Tag: Oil Imports

The Malaysian Palm Oil Board revealed a 6.56% decrease in palm oil stocks in February 2023, with crude palm oil stockpiles falling 7.69% to 1.16 million tonnes. Production also declined, with CPO output dropping 9.35% and palm kernel production reducing 7.10% compared to January's figures.

Brent crude prices expected to remain flat around $80/barrel in first half of 2023, with potential recovery to $85-$90 in second half. Increased demand from India and China may offset Western restrictions on Russian oil supply, driven by shifting global energy landscapes.

The European Union and G7 allies have banned Russian diesel and refined oil products, aiming to reduce Moscow's energy income without disrupting global markets. The move targets Russia's military funding while preserving diesel supplies for critical economic sectors like transportation and agriculture.

Boustead Plantations Bhd expects continued volatility in palm oil prices for the remainder of the year. High production costs from increased minimum wages, fertilizer, and diesel prices will impact profitability. The company remains optimistic about cost management and crop enhancement strategies for 2022.

Eurostat reports eurozone inflation surged to 7.5% in March, the highest since 1997, as rising energy prices and the Ukraine war squeeze consumer spending. This marks the fifth consecutive month of record-breaking inflation, reflecting global economic challenges and increasing cost of living pressures.

Poland takes decisive action to cut Russian oil imports by year's end, signaling EU's growing resolve to reduce energy dependence. Germany calls for gas conservation as tensions escalate over energy supplies. The move highlights the complex geopolitical challenges posed by Russia's war in Ukraine.

A World Bank official highlights how persistent high oil prices triggered by the Ukraine conflict could reduce growth by a full percentage point for countries like China, Indonesia, South Africa, and Turkey, compounding existing economic challenges from the COVID-19 pandemic.

President Joe Biden banned all Russian oil imports to the US, aiming to economically punish Russia for its invasion of Ukraine. The move follows Ukrainian President Zelenskyy's request and will likely lead to higher fuel prices for Americans, with Biden stating that "defending freedom is going to cost."