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February 25th - Iraqi Oil Minister Hayyan Abdul Ghani announced on Tuesday that oil exports from the Kurdistan region are between 200,000 and 210,000 barrels per day, and Iraq is gradually approaching its export target. He added that Iraqi oil exports have reached "more than 3.4 million barrels per day," and efforts are currently underway to increase exports to "more than 3.45 million barrels per day." Iraqi law stipulates that approximately 3.5 million barrels of oil must be exported daily to meet government revenue targets.February 25th - A senior finance official in Zambia, Africas second-largest copper producer, stated that the country will utilize higher-than-expected mining revenues to launch a stabilization fund this year to ensure the government has a buffer in case the copper price surge subsides. Zambian Finance Minister Felix Nkulukusa called this mechanism an "emergency fund," and the government will complete the framework for the fund this year, after which surplus funds can be deposited. He stated that this will allow Zambia to smoothly complete its budget preparation when facing challenges in pricing and budgets. Previously, with soaring global copper demand and increased domestic copper production, Zambias economy experienced a strong recovery, its currency performed best against the US dollar globally, foreign investors flocked to its government bond market, and its stock market index ranked among the top four globally in terms of gains over the past 12 months.Iraqi Oil Minister: The West Qurna 2 oil field in Iraq currently produces 450,000 barrels per day. After Chevron takes over the oil field, the daily production is expected to reach 750,000 to 800,000 barrels.February 25th Futures News: 1. WTI crude oil futures trading volume was 816,375 lots, an increase of 139,515 lots from the previous trading day. Open interest was 2,104,501 lots, an increase of 34,417 lots from the previous trading day. 2. Brent crude oil futures trading volume was 175,108 lots, an increase of 42,587 lots from the previous trading day. Open interest was 267,320 lots, a decrease of 2,583 lots from the previous trading day. 3. Natural gas futures trading volume was 492,310 lots, an increase of 94,425 lots from the previous trading day. Open interest was 1,625,540 lots, an increase of 26,493 lots from the previous trading day.On February 25th, former Bank of Japan Governor Haruhiko Kuroda stated that given the already strong economic situation, it is necessary to continue raising interest rates and tightening fiscal policy. He warned that Prime Minister Sanae Takaichis massive spending plan could trigger overheated inflation. Kuroda is known for his aggressive monetary stimulus policy launched in 2013, a key component of former Prime Minister Shinzo Abes "Abenomics" reflation strategy. He stated that with robust economic growth and steady wage increases, the Bank of Japan may raise interest rates approximately twice a year in 2026 and 2027. "Today, Japan faces inflation and a depreciating yen. Japan needs to shift to tighter fiscal and monetary policies. The Bank of Japan must gradually raise interest rates to a neutral level. Fiscal policy must also be tightened. I have doubts about whether increasing spending and tax cuts are appropriate." Kuroda warned that expansionary fiscal policy could backfire, exacerbating inflationary pressures and pushing up bond yields.

EU Energy Chief Suggests Winter Gas Price Caps Are Possible If Countries Agree

Haiden Holmes

Oct 27, 2022 14:09

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The European Union may establish a gas price ceiling this winter to avoid excessive price spikes, according to the bloc's energy chief, but only if member states grant Brussels the right to propose the policy.


Despite months of high gas prices caused by Russia's reduction in supplies, the 27-nation EU is considering a price ceiling; but, after weeks of deliberations, Brussels has not yet made a formal proposal to make it happen.


The European Commission announced last week that it may submit a formal proposal for a temporary "dynamic" restriction on Dutch Title Transfer Facility (TTF) gas trading if EU members want it.


The EU's energy commissioner, Kadri Simson, suggested that the limit might yet be enforced before winter. The Commission has warned that the price ceiling would be used as a "last resort" if prices fly out of control.


Simson told an EU parliamentary committee, "This Dutch TTF gas benchmark limit might be applied this winter if we acquire the mandate."


EU nations might grant this mandate during a November 24 emergency meeting of EU energy ministers, when they will determine whether to recommend that Brussels propose the limit.


As of the energy ministers' meeting on Tuesday, however, an agreement on the idea remained difficult, as nations remained split.


Germany is the head of a small group of governments that oppose price limits, stating that restricting the amount firms can pay for gas would hinder their ability to get adequate gasoline as Europe enters the winter season with limited Russian supply.


Italy, Belgium, Poland, and twelve other governments are requesting an EU-wide price cap, citing the inflationary impact of recent gas price hikes on their economies.


Unusually, the measure may be approved by a reinforced majority of 15 ministers from EU member states. However, German chancellor Olaf Scholz claimed last week that the vote of ministers will be "unanimous," meaning that a single country may vote against the proposal.

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