Qatar and Colombia cheaper Oil & Gas exporters than Saudi and Copper cheaper than Oil in EM

Oil is the immediate play on Russia-Ukraine, Copper is the play on longer-term energy transition

* Denotes local equity index, else MSCI country index.
NB: composition of Kazakhstan index has changed substantially in the last 5 years.

Chart: Hasnain Malik Source: Bloomberg (7 March 2022), MSCI, Tellimer Research Get the data