Commodity markets in 2022: A year in 8 infographics

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Another year rife in uncertainties and price volatility has passed for the energy, raw materials and shipping markets. Let's look back at some of the key movers and shakers of the year with a selection of S&P Global Commodity Insights infographics, developed by our editors and analysts, and designed by our data visualization experts.

Click the images to enlarge or interact.

Russia's invasion of Ukraine

Conflict in Ukraine following Russian troops launching attacks across international borders on Feb. 24, has had a major impact on prices of key commodities from oil and gas through to steel and grains. Europe is heavily reliant on gas and Urals crude via the Druzhba pipeline to refiners across the region.

Russian invasion of Ukraine puts spotlight on security of oil, gas and commodities flows

Russia's invasion of Ukraine triggered an unprecedented wave of sanctions against Moscow which are still rippling through global commodity markets. In addition to official sanctions which continue to evolve, major self-sanctioning by industries looking to cut ties with Russia have deepened the market impact.

Sanctions on Russian commodities tracker

Click here to read key updates on the Russia-Ukraine war and its impact on commodities

US midterm elections' impact on energy policies

Republicans have narrowly regained control of the US House of Representatives, portending robust oversight of Biden administration energy regulators in the next congressional session. But a razor-thin majority could complicate efforts to pass legislation affecting the energy sector, amid divisions within the Republican Party and challenges bringing progressive Democrats on board. The outcome leaves Washington with divided government, after Democrats narrowly kept control of the Senate earlier in the week.

US MIDTERMS 2022: New Republican House promises heightened energy oversight

Click here to read key updates on the US midterm election and its impact on energy policies

Asia's response to managing gas shortages this winter

Asia's spot LNG procurement has nosedived since the Russian invasion of Ukraine, with the bulk of spot volumes diverted to Europe in the first half of 2022. India and China accounted for most of the decline in spot procurement, and price-sensitive importers like Bangladesh, Pakistan and Thailand are expected to be impacted by rising spot LNG prices this winter.

Read more: Energy in the new era

The explosive growth of China's electric vehicle sector

China has made adoption of electric vehicles a cornerstone of decarbonizing its transport sector. Despite headwinds such as removal of EV subsidies by year end and rising battery raw material prices, China's EV adoption rate is seen undented.

China's explosive EV growth to stay on track

Read more: China decarbonization: Ironing out the snags

COP27 climate talks

With economic and energy supply pressures dominating political agendas, environmental policies have taken a back seat in 2022 in the run up to COP27 in Egypt. Few new climate commitments have been made despite calls for annual evaluation of national plans at COP26 in Glasgow.

Geopolitical strife overshadows COP27 climate talks

Click here for more of our COP27 coverage

War and climate's impact on agriculture

The agriculture markets have been packed with headline-grabbing events, with extreme price volatility for all major grains and oil seeds in the last two years. The possibility of a continued La Nina is seen adding to the uncertainty. La Nina, Spanish for little girl, is a climate pattern having a varying impact on agriculture globally.

La Nina adds uncertainty to already troubled agriculture market

Russia's invasion of Ukraine sent agricultural commodities spiraling Feb. 24 following monthslong tensions in the Black Sea region that kept prices of key grains such as wheat highly volatile.

Ukraine-Russia conflict shakes agriculture supply chains, raises food security concerns

Click here for more S&P Global Commodity Insights Infographics

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Infographic: India Elections - Oil sector to be in spotlight for India's new government

India’s role in global oil markets is set to expand at a fast pace by the end of the decade, making it the biggest hub for demand growth. Battling high prices, oil diplomacy with countries such as the US and Russia, as well as revival of flagging upstream production will be some of the key priorities for the new government. Related feature: INDIA ELECTIONS: Refining capacity, crude output, storage to top new government's oil agenda Click here for full-size infographic

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Interactive: Seaborne trade in Russian oil under G7 price cap

(Latest update: May 10, 2024) Related content: Russian crude exports by non-G7 tankers hit new high in April since price cap Russia, one of the world’s largest oil suppliers, has increasingly turned to non-Western firms to transport its crude to overseas buyers during its ongoing war with Ukraine . With a dual goal of undermining Russia’s war chest without creating significant disruptions to global supplies amid inflation pressure, G7 countries and their allies have banned tanker operators, insurers and other services firms from facilitating seaborne Russian crude exports unless the barrels are sold for no more than $60/b. The price cap regime, which came into force Dec. 5, 2022, does not directly cover tankers flagged, owned and operated by companies outside the G7, the EU, Australia, Switzerland and Norway, and not insured by Western protection and indemnity clubs. While such ships tend to be older and less maintained, their share in Russia’s crude exports market has been rising in recent months amid strengthening prices of Urals -- the OPEC+ member’s flagship crude grade -- and tightening sanctions enforcement by the West. Non-price-capped tankers have a larger market share in shipping Russia’s Pacific crude exports, according to analysis of S&P Global Commodities at Sea and Maritime Intelligence Risk Suite data. Crudes such as Sokol, Sakhalin Blend, and Eastern Siberia–Pacific Ocean grades are more often involved in these trades than Russian barrels from Baltic or Black Sea ports like Urals. Tanker operators in Greece, Europe’s top shipowning nation, managed to keep their traditionally strong market position in Russia in the first few months since the price cap took effect before giving ways to their peers in the UAE, Russia, China and Hong Kong. Related content: Interactive: Global oil flow tracker

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Interactive: Global oil flow tracker

(Latest update May 3, 2024) Recording changes to Russian oil exports and EU oil imports since the war in Ukraine Russia’s war in Ukraine has triggered a major upheaval in the global oil markets, forcing Moscow to find alternative buyers and Europe to source new supplies as Western sanctions seek to clamp down on Moscow’s vital oil revenues. With an EU embargo and the G7 price cap on Moscow's oil now fully in place, Russian seaborne crude exports have remained largely resilient as displaced volumes of its discounted oil flow East. Russian oil product exports have also mostly held up with new buyers in Africa absorbing Russian diesel and other fuels now banned from Europe. Related stories: Russian oil product exports slump to post-pandemic low as drone hits resume (subscriber content)

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Infographic: Chasing the lowest-carbon crudes

Global oil producers are increasingly touting efforts to reduce the carbon intensity of their upstream operations to stand out as investment dollars shrink during the energy transition. Some producers see carbon intensity rankings as a measure of which fields will have staying power, while environmental groups say the efforts ignore the much larger global warming emissions created downstream when the oil is refined for transportation, shipping and petrochemicals. S&P Global Commodity Insights Analytics has expanded its carbon intensity calculations to 162 fields and 41 grades. The greenhouse gas emissions represent current operations from the wellhead to storage/export terminal. The newest expansion of fields and grades covers Central, South, and North America. South and Central American grades are shown in the infographic below.