Oil Stacks Offset Russia's Supply?

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Russia accounts for ten % of global production. Investors in russian assets are strug to sell their investments. The rouble tumbled nearly 30% in value at one point on monday. Russia's central bank stepped in and doubled its key interest rate to 20%. Eu. Correspondent will also keep an eye on, to morrow's meeting of opec plus oil producers which includes russia.

The International Energy Agency will hold an emergency meeting to discuss whether to release oil from strategic stocks to offset rising energy prices caused by Russia’s invasion of Ukraine, Russian financial markets have descended into turmoil after western sanctions over the weekend struck the country’s financial system, and gulf states are staying neutral when it comes to the war in Ukraine.

Mentioned in this podcast:

IEA to discuss releasing oil stocks on Tuesday to stabilise prices

Russia doubles interest rates as sanctions send rouble plunging

Gulf states’ neutrality on Ukraine reflects deeper Russian ties

War in Ukraine: free to read

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

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