VINACHEM

Most fertilizers prices are to remain high by historical standards but urea values will end 2022 lower than previously expected on the back of capacity expansions, US credit rating agency Fitch said on Tuesday.

Due to the fluctuations in the global energy market that could last until next year, the Ministry of Industry and Trade (MoIT) is making efforts to ensure the supply of petroleum products in the domestic market.

A price cap on Russian oil of $60 per barrel, agreed by the European Union, G7 nations and Australia, came into effect on 5 December. The EU's embargo on maritime imports of Russian crude also came into force on the same day. Moscow has made it clear that it will not bow to the Group of Seven demands.

Earlier this week, Russia’s Deputy Prime Minister Alexander Novak warned that the introduction of a price cap on Russian oil can only lead to a decrease in global investments in the industry, which in turn will lead to an increase in prices.

Vietnam exported roughly 1.86 million tonnes of rubber worth US$2.93 billion during the 11-month period, representing a rise of 9.1% in volume and 3% in value compared to the same period from last year, according to the Agro Processing and Market Development Authority.

Russia increased its crude production by 2.2% in the first 11 months of the year, despite facing several oil export sanctions, the country’s Deputy Prime Minister Alexander Novak said on Tuesday.

Oil prices declined on Tuesday, dropping to the lowest level of the past two weeks with demand concerns due to ongoing coronavirus restrictions in the world’s second-largest oil consumer China, coupled with a rise in the US dollar index that is making dollar-priced oil more expensive for buyers.