On the 12th (local time), explosions were heard in Kyiv after the city sounded an air-raid alert.

IEA月报：预计2027年全球石油供应将比总需求高出461万桶/日（之前预测为462万桶/日）。

A Bloomberg survey of economists shows Russia is expected to return to growth in Q2, with the median forecast at +0.9% YoY after a Q1 contraction — the first in three years. Sustained government spending above budget remains the main driver of wartime growth. Double-digit wage gains are squeezing corporate margins but supporting resilient consumer demand. An increase in working days could lift annual growth and offset last quarter’s drag. Escalating Ukrainian drone strikes deep inside Russia pose a downside risk to this fragile recovery.