Nutrien ramping up production as Ukraine conflict creates 'room in the market': CEO

📆 17/02/2023 11:36 a. m.
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Nutrien plans to increase potash production this year as the war in Ukraine continues to hamper exports from Russia and Belarus. Read on.

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Looking more broadly, chief executive Ken Seitz said the conflict in Ukraine has created challenges for both Belarus and Russia, which together have accounted for 40 per cent of global potash production. The result is immediate and long-term effects on the market, Seitz said. More immediately, he said Russian production would decline 15 to 30 per cent in 2023, while Belarusian production would decline 40 to 60 per cent. Already, he cited reports that Belarusian production had declined 50 per cent in recent months due to challenges shipping out of tidewater ports in Ukraine.

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