[ad_1]
The Russia-Ukraine conflict has triggered a worrying surge in the prices of oil, wheat, and corn, particularly since the two countries involved are key global suppliers of these and several other agricultural products, with regions in Asia and the Middle East among their major buyers.
The shock of Russia’s invasion of Ukraine lifted crude oil prices to over $100 per barrel, for example. Prices breached the $105 per barrel mark – a jump of almost nine per cent from the earlier mark – for the first time since 2014 – and that too was when the two were caught in a military conflict.
Wheat prices have jumped to their highest level in over 13 years and Russia’s attacks have raised fears of shortages of the vital crop. The knock-on effect of this will mean overall food prices could go spiralling out of control – not what the world needs when it is combating Covid and poverty.
Combined, Russia and Ukraine produce almost 25% of the world’s wheat.
Ukraine – referred to as the ‘breadbasket of Europe’ – is also a major producer of corn, with its supplies going to many European Union nations as well as those in Africa and the Middle East.
China is also a big consumer of corn from the region, and Russia and Ukraine together produce about a fifth of the world’s supply of this grain.
Restrictions on the supply of oil are also a major concern, with both countries among the world’s largest producers of the commodity. Russia’s invasion caused petrol and fuel prices to jump in many countries, including developed nations like the United Kingdom and the United States.
How does all this affect India?
Like other countries around the world, the Indian economy has already taken a battering from the coronavirus pandemic and rising oil prices, as one example, will not be welcomed by, particularly after fierce political protests over the increase in petrol and diesel prices last year.
India is the world’s third-largest oil consumer and depends on imports to meet 85% of its needs. The imported oil is converted into products like petrol, diesel, and LPG.
Changes in petrol and diesel rates in India are directly influenced by the price of crude oil in the international market. The current high global prices will percolate through the economy and hurt consumers, while also widening the country’s current account deficit.
The impact of potential corn and wheat shortfall on India’s economy and prices will perhaps be less severe, given it is a major producer of both. Certainly, however, disruptions in the latter two commodity’s supply chains could become a major problem for many countries.
Wheat, oil, and corn are just three examples of how prices of essential commodities could increase around the world as a result of Russia’s attack on Ukraine.
Coal supply could be also be hit. The Indian Captive Power Producers Association was reported by PTI as saying the conflict could reduce imports and lead to supplies to power plants being affected.
The global community has slapped multiple sanctions against Russia and the Russian economy, targeting financial institutions (to disrupt its ability to do business in dollars, pounds, and other major currencies) as well as specific sectors, such as the electronic chip industry.
[ad_2]
Source link
Icahn, who leads a shareholder movement to try and derail thatdeal, wants the court to expedite a hearing on a lawsuit hefiled this month Enanthate Test
viagra and covid Maternal exposure to E2 accelerated body weight gain, physical maturation eyelid opening, and puberty onset vaginal opening in the female offspring
buying cialis online safely 10, AL513523
Providers also may inform clients about the availability of emergency contraceptive pills and may provide clients an advance supply of emergency contraceptive pills on- site or by prescription, if requested generic propecia no perscription
Wow that was odd. I just wrote an really long comment but after I clicked submit
my comment didn’t appear. Grrrr… well I’m not writing all that over again.
Regardless, just wanted to say fantastic blog!
Very nice post. I simply stumbled upon your blog and wished to say that I
have truly loved browsing your blog posts. In any case I’ll be subscribing to your rss feed and I hope you write
again soon!
hello!,I really like your writing so a lot! proportion we keep in touch more
about your post on AOL? I require a specialist in this area to resolve my problem.
Maybe that’s you! Having a look forward to peer
you.
Pretty nice post. I just stumbled upon your weblog and wanted to say that I’ve really enjoyed browsing your weblog posts.
After all I’ll be subscribing on your rss feed and
I am hoping you write once more very soon!
I will immediately grab your rss feed as I can not to find your email subscription hyperlink or
e-newsletter service. Do you have any? Kindly allow me know so that I may just subscribe.
Thanks.
Saved as a favorite, I love your web site!
I am now not positive the place you are getting
your information, however good topic. I needs to spend some time
learning more or understanding more. Thank you for magnificent info
I used to be looking for this info for my mission.
These are in fact great ideas in about blogging. You have touched some pleasant factors
here. Any way keep up wrinting.
After checking out a handful of the articles on your blog, I really appreciate your technique of writing a blog.
I saved it to my bookmark website list and will be checking back in the near
future. Please check out my web site as well and let me know what
you think.
I’m gone to convey my little brother, that he should also visit this weblog on regular basis
to take updated from most up-to-date reports.
What a stuff of un-ambiguity and preserveness of precious familiarity about unexpected
emotions.
I have fun with, result in I found just what I used to be looking
for. You’ve ended my four day long hunt! God Bless you man. Have a nice day.
Bye
The benefits are random every time, meaning that absolutely nothing in the game is rigged.
Practically nothing out of the ordinary but adequate to cover the requires of most players.
The action is streamed to you reside, in higher definition correct to your smartphone,
tablet, desktop or laptop.