EUR/USD 1.15237
0.192%
Gold 4316.38
1.377%
Oil 74.000
-1.258%
USD/JPY 160.585
-0.043%
GBP/USD 1.33149
0.167%
GBP/JPY 213.822
0.122%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iranian Foreign Ministry spokesman Bagaei: We need to pay attention to the other sides implementation of the agreement, and also negotiate on the nuclear issue and the lifting of sanctions.On June 18th, the Ministry of Industry and Information Technology and the Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration, organized the 2026 New Energy Vehicle Rural Promotion Campaign. The notice proposed strengthening integration with existing brand activities such as the "Thousands of Counties and Towns New Energy Vehicle Consumption Season." It selected a number of typical county-level cities with low new energy vehicle promotion rates but significant market potential to conduct offline special activities, innovatively creating offline experiential consumption scenarios such as vehicle display and test drives. Through live streaming and online consultations, it aimed to attract consumers from surrounding towns and villages to purchase new energy vehicles, thereby radiating and driving the development of offline physical retail. The notice also called for organizing new energy vehicle sales outlets, after-sales maintenance service companies, charging and battery swapping service companies, and insurance, credit, and other financial service companies to collaborate in rural areas, continuously optimizing the supporting environment for new energy vehicle application in rural areas and improving service levels. Finally, it promoted the application of intelligent connected vehicle technology, new charging and battery swapping technologies, integrated photovoltaic-storage-charging systems, and vehicle-to-grid interaction technologies in rural areas.On June 18th, the Ministry of Industry and Information Technology and the Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration, organized the 2026 New Energy Vehicle Rural Promotion Campaign. The notice proposes to further promote the trade-in program for automobiles in rural areas. The campaign will establish special trade-in zones, promote subsidy policies, and provide "one-stop" services such as old vehicle inspection, evaluation, and recycling, as well as subsidy application assistance, to further improve awareness and coverage of preferential policies and facilitate participation in subsidies for rural consumers. Rural consumers who trade in their old vehicles for new energy vehicles can apply for automobile trade-in subsidies according to policy requirements, without being subject to any restrictions on the number of subsidy eligibility slots.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.755%.Sources say the British government is in advanced talks with Nissan to discuss financial support for the company’s plans to build a plant in Sunderland.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


Suggestion