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On March 29th, amidst the global energy crisis and soaring fuel prices, Egyptian Prime Minister Madbouly announced on the 28th a series of energy-saving measures to cope with the impact. Egypt will slow down the implementation of large-scale national projects involving high gasoline and diesel consumption for at least two months, while reducing fuel rations for all government vehicles by 30%. Madbouly also stated that, except for the service and manufacturing sectors, Egypts public and private sectors will implement remote work every Sunday in April, the first working day of each week. Given Egypts heavy reliance on energy imports, the government had previously raised fuel prices and public transportation fares to cope with global energy market volatility.March 29th - Starting today (March 29th), many European countries have begun observing daylight saving time, meaning that trading hours in European financial markets will be one hour earlier than during winter time. Specifically, starting next Monday, European stock trading hours will be 15:00-23:30 Beijing time. The release times of economic data from various European countries will also be one hour earlier than during winter time. Please take note.On March 29, Fars News Agency and other Iranian media reported that the Iranian Islamic Revolutionary Guard Corps launched missiles and drones to strike two companies in the Middle East that are linked to the US military and aerospace industry.March 29th - According to the "2026 China Toy and Juvenile Products Industry Development White Paper" recently released by the China Toy and Juvenile Products Association, in 2025, the total retail sales of toys (excluding trendy toys) in the domestic market reached 103.53 billion yuan, a year-on-year increase of 5.8%; the total retail sales of trendy and collectible toys reached 67.69 billion yuan, a year-on-year increase of 45.4%.March 29 – Chevron (CVX.N) stated that its Whitstone gas facility in Australia has been damaged by a storm, impacting its restart efforts. Tropical Cyclone Narrele disrupted normal operations at mining and liquefied natural gas facilities along Australias northern and western coasts over the past week. In a statement, Chevron said, "The Whitstone gas facility near Onslow has suffered equipment damage due to severe weather, affecting restart efforts." The company added that it will take "several weeks" for the Whitstone facility to return to full production.

Oil Prices Stabilize as Shanghai's Lockdown is Eased and Russian Output is Reduced

Aria Thomas

Apr 13, 2022 09:27

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Shanghai said more than 7,000 residential units had been designated as lower-risk locations after a 14-day period with no new illnesses. Districts have begun stating which compounds are available for public inspection.


Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cautioned that it would be hard to replace the 7 million barrels per day (bpd) of Russian oil and other liquids exports that would be lost as a result of sanctions or voluntary measures.


On Monday, Russian oil and gas condensate output dipped below 10 million barrels per day (bpd), the lowest level since July 2020, two individuals familiar with the data said on Tuesday, as trading was impeded by sanctions and logistical restrictions.


According to sources, Russia's average oil production declined more than 6% to 10.32 million barrels per day (bpd) on April 1-11, from 11.01 million in March.


Although the European Union has not yet imposed an embargo on Russian oil, certain foreign ministers have indicated that the possibility is being considered.


"The oil market is susceptible to a huge shock if Russia's energy sector is sanctioned, and that risk remains," stated Edward Moya, a senior market analyst at OANDA.


OPEC dropped its prediction for Russian liquids output in 2022 by 530,000 barrels per day, but maintained its forecast for global oil demand growth, citing the effect of Russia's invasion of Ukraine, rising crude prices, and the recurrence of the epidemic in China.


Indian Oil Corporation (IOC), which previously purchased Russian Urals in bids, has withdrawn the grade from its next crude offer. On Monday, US Vice President Joe Biden informed Indian Prime Minister Narendra Modi that purchasing more oil from Russia was not in India's best interests.


Members of the International Energy Agency (IEA) intend to release 240 million barrels over the next six months beginning in May in an attempt to stabilize the market.


While the release will alleviate acute shortages, economists cautioned that it would not address the underlying imbalance, and supplies will need to be replenished.


According to a preliminary Reuters poll, 8849|US crude oil inventories are estimated to have increased by 1.4 million barrels in the week ended April 8, after three consecutive weeks of declines.


The survey was taken ahead of Tuesday's American Petroleum Institute report, which is scheduled to release at 4:30 p.m. EDT (2030 GMT).

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