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July 5th - OPEC+, comprised of OPEC and other oil-producing nations, will hold its monthly meeting later today. An informed source indicated that OPEC+ has agreed in principle to increase crude oil production quotas by 188,000 barrels per day in August. Two other sources stated that this increase is the most likely decision.July 5th - The Malian military reported on the 4th that military positions in multiple locations across Mali were subjected to a new round of coordinated attacks by armed groups. The military successfully repelled all attacks, and the attacked positions remain under its "complete control." The report stated that these attacks occurred in Agailok, Anefisse, Gao in northern Mali, and Sevare in central Mali. A local official in Gao said that before dawn on the 4th, militants launched a fierce attack on military camps with guns and rockets. A local resident said, "This morning, no one can leave their homes... The Malian armed forces have blocked all the streets. The gunfire was so intense, it felt like the roofs were about to collapse."July 5th - According to Israeli sources on the 5th local time, Israeli Transportation Minister Miri Regev confirmed that Israel deployed an Iron Dome air defense system to the United Arab Emirates in the early stages of the US-Israel-Iran conflict. This marks the first time the Iron Dome has been deployed to a country outside of Israel and the United States. Reportedly, this is the first time an Israeli government official has publicly acknowledged deploying the Iron Dome system to the UAE. Previously, related reports had been confirmed by US officials.OPEC+ sources: OPEC+ has agreed in principle to increase its oil production target by 188,000 barrels per day starting in August.On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.

The Release of U.S. Petroleum Reserves Decreases Oil Prices

Aria Thomas

Feb 14, 2023 16:50

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Oil prices dipped on Tuesday as the U.S. government announced it will release extra petroleum from its Strategic Petroleum Reserve (SPR) in accordance with a congressional mandate, contrary to some traders' predictions that the delivery would be canceled or postponed.


By 07:30 GMT, Brent crude futures had dropped by 43 cents, or 0.5%, to $86.18 per barrel, while U.S. crude futures had decreased by 71 cents, or 0.85%, to $74.33 per barrel.


After the conclusion of the previous session, the U.S. Department of Energy (DOE) announced that it will sell 26 million barrels of oil from the Strategic Petroleum Reserve, a move that would likely reduce the reserve to its lowest level since 1983.


Edward Moya, an analyst at OANDA, stated, "Energy markets expected to hear news about restocking the SPR and not tapping them for fresh supplies."


The DOE contemplated canceling the fiscal year 2023 sale after the government of former U.S. President Joe Biden sold a record 180 million barrels from the reserve in fiscal year 2018. However, this would have necessitated congressional action to alter the mandate.


January's critical consumer price index (CPI) statistics for the United States will be released on Tuesday. In the previous two months, monthly consumer prices in the United States grew instead of declining, increasing the likelihood of greater inflation readings in the coming months.


Tina Teng, an analyst at CMC Markets, stated, "Any data that exceeds expectations may prompt a fresh sell-off in risk assets, particularly oil."


After the Energy Information Administration projected record March production from the seven largest U.S. shale basins, supply fears also diminished. A significant Turkish port restarted crude shipments after a severe earthquake shook the area.


"Oil is on the defensive, and things might get worse if inflation proves more difficult to control," said Moya of OANDA.

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