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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

Oil Prices Fall Further Due to China-Taiwan Tensions and Growth Concerns

Haiden Holmes

Aug 05, 2022 11:00

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As China-Taiwan tensions rose and the Bank of England hiked interest rates, a grim view for crude demand emerged, culminating in a further decrease in oil prices on Friday and a prediction of significant weekly losses.


As of 11:11 EST (00:11 GMT), Crude Oil WTI Futures traded down 0.3% to $88.30 per barrel, its lowest level since early February, before Russia's invasion of Ukraine.


Brent oil prices rose by 0.5% to $93.81 per barrel. Both indices fell more than 3 percent on Thursday and were projected to fall between 12 and 17 percent for the week.


China launched missiles around Taiwan on Thursday, escalating tensions prompted by the presence of Nancy Pelosi, the speaker of the United States House of Representatives, in Taiwan.


It is anticipated that the move will have a negative impact on the value of other assets in the region, as well as on perceptions of Asia's major economies.


In addition, the Bank of England increased interest rates and proposed more anti-inflation measures, indicating that the United Kingdom may soon experience economic turbulence.


As most economies struggle with increasing inflation, the (rapid) tightening of monetary policy in the developed world is fanning worries of an oncoming recession.


The decrease in oil prices this week was caused by a cascade of bad industrial indicators, which raised worries of a demand slowdown.


The surprise weekly increase in crude oil stocks in the United States signaled a probable supply surplus in the world's largest oil consumer.


In this environment, the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced the weakest production rise in their history, indicating a grim demand outlook.


Despite a drop in global demand, a rising energy crisis in Europe would sustain oil prices. As a response to Russia's invasion of Ukraine, the bloc is aiming to reduce its dependence on Russian oil and gas.


The fall in oil prices offers import-reliant economies some relief from the inflation induced by growing fuel expenses.


Focus is now on the U.S. nonfarm payrolls data, which will provide more insight into the largest economy in the world.

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