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On January 24th, according to foreign media reports, U.S. Treasury Secretary Bessant, in an interview with conservative podcast host Posobetz, stated, "Alberta is a natural partner of the United States. They have excellent resources, and Albertans are very independent. There are rumors that they might hold a referendum on whether to remain in Canada." Bessant also stated that the Canadian federal government is limiting Albertas development potential, citing Ottawas opposition to building an oil pipeline from Alberta to the Pacific coast of British Columbia, hindering the export of local energy resources. Bessant further pointed out that in the current context, Alberta is a "natural partner" of the United States, possessing abundant resources and a highly independent social atmosphere.Market news: Syrian authorities and the Syrian Democratic Forces have reached an agreement to extend the ceasefire in the Hasakah region for up to another month.January 24th - According to the Yunnan Branch of the Peoples Bank of China, Yunnan Provinces total cross-border RMB receipts and payments reached 100.179 billion yuan in 2025, a year-on-year increase of 13%. Regional cooperation has become an important driving force for the cross-border use of RMB. In 2025, the scale of cross-border RMB receipts and payments between Yunnan Province and countries participating in the Belt and Road Initiative accounted for 80% of the provinces total, with settlements with Myanmar, Laos, and Thailand increasing by 8%, 14%, and 42%, respectively.Market news: Negotiation teams in Abu Dhabi are studying and discussing several documents concerning peace in Ukraine.January 24th - According to the website of the Organization Department of the Jiangsu Provincial Committee of the CPC, the Fifth Session of the 17th Nanjing Municipal Peoples Congress elected Li Zhongjun as Mayor of Nanjing on January 24, 2026.

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.

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