gas price cap at €275/MWh (€2,974/kcm). That is high as is the anticipated oil price cap of $60-$70. The result is neither caps will make much difference to Russia.
The European Commission released preliminary prices for the gas and oil price caps at a level that is more of a symbolic gesture than the stringent sanctions that will crush the Kremlin's budget that many were hoping for.
OPEC says Africa is on track to add 1.2mn barrels per day (bpd) of primary refining capacity in the medium term, with Nigeria’s Dangote Refinery accounting for more than half of the total.
Putin’s war is fundamentally changing the make-up of the world – for the worse. While it is tempting to say the Cold War is back, that is inaccurate: back then two ideologies, communism and capitalism, clashed. Today even Russia is capitalist.
Price cap might just take just 0.2pp - 0.4pp off 2023 CPI, says bank.
Members of the UN overwhelmingly voted to condemn Russia’s annexation of four Ukrainian regions on October 12, with some of Russia’s earlier supporters also joining the motion to censure the move.
Has Riyadh just sided with Putin by agreeing to cut oil production by 2mn barrels? It's more complicated than that.
Months of badgering by Western leaders counted for nought this week as OPEC+ announced a 2mn bpd quota reduction that serves to bolster prices and cover up issues raising production.
Arab oil exporters responded to a visit by US President Joe Biden to the region in July with the smallest increase in quotas in history – just 100,000 barrels per day at an OPEC+ meeting in Vienna on August 3.
Russian Foreign Minister Sergei Lavrov took to the road this week and toured Africa to build closer ties with non-aligned nations.
Kazakhstan expects an influx of tourism and investment this year after it was revealed that Nur-Sultan will host two prestigious tennis championships. bne IntelliNews takes an in-depth look at the sectors and trends driving the Republic's economy.
Russian companies have been nimble in re-directing trade flows from Europe towards developing countries. If Europe plans to continue giving Russia the cold shoulder, European companies must also learn to look elsewhere to cover the trade shortfall.
The debate around inflation is centre-stage at present, with headline and PPI inflation soaring globally in response to a range of factors but including climate change/transition and Covid-related supply disruptions.