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October 22, 2018

Slowdown: Temporary or permanent?

Spain’s GDP growth remains strong, although we have seen moderation relative to previous years. While it is always tempting to seek a single culprit, this seems to be rather the combined result of various factors. Some of these are temporary, but others are here to stay.

October 12, 2017

Argentina | Sector Energético

Hidrocarburos: la producción continuó declinando, pero las mayores inversiones en shale gas debido a los incentivos de precios y acuerdos laborales ofrecidos en Vaca Muerta revertirían la tendencia en el mediano plazo. Electricidad: perspectivas de mayor convergencia entre demanda y oferta con creciente participación de ren…

July 6, 2017

Renewables: The answer is blowin’ in the wind

The prevalence of fossil fuels in the production of electricity is being challenged by the rapid expansion of renewable sources such as wind and solar. Around the world, wind energy capacity has increased fivefold since 2007, reaching 487GW in 2016

June 15, 2017

Turkey | The CBRT Keeps the Hawkish Tone

The Central Bank (CBRT) kept the entire set of its interest rate corridor unchanged. The Bank also preserved the hawkish tone by over looking the expected disinflationary impacts of the fall in energy prices and partial correction in food prices. We expect the Bank to keep the average funding rate close to 12% until the ne…

February 3, 2017

Turkey: Inflation Surged on Food & Energy

Annual headline inflation surprised on the upside to 9.2% from 8.5% in December. The main drivers behind the surge were food inflation (harsh weather conditions) and higher energy prices, while FX pass-through has showed only minor signs of impact on the core so far.

October 3, 2016

OPEC: An agreement is finally reached

The OPEC member countries met in Algeria from September 26 to 28. The goal was to lay the foundations for an agreement to reduce oversupply on the market and raise oil prices. The negotiations ended with a consensus to withdraw 750,000 barrels of crude a day from the market, which would place the cartel's total output at 32…

September 21, 2016

Argentina | Electrical Energy Sector

The lack of readjustment of energy tariffs since 2000's led to a deep deterioration of the electric sector infrastructure. During last decade, the generation of electrical energy depended mainly on thermal power stations.

August 23, 2016

U.S. | Oil Price Outlook (August 2016)

The downward trend experienced after February was interrupted by concerns on high stocks of refined products. Recently, renewed market expectations of an output deal in September have brought prices up again. However, we believe that a production deal has a low probability of success. We expect a gradual increase in prices…