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On June 28, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research in Sichuan Province from June 25 to 28. He Lifeng pointed out the need to strengthen research on key core technologies, accelerate the construction of a modern industrial system, and continuously enhance the driving force of economic development. He stressed the importance of further tapping the potential of foreign trade, fully leveraging the role of the China-Europe Railway Express and the Western Land-Sea New Corridor, better serving the construction of inland open highlands, and promoting high-quality development of foreign trade. He also emphasized the need to coordinate development and security, continuously monitor and effectively prevent and resolve risks in key areas, and effectively safeguard the local economic and financial ecosystem. He Lifeng demanded that relevant departments thoroughly analyze the common situations and practical problems reflected by local governments and enterprises, conduct in-depth analysis to address specific cases and address broader issues, promptly study and reserve relevant policies and measures, and strive to promote sustained and stable economic growth.June 28 – According to the Korea Times, the South Korean presidential office announced on Sunday that Samsung Electronics and SK Hynix will announce major investment plans at a meeting chaired by President Lee Jae-myung on Monday. The investments will be announced at a briefing held at the Blue House at 2 PM KST (1 PM Beijing time) on Monday, which will introduce the governments "three mega-projects" aimed at achieving balanced regional development. A spokesperson added that the plan is jointly promoted by the trade, technology, transportation, and energy sectors. Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won will attend the event and participate in discussions with other attendees. Industry observers predict that the two chipmakers will invest more than 1,000 trillion won (approximately US$650 billion) over the next 10 years, potentially including the development of a chip industry cluster in the southwestern Honam region. Lee Jae-myung called the investment a "historic achievement" and a policy move that could change the fate of South Korea on Saturday.Kuwaits imports in the first quarter amounted to 2.73 billion dinars, while its exports totaled 4.5 billion dinars.EU High Representative for Foreign Affairs and Security Policy Karas: The EU has mobilized €5 million in emergency aid for communities affected by the Venezuelan earthquake.EU High Representative for Foreign Affairs and Security Policy, Karas: (Regarding the Venezuelan earthquake) The EUs Copernicus satellite system is supporting emergency responders.

The Pipeline Shutdown Causes A Rise in Oil Prices

Haiden Holmes

Nov 16, 2022 14:48

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Following the revelation that oil deliveries to Hungary via the Druzhba oil pipeline had been temporarily interrupted due to a loss in pressure, oil prices rose on Tuesday and settled higher.


Brent crude futures rose 72 cents to $93.86 a barrel by day's end, but U.S. crude futures remained unchanged. West Texas Intermediate crude climbed by $1.05 to $86.92 a barrel.


Ukraine informed Russia's state-owned pipeline monopoly Transneft of the pipeline disruption, Transneft said Tuesday, as reported by RIA.


Two individuals were killed in an explosion in a Polish village near the Ukrainian border, which the United States says was caused by stray Russian missiles.


The International Energy Agency announced on Tuesday that 1.4 million barrels per day (bpd) must be replaced as a result of the European Union's December 5 ban on seaborne Russian oil.


Phil Flynn, an analyst with Price Futures Group, commented, "The IEA's data on global oil inventories should be considered optimistic."


In October, U.S. producer prices grew less than anticipated, supporting oil prices. This is another indication that inflation is beginning to decline, which could let the Federal Reserve to cease its aggressive rate hikes.


Following the announcement of the report, Wall Street indexes rose while the U.S. dollar index fell, making oil priced in dollars cheaper for foreign currency holders.


John Kilduff, a New York-based partner at Again Capital LLC, stated, "In a way, the inflation news was positive, and it appears that the market is currently being pushed higher." We continue to observe the inverse dollar effect.


The IEA forecasts that a gloomy economic outlook will cause global oil consumption to fall by more than a quarter million barrels per day (bpd) in the fourth quarter of 2022, with demand growth falling to 1.6 million bpd in 2023 from 2.1 million bpd in 2018.


During the week ending November 11, approximately 5.8 million barrels were removed from U.S. oil inventories, according to market sources citing American Petroleum Institute data released on Tuesday. While gasoline stocks grew by approximately 1.7 million barrels, distillate stocks grew by approximately 850 thousand barrels. [API/S]


Wednesday will see the release of inventory data from the United States government.


In China, COVID cases increased, particularly in Beijing, while the growth of industry output slowed.


JPMorgan (NYSE:JPM) reduced its quarterly and annual forecasts for China's economic expansion. The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for the growth of global oil demand in 2022 for the fifth time since April, citing escalating economic concerns such as high inflation and rising interest rates.

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