It is a big irony: Putin will sell less oil compared to the level before the invasion of Ukraine, but may make more money in the end. By reducing supply via sanctions, and demand still rising, ceteris paribus, countries like Saudi Arabia (and Russia) will see more digits in their bank accounts. (Nigeria would have joined but I am told that our output cannot be increased immediately.)
As someone who will not want anyone to attack my village, I repudiate the actions of Russia and all bullies in the world, past and present. Yet, there needs to be a better way to help Ukraine than “killing” people through hunger in Africa and other parts of the world. Sri Lanka is largely gone. Many parts of the world are stressed!
Life for Hasun Peiris began to unravel a year ago under the pull of powerful forces he didn’t understand. Climbing food prices drained the 32-year-old woodcutter’s savings, and his family sold their truck. Hunger began to gnaw at their bellies, and they pawned off their gold. Then, after war erupted thousands of miles away in Ukraine, diesel grew more and more scarce in Sri Lanka, leading to daily power cuts starting last month. Now, Peiris has been forced to scale back his lumber shipments — and his diet. What money he has goes to buying eggs for his pregnant wife.
Yes, as the price of oil rises, markets move and economies are rattled. And this is not ending since the war in Ukraine has moved to a stable state which may last months, if not years. Apple has even become a victim as Saudi Aramco has overtaken it: “Saudi Aramco has surpassed Apple to become the world’s most valuable company once again, following the recent rise in oil price that has been largely spurred by the Russia-Ukraine conflict.”
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Many families have been overtaken by hunger, undue inflationary pressure, etc, and we cannot throw a baby away with the bathwater. Helping Ukraine must not bring pain to all nations and I seek for a better strategy because bad things are brooding. I call on the African Union to show leadership urgently. If not, we may fight wars of extreme hunger in coming months, even with no visible military tanks on African streets.
Saudi Aramco has surpassed Apple to become the world’s most valuable company once again, following the recent rise in oil price that has been largely spurred by the Russia-Ukraine conflict.
The tide turned on Wednesday after Aramco traded near its highest level on record, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2 per cent to close at $146.50 per share, giving it a valuation of $2.37 trillion.
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