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ECB Governing Council member Kazmir: Interest rate hikes due to the Iran issue may be faster than expected.March 11 – According to reports, the Taiwan Navys "2026 Goodwill Long-Range Training Flotilla" has set sail for its so-called "diplomatic allies" in Central and South America to carry out "Great Goodwill" missions. Defense Ministry spokesperson Jiang Bin stated that the so-called "goodwill" is merely a pretext for the DPP authorities to "seek independence through foreign influence." The one-China principle is a fundamental norm of international relations and a universal consensus of the international community, serving as the political foundation for Chinas relations with its 183 diplomatic allies. We hope that relevant countries in the region will follow the historical trend and the tide of the times, and make the correct choice that truly conforms to the fundamental and long-term interests of their own people as soon as possible. We solemnly warn the DPP authorities that any form of "Taiwan independence" separatist activities and political manipulation cannot change the fact that Taiwan belongs to China or the international communitys adherence to the one-China principle, and are destined to be futile.On March 11, it was reported that the U.S. Department of Defense has requested that U.S. tech companies allow the military unrestricted use of artificial intelligence (AI) technology. The U.S. military has extensively used AI tools in its military operations against Venezuela and Iran, raising profound concerns about the ethics of war and the boundaries of military technology applications. Defense Ministry spokesperson Jiang Bin stated that unrestricted militarization of AI, using it as a tool to infringe upon the sovereignty of other countries, allowing AI to excessively influence war decisions, and giving algorithms the power of life and death over people, not only erodes the ethical and responsibility constraints of war but could also lead to technological spirals out of control, even turning the catastrophic scenarios depicted in the American film *The Terminator* into reality. China has always adhered to the principle of "people-centeredness and AI for good," and has always maintained that the military application of AI should be human-led. China opposes using the advantages of emerging technologies such as AI to seek absolute military hegemony and to undermine the sovereignty and territorial security of other countries. We are willing to work with all countries to advance the multilateral governance process of AI, with the United Nations at its core, strengthen risk prevention and control, and ensure that AI always develops in a direction conducive to the progress of human civilization.March 11th Futures News: On March 11th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 153,311 tons, an increase of 741 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 17,000 tons, an increase of 1,000 tons compared to the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 4,160 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged compared to the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 24,640 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 54,110 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 26,720 tons, a decrease of 1,910 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On March 11, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson of the Ministry of National Defense, issued a statement regarding recent military-related issues. Jiang stated that the United States and Israel, without authorization from the UN Security Council, launched a military strike against Iran during the US-Iran negotiations, seriously violating international law and the basic norms of international relations. China firmly opposes infringements on the sovereignty and security of other countries and opposes the abuse of force and the law of the jungle. We are deeply concerned about the protracted conflict and its spillover effects on neighboring countries. We have always maintained that force is not the correct way to resolve international disputes. Prolonging or even escalating conflicts yields no winners; it will only push the Middle East situation into a dangerous abyss and bring greater disaster to the people of the region. The urgent task is for all parties to immediately cease military operations, return to the track of resolving issues through dialogue and negotiation, and jointly safeguard peace and stability in the Middle East and the world.

Oil Prices Fall As the EU Seeks to Impose Russia Import Ban

Aria Thomas

May 17, 2022 09:48

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Oil prices opened down in early Asian trade on Tuesday as Hungary resisted European Union plans to implement a ban on Russian oil imports, a move that would constrain the global supply.


At 0004 GMT, Brent crude futures decreased 35 cents, or 0.3%, to $113.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased 52 cents, or 0.5%, to $113.68 per barrel.


As a result of Russia's invasion of Ukraine, EU foreign ministers were unable to convince Hungary to rescind its veto of a proposed oil embargo against the country on Monday. An embargo requires consent from all EU member states.


On the demand side, China's data revealed that the world's second-largest economy processed 11 percent less crude oil in April than a year earlier due to tight COVID-19 lockdowns, with daily throughput falling to its lowest level since March 2020 as refiners reduced operations in response to weaker demand.


The United States is scaling up production in order to refill stocks that have dwindled as a result of Russia's war on Ukraine, which Moscow refers to as a "special military operation," and the recovery from the coronavirus outbreak.


In June, oil production in the Permian in Texas and New Mexico, the largest U.S. shale oil region, is expected to increase by 88,000 barrels per day (bpd) to a record-breaking 5.219 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday.


Monday's statistics from the U.S. Department of Energy revealed that the Strategic Petroleum Reserve now contains 538 million barrels, the lowest level since 1987.