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On March 15th, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill supply gaps disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. Last week, the IEA stated that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the currently committed oil release is crude oil, and 28% is petroleum products. The committed release volumes from various countries are shown in the figure below.On March 15, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Le Hoai Trung, member of the Political Bureau of the Communist Party of Vietnam Central Committee and Foreign Minister, in Hanoi. Wang Yi stated that both China and Vietnam are important emerging economies, and their development and revitalization represent the direction of human progress and will provide valuable lessons and new paths for developing countries. China is willing to work with Vietnam to focus on the overall goal of "six more" (more people, more opportunities, more opportunities, more opportunities), strengthen high-level exchanges, deepen pragmatic cooperation, promote people-to-people exchanges, enhance multilateral cooperation, properly handle maritime issues, and support each other in hosting APEC in the next two years to further advance the building of the Asia-Pacific Community.The International Energy Agency (IEA) states that of the planned oil releases, 72% will be crude oil and 28% will be petroleum products.International Energy Agency (IEA): Member countries in the Americas will provide 172.2 million barrels of oil.International Energy Agency (IEA): Governments have pledged to release 271.7 million barrels of crude oil from strategic petroleum reserves and 116.6 million barrels from mandatory industry reserves.

FBI Arrests CEO of NY-Based Crypto Platform for Alleged Fraudulent Scheme

Jimmy Khan

May 16, 2022 10:13

A fraudulent scheme has been filed against the CEO of a crypto.


Eddy Alexandre offered its investors a weekly return of 5%.


The Securities and Commodities Fraud Task Force of the Office is investigating the matter.


The FBI has detained Eddy Alexandre, the CEO of cryptocurrency trading platform EminiFX, on charges of commodities and wire fraud.


According to the US Department of Justice, between September 2021 and May 2022, Alexandre operated a fraudulent crypto investment and trading business, soliciting $59 million in investments from hundreds of individuals.

False promises and high-end goods

Alexandre allegedly made false promises of huge returns, claiming that users of the site would become millionaires in a matter of years if they invested $100,000.


"In truth, no such technology existed," said US Attorney Damian Williams, "since Alexandre is claimed to have invested very little of their money – most of which he lost – and moved the majority of it to his own personal accounts to purchase for luxury products for himself."


"As charged, Mr. Alexandre solicited millions of dollars from naïve investors to whom he 'guaranteed' weekly returns of 5% via his trading platform utilizing a new technology he neglected to reveal," FBI Assistant Director-in-Charge Michael J. Driscoll stated. He subsequently utilized a considerable percentage of the investment monies he collected to acquire lavish pleasures for himself, as did many other unscrupulous performers before him."


Alexandre is accused of transferring at least $14.7 million in investor cash to his personal bank accounts rather than investing them as promised. He also spent $155,000 in investor monies on a BMW automobile and $13,000 on car payments, according to the release.

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