Surprises that could affect commodity markets in 2024

Russia is pounding Kyiv non-stop, Western sanctions are beginning to cripple Arctic LNG 2, Russia’s largest gas-export project. Red Sea, through which 10% of the world’s seaborne oil travels, American forces are doing their worst to repel drone attacks by Yemen’s Houthi rebels. Local protests are shutting down production at crucial Libyan oilfields. Severe drought in the Amazon will hamper maize shipments from Brazil, the world’s largest exporter of the grain.

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