ββ#ForexChief #Biden #Russia #Ukraine #forexnews #worldnews #forexmarket #MilitaryOperationβ
π° Politics or business: what is the purpose of a successful visit of the President
β
π’οΈ Today, the world is less dependent on oil: economic growth that took one barrel 50 years ago can now be achieved with less than half a barrel. But the rise in demand in 2021 and the surge in prices amid the military conflict showed that the global economy has not yet gotten rid of the bad habit.
β
Leaders of countries on both sides of the Atlantic are trying to solve the problem of energy raw materials, and there is already a first winner in this race. Joe Biden has concluded a new profitable deal β more than 15 BCM of American liquefied gas will additionally enter the EU market this year. Long-term goal: to ensure by 2030 additional supplies of LNG from US to Europe in the amount of at least 50 BCM per year.
β
Treaty was the result of three summits in Brussels where leaders criticized
Russia's military operation in Ukraine.
β
Russia provides 40% of the EU's gas needs and more than 25% of oil imports. Sanctions against a major supplier have driven energy prices to record highs. EU was forced to commit itself to sharply reducing the consumption of Russian raw materials by increasing imports from other countries and using renewable energy sources.
β
The question of a complete embargo on energy resources from Russian Federation remained open. Those most dependent on these supplies, Germany in particular, fear losing control of the negative consequences of such a decision. EU leaders are also committing to start joint gas purchases and filling storage facilities to create a buffer in case of possible supply problems.
β
Result of these political manoeuvres will be visible at a distance of at least several months, but for now, the situation on market does not change: we look only up.
β
Profits to yβall!