Calculate Embedded Emissions for Unwrought Aluminium (HS7601)

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Payable emissions (tCO₂e/t)

Total CBAM Cost (€)

Notes:
There may be a difference when calculating the price with respect to import volume, carbon price, and benchmark emissions, as the embedded formula may result in minor variations due to decimal rounding. Therefore, the actual value may vary.

CBAM is applicable to trade volumes starting from 50 metric tonnes. For trade volumes below 50 metric tonnes, CBAM does not apply.

Usage Procedure – How to use the CBAM Calculator Sheet

Enter or update values only in the INPUT
PARAMETERS section (Highlighted in blue) , including
the carbon price, benchmark emissions, CBAM
chargeable percentage (as per the phase-in year),
and imported quantity.

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

10 JUNE 2026 AL CIRCLE

Fitch Ratings expects an oil market surplus after the Strait of Hormuz reopens

EDITED BY : STAFF EDITOR 2MINS READ

oil

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Oil prices have climbed following the closure of the Strait of Hormuz, but Fitch Ratings believes the market could look very different once the key shipping route reopens.

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In its latest report, the ratings agency said the current disruption is affecting the movement of oil rather than permanently reducing global production capacity.

Fitch expects the Strait of Hormuz to reopen by the end of July 2026. Based on that assumption, it forecasts an average Brent crude price of USD 87 per barrel for 2026.

The agency said oil prices have risen because supplies are facing temporary transport disruptions. Once shipments resume, prices could come under pressure again.

Fitch expects global oil markets to return to surplus from September 2026. The outlook is based on a recovery in Middle Eastern production, continued growth from non-OPEC producers and the possibility of higher output from OPEC members.

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According to the report, global oil supply in 2026 could be about 2.9 million barrels per day lower than 2025 levels because of the prolonged disruption.

However, the situation could reverse quickly after the waterway reopens. Fitch estimates the market surplus could reach around 4 million barrels per day during the final quarter of 2026, depending on production decisions taken by OPEC.

A larger supply would likely have a negative pressure on oil prices later in the year.

Fitch also noted that uncertainty is very high, as the reopening of the Strait of Hormuz will depend on developments in the region.

The Strait of Hormuz is one of the world's most important oil transport routes, carrying a significant share of global crude exports. Any disruption in the passage will affect the energy markets negatively, along with supply and demand disruptions as well.