The Guardian (Science Weekly) speaks on a podcast about how the world is watching oil and gas prices soar – the next big shock could hit the dinner table. Collectively, Russia and Ukraine are responsible for more than a quarter of global wheat exports and for around 80 percent of the world’s supply of sunflower oil. Russia — along with ally, Belarus — is also a huge source of fertilizer, accounting for around 15 percent globally. Senior research fellow Joseph Glauber discusses what the Russian invasion of Ukraine will mean for the supply and cost of food around the world. Russia and Ukraine are two of the leading exporters of wheat, edible oils, and big exporters of agricultural fertilizer. Russia's invasion of Ukraine will put pressure on the global food system. World food prices could rise as much as 20 percent, triggering hunger. "Small countries with limited revenues which are major wheat consumers will see the highest price increase. The implications are that those importing will have to pay more as the US dollar is doing well." If you translate everything that Ukraine exports into calories, it's about 5 percent if you add Russia, it's about 12 percent. It's akin to a major drought in the world."
