Trump reaches out to Qatar
President Donald Trump spoke today with Amir Sheikh Tameem bin Hamad Al Thani of Qatar, emphasizing the importance of all countries in the region working together to prevent the financing of terrorist organizations and stop the promotion of extremist ideology. He offered to help Qatar and other Gulf countries resolve their current differences, including through a meeting at the White House if necessary.
In the meantime, Bloomberg Intelligence Analyst Jason Miner in a June 7 reports said that any price impact from the current controversy is likely to be muted. Citing Green Markets data, he noted that Qatar is the world’s fifth-largest producer of ammonia and accounts for 10 percent of urea exports. He said global nitrogen supply is ample and fragmented with world urea plant capacity utilization at less than 80 percent and prices down 30 percent since January.
Industry sources tell Green Markets that the most likely impact could be on shipping and whether third-party flagged vessels will be allowed to make stops at both Qatar and another Arab nation during the same journey. More information is expected in the June 9 Green Markets.