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The essential perspective on global commodities
Global LNG trade witnessed a stellar growth in 2022, driven particularly by European demand as Russia's invasion of Ukraine meant sanctions resulting in, among other things, the sudden loss of pipeline gas. Emerging nations were also actively seeking cargoes for their soaring energy needs. The tight supply led to an unprecedented price volatility, causing significant demand destruction
Hopes are high that key concerns around the rules and technical aspects of emissions trading under Article 6.4 of the Paris Agreement will be resolved during the ongoing UN Climate Change Conference, or COP28, in Dubai. In oil, the spotlight is on the decision of OPEC+ members to implement voluntary production cuts in early-2024. Russian wheat production, US natural gas output and the possible extension of the EU's gas market correction mechanism are also in focus. 1
Conversations at the ongoing UN COP28 Climate Change Conference in Dubai are contentious, with the last few Conference of Parties meetings having left industry participants wanting more clarity on the future functioning of the voluntary carbon market. This time, market participants are hoping for improvements around the pace of negotiations, bringing much needed certainty as to how the VCM will align in practice with global climate goals
