War: Wheat, oil, and metal prices set to rise??
Russia has a deep store of energy, it is the third-largest source of gas and oil supply in the world. It exports about 5 million barrels of oil every day. After the sanctions imposed on russia, there is an increase in the price of crude oil. This could worsen the worldwide energy crisis. With increasing demand and dwindling supply, the whole world may have to deal with increased prices. Not only this, since russia supplies gas to almost all of Europe, the current Russia-Ukraine problem could have an impact on it.
The price of sunflower oil may increase
In addition to natural gas and oil, the war between russia and ukraine can also increase the price of wheat and other things, including sunflower oil. The border area of ukraine and russia is clay soil, the climate here is very suitable for sunflower cultivation.
Wheat products can be very expensive
A quarter of the world's wheat consumption comes from ukraine and Russia. russia produces 18% of the total wheat consumed, while ukraine produces 7% of the wheat. America, including many African countries, was largely dependent on the wheat coming from these areas.
Russia and ukraine jointly produce nickel, iron, and copper. After ukraine becomes war-torn and sanctions are imposed on russia, global imports of all these metals may be affected. The price of palladium and nickel has increased with the imposition of sanctions on Russia.
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