Russia's Oil Exports Slow as Black Sea Loading Takes Longer
Loading rates at Novorossiysk have slowed with ships moored for twice as long as normal
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Loading rates at Novorossiysk have slowed with ships moored for twice as long as normal
Wheat declined for a fourth day after US President Donald Trump said Russia and Ukraine had agreed to an immediate “energy ceasefire,” raising hopes that an easing of hostilities could reduce Black Sea disruptions.
The dollar jumped Wednesday as higher oil prices and heightened tensions in the Middle East prompted investors to flock to safety.
Wheat futures moved higher for a third day after Russia threatened to escalate the war in Ukraine, potentially worsening disruptions to global grain supply through the Black Sea.
"We are today looking at a situation where some of the major grain exporters will not be able to send out their shipments, particularly out to the Black Sea," S. Jaishankar said
Bangladesh has resumed wheat purchases from its western neighbor, after India’s plentiful supply encouraged it to lift an export ban at a time when Black Sea trade disruptions have sent global prices soaring.
The impasse in the Black Sea following a summer escalation in Russia’s war with Ukraine is compounding the economic damage from the conflict in the Middle East by threatening to drive inflation even higher. Connecting Europe and Asia, the Black Sea is a critical conduit for global crop shipments to some of the world’s most populous nations. Bloomberg's Pyotr Kozlov reports. (Source: Bloomberg)
As the world focuses on the oil market, the war in Ukraine is snarling vital grain shipments and forcing buyers to scramble for supplies from elsewhere.
Some Russian farmers plan to plant less winter wheat as flows from the country’s crucial Black Sea ports remain stalled, creating a domestic glut and setting the stage for a smaller 2027 harvest from the world’s top shipper.