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On March 10, the European Commission for Economic and Financial Affairs held a meeting in Brussels, Belgium, attended by finance ministers from EU member states. According to information previously published on the EU website, the meeting agenda included a routine discussion on the impact of the Russia-Ukraine conflict on the current economic and financial situation in Ukraine.Iraqi sources say a drone was intercepted in the Baghdad airport area.A research report released on March 10th indicates that the war with Iran, which has driven up liquefied natural gas (LNG) and coal export prices, will bring additional revenue to the Australian treasury, but households will also be hit by soaring petrol costs. Economist James McIntyre stated that the closure of Qatar Energys LNG export terminal could result in Australias LNG export revenue being 35% to 40% higher than the governments forecast. He estimates that disruptions to gas and oil supplies are prompting the market to shift to coal, and the recent 20% to 25% rise in coal prices could add approximately A$5 billion (US$3.5 billion) to Australias export revenue. McIntyre predicts that rising petrol and diesel prices will increase Australias overall CPI by 0.9 percentage points in March. He expects the Reserve Bank of Australia to ignore this reading and continue to focus on core inflation indicators. He estimates that the rise in Australian petrol prices alone is equivalent to a 25 basis point interest rate hike.On March 10th, OPPO and OnePlus announced price adjustments, stating that starting March 16th, prices for OPPOs A-series, K-series, and OnePluss existing products will be adjusted. There are reports that leading brands such as vivo and Honor are also planning price increases in mid-to-late March, but there has been no official confirmation from these sources. Industry insiders predict that due to cost pressures, the mobile phone market may see multiple rounds of price adjustments in 2026, with a second or even third round potentially occurring in the second half of the year.The main Shanghai silver futures contract surged 8.00% intraday, currently trading at 22,950.00 yuan/kg.

Oil Prices Rise Following Saudi Arabia's Raise in Crude Oil Prices

Aria Thomas

Jun 06, 2022 10:54

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Oil prices were up in Asia on Monday morning after Saudi Arabia sharply increased the price of its crude sales in July, a warning that supplies remain tight despite OPEC+'s agreement to accelerate output growth over the following two months.


Brent oil futures increased 0.62 percent to $120.46 around 10:06 p.m. ET (2:06 a.m. GMT), while WTI crude oil futures increased 0.67 percent to $119.42.


Saudi Arabia increased the official selling price (OSP) for its flagship Arab Light crude to Asia to a $6.50 premium above the average of the Oman and Dubai benchmarks, up from a $4.40 premium in June, according to Saudi Arabian national oil company Aramco (TADAWUL:2222).


The decision was made despite a request by the Organization of Petroleum Exporting Countries and its partners, known collectively as OPEC+, to boost production in July and August by 648,000 barrels per day, or 50 percent more than had been planned.


"After opening the taps a bit wider, Saudi Arabia lost little time increasing its official selling price for Asia, its key market," said Stephen Innes, managing partner at SPI Asset Management, in a note. "This had knock-on consequences at the futures open across the oil market spectrum."


Saudi Arabia also raised the Arab Light OSP to northwest Europe for July to $4.30 over ICE (NYSE:ICE) Brent, up from $2.50 in June. However, it maintained the premium for U.S.-bound barrels at $5.65 over the Argus Sour Crude Index (ASCI).


As numerous member nations, notably Russia, are unable to increase output, it is commonly believed that the OPEC+ plan to increase supply will not meet demand. During the peak driving season in the United States, demand is surging, and China is reducing COVID restrictions.


In light of the EU's partial embargo on Russian oil imports, this increase falls short of estimates for demand growth, said Commonwealth Bank analyst Vivek Dhar.


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