Brazil: Coffee exports expected to reach record levels:
On May 20, the Brazilian Coffee Industry Association announced that the country’s coffee exports could reach a historic level in the 2026-2027 season, thanks to a strong recovery in production and continued international demand. Exports for this new season could reach around 50 million 60kg bags, or approximately 3 million tons, surpassing previous records.
Eurozone: Economic activity contracts at fastest pace in over two and a half years: Economic activity in the Eurozone contracted in May 2026 at its fastest pace since over two and a half years, as soaring living costs fueled by conflicts in the Middle East weakened the demand for services and pushed input cost inflation to its highest level in three and a half years.
United Arab Emirates purchases 50% of the oil pipeline bypassing the Strait of Hormuz: The CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber, announced on May 20 that the United Arab Emirates (UAE) had completed nearly 50% of a second oil pipeline bypassing the Strait of Hormuz. This new pipeline will double ADNOC’s export capacity via Fujairah, a port located in the Gulf of Oman near the Strait of Hormuz. It is set to start operating in 2027.
South Korea extends fuel tax reduction program until July 2026: The South Korean Ministry of Finance announced the extension of the fuel tax reduction program for an additional two months, until the end of July 2026, in response to rising inflationary pressures stemming from the Middle East crisis. This measure was announced by Finance Minister Koo Yun Cheol during a meeting with relevant ministries on May 21, focusing on government efforts to curb price increases.
EU nears ratification of trade deal with United States: The European Union is close to finalizing the ratification of a trade deal with the United States, nearly 10 months after the signing of the principle document between European Commission President Ursula von der Leyen and American President Donald Trump at Turnberry, Scotland.
United States: Gasoline prices set to reach peak this summer 2026: American consumers are facing the highest gasoline prices since 2022, and fuel costs are expected to continue rising sharply as the summer high season approaches. According to data from the American Automobile Association (AAA), as of May 20, the national average gasoline price had reached $4.56 per gallon, up over $1.40 from the same period last year and over 50% since the beginning of the US and Israel-led military operations against Iran in late February 2026.
US new energy storage capacity installed reaches record level: according to a report published on May 21 by the Solar Energy Industry Association (SEIA) and Benchmark Mineral Intelligence, an independent provider of data and information on the London (UK) market, American energy storage system developers reached a new record installed capacity of 9.7 GWh in the first quarter of 2026.
Goldman Sachs: Global oil stocks plummet at record pace: According to Goldman Sachs, global crude oil and petroleum product stocks are declining at a record pace this month, with the ongoing conflict in the Middle East limiting supply. In a recent report, Goldman Sachs analysts indicated that tangible stocks had dropped by 8.7 million barrels per day since early May, a record figure. This rate is almost double the average decline rate recorded since the start of the conflict.
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