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Moscow Expands Asian Trade for Key Oil Product | HNGN [Video]

Moscow is expanding to Asian trade for a key oil product as western sanctions attempt to restrain the Russian economy.

Bloomberg mentioned that this oil-based product increased last Wednesday, remarked energy consultancy FGE.

Russian Sanctions Ineffective 

When the EU’s punitive measures go into effect through February of next year, more Russian-made naphtha fuel, which is primarily used to make plastics, will probably head to centers like Singapore and Fujairah, based on the consultancy’s global chief of natural gas liquids, Armaan Ashraf, reported RT.

He made clear that because certain buyers might well be reluctant to source straightforwardly from Russia, re-exports from such areas can become prevalent.

Russian naphtha export markets to Asia increased by 84% in August to achieve approximately 130,000 barrels per day, according to preliminary results from analytics provider Vortexa, particularly in July.

The key oil product may have already been incorporated into the country’s Urals crude and dispatched to India earlier this year, …

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Inflation jump deepens UK cost-of-living crisis [Video]
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Inflation jump deepens UK cost-of-living crisis [Video]

STORY: British price rises were expected to cool off in February. Instead, they jumped again, adding to a cost-of-living crunch. Inflation hit 10.4% during the month, confounding forecasts for a drop to 9.9%. Higher prices for food and drink were the big driver. The Office for National Statistics cited an end to January drinks promotions in pubs and restaurants as the single biggest factor. Though a nation-wide shortage of salad ingredients on supermarket shelves added to the pressures. This week UK Prime Minister Rishi Sunak said bringing down inflation was a top priority for his government: That's why the budget set out support for people, freezing fuel duty, helping them with their energy bills, extending free child care. Those are all things that are going to make a difference to people's lives."Now it all leaves the Bank of England with a very tough decision to make at this weeks policy meeting. Some had expected the central bank to pause interest rate hikes amid the global turmoil over bank stocks. But the surprise jump in inflation may push policymakers the other way. Markets now price in a hike of at least a quarter point.

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