Trafigura warns rising energy prices could impact Africa and Latin America
Trafigura fears for emerging markets
The impact on Africa and Latin America of spiralling energy prices should not be ignored
“Europe can probably afford to pay,” Jeremy Weir, CEO of commodity trading firm Trafigura, told the Financial Times Commodities Global Summit on Tuesday, in reference to spikes in energy prices following Russia’s invasion of Ukraine. “One of the problems is what happens to Africa and Lat[in] Am[erica].” These regions are “a long way from supply routes [and] shipping costs have increased enormously as a result of the conflict”, Weir continues. “We are very concerned about the stock-outs that are going to take place in Africa,” Weir says, noting that many nations in the region are heavily reliant on diesel for power generation and mobility. “We are getting into some very critical periods for t
Also in this section
4 March 2025
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
4 March 2025
EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
4 March 2025
Gas auctions underperform, signalling a slow start to 2025 after bumper 2024
3 March 2025
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
