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
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
