Russian Central Bank Hikes Interest Rate to 16% as Wartime Inflation Pressures Mount

Russia’s Central Bank (CBR) in a fight to arrest inflation and the fall of the plummeting Rouble hiked 100bps Friday morning to 16 percent, for the fifth consecutive time since summer to fight accelerating inflation. The Russian economy has been smashed but is said to be recovering on impacts from the invasion of Ukraine by scarcity and falling currency pushing up prices paid. The CBR has now raised its key rate by a cumulative 850 basis points since July, including … Continue reading “Russian Central Bank Hikes Interest Rate to 16% as Wartime Inflation Pressures Mount”

Russia’s Currency Slide Accelerates, Is the Ruble the New Turkish Lira?

Russia’s ruble’s selloff has picked up speed falling to its weakest level in over a year, through 100 against the US dollar for the first time since the week after Russia’s invasion of Ukraine. Less than a month ago Russia’s Central Bank (CBR) in a fight to arrest the plummeting Russian Ruble hiked rates by a more-than-expected 100 basis points. The bank pointed to rising inflationary pressures. The central bank raised its key rate to 8.5% which surprised analysts polled … Continue reading “Russia’s Currency Slide Accelerates, Is the Ruble the New Turkish Lira?”

Saudi Aramco Profits Fall Along with Lower Oil Production, Prices and Margins

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday second quarter earnings of 112.81 billion Saudi riyals, roughly $30.08 billion down from $48.44 billion in the same period last year. The result came in slightly above the $29.8 billion expected. Aramco’s profit was affected by weakening refining and chemicals margins with the lower oil prices in the quarter. In 2022 the oil giant earned $US161 billion, the highest-ever recorded annual profit by a publicly listed company drew … Continue reading “Saudi Aramco Profits Fall Along with Lower Oil Production, Prices and Margins”

Ruble Slide Continues After Russian Central Bank Raises Rates 100bps

Russia’s Central Bank (CBR) in a fight to arrest the plummeting Russian Ruble hiked rates by a more-than-expected 100 basis points. The bank pointed to rising inflationary pressures. The central bank raised its key rate to 8.5% surprised analysts polled by Reuters, with a 50-basis-point hike the consensus. The ruble was 0.4% weaker against the dollar at 90.62 and 0.2% weaker at 100.73 versus the euro. It also dropped 0.1% against the yuan to 12.59. The ruble also felt the … Continue reading “Ruble Slide Continues After Russian Central Bank Raises Rates 100bps”

China Moves Away from US Dollar to Deals in Yuan with Russia, Saudi Arabia, Brazil and India

With the increasing angst between China and the U.S. and Chinese siding up to Russia since the Russian invasion of Ukraine we have seen more talk of moving away from the US dollar. The ‘outsider’ nations have been moving to protect themselves since the US weaponized the US dollar to impose financial sanctions on Russia after its invasion of Ukraine so as to decrease their own vulnerability to similar sanctions. China and the BRIC nations are at the forefront here. … Continue reading “China Moves Away from US Dollar to Deals in Yuan with Russia, Saudi Arabia, Brazil and India”

OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day 

OPEC+ announced a surprise cut of over 1 million barrel per day crude oil production cut on Sunday ahead of the scheduled JMMC Monday. This is in addition to the already announced 500kppd previously announced by Russia. Saudi energy official says that this is a precautionary measure aimed at supporting the stability of the oil market. More member states are expected to announce their voluntary cut today. The oil production cut is the biggest from OPEC+ since they agreed on … Continue reading “OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day “

Wheat Bounces Near 20-Month Low as Ukrainian Black Sea Port Deal Extended

Wheat futures in the US were at $6.95 per bushel, bouncing near the 20-month low of $6.65 touched on March 9th amid expectations of a strong Brazilian supply. Russia also reported it has no objection to extending the grain deal that places a safe trade corridor for exports of grain out of Ukrainian Black Sea ports. Ukraine is one of the world’s top exporters and the current deadline is March 18th deadline. Ukraine, like Russia reported to have a stronger … Continue reading “Wheat Bounces Near 20-Month Low as Ukrainian Black Sea Port Deal Extended”

Saudi Aramco Earned $US161 Billion in 2022, Highest Ever Publicly Listed Company Profit

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday fourth quarter earnings of $US42.43 billion down from the previous quarter’s record high. For 2022 the oil giant earned $US161 billion, the highest-ever recorded annual profit by a publicly listed company drew immediate criticism from activists. Profits rose 46.5% over 2021 results of $US110 billion and $US49 billion in 2020. Aramco said its crude production was 11.5 million barrels a day in 2022 and said it hoped to … Continue reading “Saudi Aramco Earned $US161 Billion in 2022, Highest Ever Publicly Listed Company Profit”

Russia Likely to Seal Nord Stream Pipelines as German Dependence on Russian Gas Has Collapsed

Russia is set to seal up and mothball both Nord Stream 1 (NS1) and Nord Stream 2 (NS2) pipelines that runs from Russia to Germany sources familiar with the plans have told Reuters. Three of the four pipes (each has two) were ruptured by unexplained blasts in September which have been subject to many different theories of who to blame, one of the Nord Stream 2 pipes remains intact. Russia’s invasion of Ukraine had already seen Nord Stream 1 at … Continue reading “Russia Likely to Seal Nord Stream Pipelines as German Dependence on Russian Gas Has Collapsed”

U.S. Preparing 200% Tariff on Russian Aluminum to Protect American Producers

The U.S. is preparing a 200% tariff on Russian-made aluminum as soon as this week it was reported by, Bloomberg Monday. The White House National Security Council didn’t immediately respond to requests for comment. Before delivering sanctions, the US needs to be comfortable American industries, including aerospace and automobiles are not to be suffer collateral damages the sources said. The move is in response to Russia dumping aluminum on the U.S. market and harming American companies such as Alcoa who … Continue reading “U.S. Preparing 200% Tariff on Russian Aluminum to Protect American Producers”