Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
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Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)

Türkiye’s foreign minister said on Friday he agreed with Russia's request to lift obstacles to Russian fertilizer and grain exports, and that this needed to be addressed to extend the overall Black Sea grain deal involving Ukraine.

Mevlut Cavusoglu told a news conference in Ankara, alongside Russian Foreign Minister Sergei Lavrov, that Türkiye was committed to extending the UN-sponsored deal ensuring safe passage of grains and other commodities from Ukrainian ports.

"We attach importance to the continuation of the agreement...not only for Russia and Ukraine's grain and fertilizer exports, but also for stopping the world food crisis," Cavusoglu said.

"We also agree that the obstacles to the export of Russian grain and fertilizer should be removed. Issues need to be addressed for the grain deal to be extended further," he said.

Lavrov said the two top diplomats discussed the grain deal, a potential gas hub in Türkiye, the conflict in Syria, and Ukraine.

NATO member Türkiye has positioned itself as an intermediary between Kyiv and Moscow in the 13-month conflict, brokering with the United Nations the only significant diplomatic breakthrough so far.

The deal agreed last July ensures safe passage of vessels despite a Russian naval blockade of Ukraine's ports.

Last month, Russia said it would extend the agreement for another 60 days despite the UN, Ukraine and Türkiye pushing for a repeat 120-day rollover.



Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.