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Marie-Sophie Lappe

9 January 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 8, 2023
Details
Abstract
The reaction of oil prices to geopolitical shocks depends on the country of origin. Empirical analysis suggests that instances of rising geopolitical tensions generally put downward pressure on oil prices, reflecting weaker global demand on the back of lower economic activity. However, geopolitical events in some major oil-producing countries may lead to increases in oil prices amid expectations by market participants of disruptions to future oil supply. Oil price pressures arising from these adverse shocks are typically short-lived and disappear after one quarter. However, recent heightened geopolitical uncertainty stresses the need to identify the nature of these shocks to disentangle their effects on oil prices and inflation.
JEL Code
Q02 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Global Commodity Markets
F01 : International Economics→General→Global Outlook
F51 : International Economics→International Relations, National Security, and International Political Economy→International Conflicts, Negotiations, Sanctions
28 September 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 6, 2023
Details
Abstract
After three years of below-average ocean surface temperatures, the arrival of El Niño this year implies risks to global food prices. El Niño is the warm phase of the temperature cycle in the East-Central tropical Pacific, when ocean surface temperatures exceed normal temperatures by at least 0.5 degrees Celsius. The effects of El Niño on climate patterns are complex, although the phenomenon is likely to put upward pressure on global food commodity prices due to higher risks of extreme weather events, which have already been taking place more frequently in recent years. The magnitude of the effect on global food commodity prices depends on the strength of the El Niño phenomenon. In turn, if current conditions develop into a strong El Niño, it could cause global food commodity prices to increase by up to 9%, with the strongest effects expected for soybeans, corn and rice. Accordingly, financial markets appeared to factor in future price increases for grains as well as higher uncertainty about future grain prices immediately after it was announced that El Niño conditions had arrived.
JEL Code
Q02 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Global Commodity Markets
Q17 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Agriculture→Agriculture in International Trade
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
14 February 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 1, 2023
Details
Abstract
As a result of the Russian curtailment of gas deliveries, the EU gas market has become increasingly interlinked with the Asian market for liquified natural gas (LNG). This box analyses global risks to the EU gas market in 2023 by focusing on two supply risks: (i) the ongoing risk to the remaining gas imports from Russia, and (ii) a rebound in Chinese energy demand resulting from the easing of coronavirus (COVID-19) lockdown measures. If the EU decides to extend its current gas saving plan to the end of 2023, it could avoid facing a supply deficit, as long as Russia continues to deliver gas at the current low levels and Chinese gas demand remains low. However, if Russia cuts the remaining gas supplies to the EU and Chinese gas demand rebounds to 2021 levels, the EU could face a supply deficit of around 9% of projected gas consumption, and if one of the supply risks materialises, the EU’s supply deficit would be 2-4%. While there are ways of plugging this gap, EU gas security would become vulnerable to other less foreseeable shocks. For example, severe weather or a prolonged cold spell could deplete gas storage levels faster than expected and worsen the 2023 gas outlook.
JEL Code
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles