S&P Global Commodity Insights: Distressed Russian cargoes may do little to ease Asia's pain from high prices

Press Release

16-03-2022

Asia's run rates and oil demand will come under pressure in coming months on the back of high oil prices and tight feedstock availability, and the swelling availability of spot Russian cargoes shunned by buyers elsewhere may do little to ease Asia's pain, speakers at the S&P Global Commodity Insights Asian Refining and Petrochemicals Summit said.
In addition, higher energy prices are already adding to the headache of policymakers in Asia due to rising inflation and its potential impact on prices of food and agricultural commodities, the delegates said.
Benchmark Platts Dated Brent was trading at $107.955/b in early Asian trade March 16, down from a 14-year high of $137.65/b on March 8.
Moreover, the discount for a Suezmax cargo of Urals against Dated Brent hit a record high of $33.36 on an FOB Novorossiisk basis March 15, S&P Global Commodity Insights' Platts assessment showed.
S&P Global Commodity Insights expects Asia's oil demand to grow by 1.4 million b/d for 2022. "However, we expect downward adjustment as recovery faces headwinds amid rising fuel prices and the disruption of international aviation caused by the Russia-Ukraine conflict," said Lim Jit Yang, advisor for oil markets at S&P Global Commodity Insights.

Previous News

Tide to increase India headcount to over 400 in 2021

Switch to solar, will be cost-effective: Gadkari to MSMEs

Latest News
Highlights

Editorial 06-05-2024

IN-SPACe releases Norms, Guidelines and Procedures (NGP) for implementation of Indian Space Policy 2023 in respect of Authorization of Space Activities

Bengaluru, May 05, 2024

Indian National Space Promotion and

Innovations 04-05-2024

Agora Launches Advanced Video Technology to Enhance Live Stream Quality

Bengaluru, India – May 02, 2024 – Agora, Inc.

Telecom 11-10-2023

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Gurugram, India – October 11, 2023: Samsung announced exciting offers

Tech-trends 11-10-2023

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G

Innovations 04-05-2024

Agora Launches Advanced Video Technology to Enhance Live Stream Quality

Telecom 11-10-2023

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Tech-trends 11-10-2023

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Travel 11-10-2023

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

Business 09-10-2023

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

Rest-of-India 09-10-2023

Indian Space Conclave 2023 to unite Global Leaders to Shape the Future of Space

Business 03-10-2023

Nokia 2660 gets UPI Scan & Pay Feature, including the existing users

Business 12-08-2023

TECNO Showcases its Signature Series at the World of TECNOlogy

Living-in-India 11-08-2023

Tagbin Unveils ‘Meri Maati Mera Desh’ Web Platform in Commemoration of India's 76th Independence Day

Tech-trends 11-08-2023

Protectt.ai Unveils New Version of AppProtectt - Mobile App RunTime Security Platform (XDR), Extended Threat Detection & Response to Safeguard Sensitive Mobile Apps

SocialMedia 11-08-2023

ABP Network breaks the internet, zooms past 100 million subscribers on YouTube