Commodities 2023 key themes: Political uncertainty to keep markets volatile
Uncertainties around both supply and demand, driven to a large extent by politics rather than economics have been a key feature of commodity markets this year – sanctions on Russia, Moscow’s response and China’s Covid policy, to name but a few. At the same time, central banks are ratcheting up interest rates, depressing demand. We explored the outlook for commodity prices amid this high level of uncertainty and discussed the risks to our baseline.

Kiran Ahmed
Lead Economist
+44 (0) 203 910 8034

Private: Kiran Ahmed
Lead Economist
London, United Kingdom
Kiran joined Oxford Economics as an Economist in August 2007. She works on the Industry and Global Macroeconomic Services as well as on consultancy work. Her work for the Industry Service primarily involves the basic metals and engineering sectors, and for the Global Macroeconomic Service includes forecasts for commodity prices and the several East Asian economies.

Stephen Hare
Lead Economist
+44 (0) 203 910 8142

Stephen Hare
Lead Economist
London, United Kingdom
Stephen is part of the Industry team where he is responsible for the extraction sector forecasts and contributes to the monthly commodity price forecasts for iron and steel. Stephen joined Oxford Economics in January 2018 after completing his MSc in finance and econometrics at Queen Marys University of London.

Diego Cacciapuoti
Economist

Diego Cacciapuoti
Economist
London, United Kingdom
Diego is part of the Industry team where he contributes to the forecasting and monitoring of commodities and he is responsible for the monthly precious metals and agricultural price forecasts. Prior to joining Oxford Economics, Diego gained work experience at Record Currency Management and completed an MPhil in Economics at the University of Oxford. Diego is fluent in English, French, and Italian

Toby Whittington
Lead Economist
+44 (0) 203 910 8046

Private: Toby Whittington
Lead Economist
London, United Kingdom
Toby Whittington oversees the Industry Service coverage for the Asia-Pacific region. His principal focus is on sectoral trends across Asia in key industries such as automotives, chemicals and high-tech goods. Before taking on his current role, Toby oversaw Oxford Economics’ energy forecasts, covering the oil & gas and renewables sectors. Toby is currently based in Singapore having previously worked for Oxford Economics in the UK and US.
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