The world is in the grip of an energy crisis
While climate change and a need to phase out dirty coal were at the forefront of the global agenda all last year, weather woes this year, coupled with growing geopolitical tensions, have taken a toll on consumers.
European refining margin: the sky’s the limit
Europe is still struggling after it banned Russian oil imports, and the debate about Russia’s ‘black gold’ is now in full swing.
What are the threats to food security?
Just as ten years ago, the world is now threatened by a major food crisis, with the food price index rising 25% y-o-y in May to an almost record high.
Import substitution, American style
Import substitution is the burning issue not only for Russia. Energy-dependent countries are now racing to find alternatives to Russian supplies, with some of them even restarting mothballed coal mines (for example, the UK is about to open a deep mine to produce coking coal.