EMEA Base Oil Price Report 22.03.22
The war in Ukraine continues with significant loss of life reported for both sides. The economic consequences of the conflict are yet to be fully visible, but with that Russia could default on loan repayments, the signs are there for all to see.
The economic fallout from the onslaught is being felt by those in the West mainly through rising energy prices, which in turn are being passed on to consumers down the line causing startling inflation figures to be issued from central banks around the world. In the United Kingdom alone, figures in excess of 10% inflation are being considered for later this year and next, and economists warn the the United States could face rates higher than 8%. Sanctions have been issued and applied in a number of areas, including a U.S. announcement of a total ban on energy products coming out of Russia. So far European nations have imposed financial sanctions on Russian banks and individuals but have stopped short of banning imports of Russian crude, natural gas and petroleum products.