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March 13 – Abu Dhabi National Oil Company (ADNOC) has cut crude oil shipments from its onshore partners by about one-fifth this month, even though the oil will still be transported to a port outside the nearly closed Strait of Hormuz. Sources familiar with the matter said the state-owned oil producer has notified its equity partners that they are only allowed to load 80% of their remaining Murban crude quotas in March. The sources did not disclose the specific reasons but indicated that cargoes of the UAEs flagship Murban crude can still be picked up from the port of Fujairah. Previously, ADNOC had stated that these cargoes would need to be picked up from the port of Jabel Dana in the Persian Gulf, meaning they would need to cross the Strait of Hormuz. ADNOCs move comes as the Middle East conflict enters its second week, following several cases of Asian refiners being unable to pick up their March shipments. Traders familiar with the situation said some buyers Middle East orders have been cancelled due to a lack of shipping options.Market news: Abu Dhabi National Oil Company cut crude oil supplies from its onshore partners by about one-fifth this month.Japanese Economy, Trade and Industry Minister Ryomasa Akazawa: Japanese companies are seeking alternative sources of crude oil, including the United States, Central Asia, and South America.On March 13, Japanese Finance Minister Satsuki Katayama told reporters that the government is prepared to take all necessary measures regarding foreign exchange under any circumstances and is constantly monitoring the impact of rising oil prices on peoples daily lives. Katayama stated that it is evident that financial markets (including foreign exchange) are experiencing significant fluctuations in response to developments in the Middle East. She declined to comment on specific exchange rate levels. When asked whether it would be difficult to intervene in foreign exchange given the current situation where the yens depreciation is driven by soaring oil prices, Katayama said she should avoid commenting. She also stated that Japanese authorities are maintaining very close communication with US authorities, even closer than usual.March 13th - The State Administration for Market Regulation announced today that in 2025, market regulators handled 22 monopoly cases, imposing fines and confiscations totaling 653 million yuan. Focusing on key drugs such as those in short supply, emergency medications, and commonly used drugs, market regulators vigorously promoted the investigation and handling of major monopoly cases in the pharmaceutical field. They investigated and prosecuted a monopoly case involving neostigmine methyl sulfate injection, imposing fines and confiscations of 223 million yuan; and investigated a monopoly agreement case involving dexamethasone sodium phosphate raw materials, imposing fines and confiscations of 362 million yuan. The organizers were fined the maximum penalty of 5 million yuan, and related companies were fined 8% of their previous years sales revenue, leading to a price reduction of nearly 94% for related drugs.

Bipartisan U.S. Senate Panel Discusses Clean Energy Tax Breaks

Charlie Brooks

May 05, 2022 09:49

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A bipartisan group of at least a dozen United States senators met Wednesday to discuss tax incentives for clean energy programs as part of broader legislation to increase the United States' energy independence and combat climate change, lawmakers said.


During a 90-minute meeting in the United States Capitol, the senators, including at least four Republicans, considered a lengthy list of suggested tax credits to stimulate programs such as offshore wind technology and carbon capture and storage. Legislators stated that their goal is to craft a proposal by late June that will garner bipartisan backing in the Senate.


The group is analyzing parts of President Joe Biden's so-called Build Back Better legislation, which cleared the House last year but died in the Senate's 100-member chamber.


"We're attempting to ensure our country's energy independence, to determine how we can use what we have more efficiently, and to assist in the development of new technologies," Senator Joe Manchin, who is leading the initiative, told reporters.


"This is a significant accomplishment," said Manchin, one of two moderate Democrats whose opposition to Biden's plan contributed to the legislation's defeat. "We're investigating everything possible."


Republican Senator Kevin Cramer stated that the group's next step will be to contact specialists to ascertain the environmental and economic benefits associated with the renewable energy technology detailed in several pages of suggestions.


"Clearly, we cannot fund everything. It's merely a massive wish list. It reads similarly to what Santa considers in the run-up to Christmas, "Cramer explained to reporters.


Cramer stated that the discussion included a suggestion to bring a greater portion of the solar panel supply chain to the United States. "If we're going to conduct more business with our allies and bring more goods to the US... there are some additional residual benefits that I believe merit some consideration," he said.

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