Morning Brief: August 13

• The meeting between Putin and Trump, scheduled for Friday, will take place in Alaska. The talks will be held at the Elmendorf-Richardson joint Air Force and US Army base in Anchorage, CNN reported, citing sources in the White House.

• The State Bank of India has suspended operations with an Indian oil refining company, which is 50% owned by Rosneft. The reason: the threat of sanctions from the United States and the European Union. Modi is expected to visit the United States in September after visiting China at the end of August. They will discuss a trade deal with Trump. One of the topics of discussion will be the purchase of Russian energy resources. India is also continuing negotiations with Russia. 

• The USA and Brazil have finally fallen out. Local media reports that Brazil will soon impose retaliatory duties against the United States. The escalation occurred after disagreements on a number of agricultural and industrial products.

• The US national debt has exceeded $37 trillion for the first time in history. According to the Ministry of Finance of the country, as of August 11, the total amount of debt amounted to $37,004,817,625,842.56.

• IEA: Global oil supplies will grow more than expected in 2025. The agency raised its growth forecast to 2.5 million b/d (previously 2.1 million b/d), and to 1.9 million b/d for 2026. The revision is related to the decision of eight OPEC+ countries to completely cancel production cuts introduced in 2023 and increase production by 547 thousand bpd from September. At the same time, non-OPEC producers will provide the main increase in supplies. The forecast for global demand growth in 2025 has been lowered from 700,000 to 680,000 b/d.