Saudi Arabia’s Oil Production Cuts Will Affect Global Markets
Saudi Arabia has announced significant cuts in oil production starting in May, resulting in a reduction of more than one million barrels of oil per day. The sudden announcement was made without prior warning as this decision was not negotiated with OPEC+, but rather determined by Saudi Arabia and other producers, including the United Arab […]
Europe’s Reduced Reliance on Russian Energy Impacts Nord Stream 2 Plans
Sources have reported that Russia will be sealing the Nord pipelines, as there are no immediate plans to repair the pipes ruptured by unexplained detonations last fall, nor reactivate them. The pipelines will be mothballed, as to prevent corrosion from the Baltic Sea in case the streams will be reactivated in the future. Russia recently […]
Unprecedented Snowfall in California Affects Shipping of Commodities
Several logistic companies are warning suppliers and end-users to anticipate delays for any commodities that travel through the golden state to reach their destination. California is experiencing an unusually harsh winter – one normally expected in New England. The unprecedented amount of snowfall and stronger-than-average winds have caused significant damage to homes, businesses, and roads, […]
Global Petrochemical Prices Rise by 5.4% in February
The ICIS Petrochemical index, which tracks the average change in global petrochemical prices over time, increased by 5.4% month on month in February. Several factors can be attributed to the increase in prices across the board, but stronger feedstock costs seemed to be driving the increase. Of all the markets, the northeast Asian chemical market […]
Balloons Sparks Global Sourcing Conversations
The recent alleged ‘spy’ balloon from China shot down over the United States has led to several conversations in North America with regards to global supply chains. One specific dialogue is citing this incident as supporting evidence to diversify supply chains. Many trade associations, which have been arguing for the diversification of supply chains for […]
