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February 27th - A Gallup poll shows that South Korean President Lee Jae-myungs approval rating rose slightly to 64% this week, mainly due to positive reviews of his economic and housing policies. Negative reviews of Lee Jae-myung remained unchanged at 26%. Among the reasons for positive reviews, economic and real estate policies were mentioned most frequently, each accounting for 17%, followed by foreign policy (11%). Among negative reviews, concerns about real estate policies accounted for 15%, and negative views on his economic policies accounted for 10%. The ruling Democratic Partys approval rating dropped one percentage point to 43%, while the main opposition People Power Partys approval rating remained unchanged at 22%.February 27th - According to the China State Railway Group, the national railway system is expected to transport 15.35 million passengers today (February 27th), with 1,036 additional passenger trains planned. As of 8:00 AM today, the 12306 railway ticketing platform has sold a total of 387 million train tickets for the Spring Festival travel season. Yesterday (February 26th), the national railway system transported 15.784 million passengers, maintaining a level above 15 million for seven consecutive days, with transportation remaining safe, stable, and orderly.February 27th - At the third press conference on the progress of the Hainan Free Trade Ports customs closure, it was announced that as of February 25th, the provinces total passenger traffic during the Spring Festival travel rush reached 14.055 million, an increase of 8.2% year-on-year. Among them, the number of passengers entering and leaving the island totaled 8.184 million, an increase of 9% year-on-year. Li Li, Director of the Safety Department and Director of the Water Transport Division of the Hainan Provincial Department of Transportation, stated that passenger and vehicle traffic across the Qiongzhou Strait has been high since the start of the Spring Festival travel rush, with a stable year-on-year increase. In the first 24 days of the Spring Festival travel rush, the total number of passengers entering and leaving the island reached 3.179 million, an increase of 14.6% year-on-year. The total number of vehicles entering and leaving the island reached 762,000, an increase of 9.8% year-on-year, of which 142,600 were new energy vehicles, an increase of over 65% year-on-year.South Koreas Ministry of Land, Infrastructure and Transport announced that Hyundai Motor Group will invest 5.8 trillion won to build an artificial intelligence data center.South Koreas Ministry of Land, Infrastructure and Transport: Hyundai Motor Group will invest 400 billion won to build a factory to produce robots.

Oil prices jump as Saudi warns OPEC could limit output

Skylar Williams

Aug 23, 2022 11:10

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Following Saudi Arabia's warning that OPEC could decrease supply to reverse the recent slide in oil futures, oil prices inch higher on Tuesday.


Brent crude futures rose 32 cents to $96.80 a barrel as of 00:04 GMT on Tuesday, following a tumultuous Monday in which they fell more than $4 per barrel before recovering to trade near flat.


Futures on U.S. West Texas Intermediate crude rose 37 cents to $90.73 a barrel at 00:04 GMT.


This month, the benchmarks are between 12% and 8% lower.


Saudi Arabia, the Organization of the Petroleum Exporting Countries' (OPEC) leader, announced on Monday that OPEC is prepared to reduce production to correct the recent oil price decline caused by poor futures market liquidity and macroeconomic concerns, which have ignored the extremely tight physical crude supply.


According to the Saudi state news agency SPA, Energy Minister Prince Abdulaziz bin Salman told Bloomberg that OPEC+ has the means and flexibility to address difficulties.


Damage to a pipeline system moving oil from Kazakhstan to Russia has created more interruptions to Europe's energy supplies, intensifying concerns about a potential gas supply drop.


Monday, Iran accused the United States of stalling in efforts to resuscitate the 2015 nuclear agreement. This charge was denied by the White House, which stated that an agreement is closer than it was two weeks ago due to apparent Iranian flexibility.


Tuesday at 4:30 p.m. ET, market participants expected the release of industry data regarding U.S. supplies. According to a preliminary Reuters poll published on Monday, crude oil and gasoline inventories in the U.S. likely decreased last week, although distillate inventories likely increased.