A double whammy for agriculture as fuel prices escalate and interest rate outlook worsens

5 July 2022. The unrelenting crisis on global crude oil trade with ongoing Russia-Ukraine war, production challenges in Libya due to the unrest, the rebound in Chinese demand following the lifting of Covid-19 restriction measures, as well as OPEC’s failure to meet its agreed supply quota all contributed to an increase of 77 US cents in prices to US$115.77 since the May update. This more than offset the 1.2% appreciation in the rand exchange rate to R15.76/ US$ during the period under review. Read more…

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