Europe’s oil refineries are increasingly missing out on Russian crude as the world’s biggest energy producer directs more and more barrels by pipeline to China. Russia will ship an average of 19 percent less crude through its main ports on the Baltic and Black Seas in the first five months of 2018 compared with a year earlier, according to loading plans obtained by Bloomberg. Meanwhile piped flows to China soared 43 percent in the first three months, the most recent data from state operator Transneft PJSC show. Source Bloomberg
The European Union is backing former Nigerian finance minister Ngozi Okonjo-Iweala to head the World Trade Organization, sending a signal of trust in Africa, an EU official said on Monday.
Okonjo-Iweala and South Korean trade minister Yoo Myung-hee are vying to be the first female leader in the WTO’s 25-year history, replacing Brazilian Roberto Azevedo, who quit a year earlier than expected at the end of August. Source Reuters
The US State Department on Oct. 20 widened the scope of sanctions against the Nord Stream 2 natural gas pipeline and warned companies involved in the final installation that they face sanctions if they do not wind down activities within 30 days. Source Spglobal
Whether or not S&P Global Ratings downgrades Italian debt this week is a coin toss, according to Deutsche Bank AG.
“We think it’s a 50-50 call as both an unchanged outlook as well as a downgrade could be justified,” wrote Ioannis Sokos, a strategist at Deutsche, citing S&P’s outlook criteria from April. Source Bloomberg
