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Russian President Vladimir Putin: Drones and other weapons are being supplied to the Russian armed forces continuously.On September 18th, Lu Lei, Vice Governor of the Peoples Bank of China, delivered a speech at the China-ASEAN Financial Cooperation and Development Forum on the theme of "Deepening Cooperation between China and ASEAN in the Financial Sector on Artificial Intelligence." He stated that while the new generation of artificial intelligence technologies, represented by large-scale models and intelligent agents, are important tools for empowering financial services, they also bring new risks such as algorithmic black boxes and model illusions. "In particular, while artificial intelligence can learn and analyze the underlying logic of human behavior, humans struggle to penetrate the internal decision-making processes of AI. This asymmetric understanding between humans and AI may pose profound challenges to the financial industry and highlights the importance of security governance," Lu Lei said. He added that China is willing to strengthen cooperation with ASEAN countries to jointly assess the new financial risks arising from AI technology, exchange practical experience in model lifecycle management and algorithmic risk prevention, improve the security protection system adapted to digital and intelligent development, and build a solid security barrier for "AI + Finance."On September 18, Russian Foreign Ministry spokeswoman Maria Zakharova published a statement on the ministrys website, demanding that Japan withdraw the US-made Typhon intermediate-range missile system deployed in Japan. Zakharova stated that Russia had issued a protest note to Japan on September 3 regarding the deployment of the Typhon system. Regardless of Japans pretext, deployment period, or method, the missile system must not be deployed on the front lines of its territory. Furthermore, the Japanese government must fully recognize the results of World War II, including the territorial dispute over the Southern Kuril Islands (known as the Northern Territories in Japan), and abandon its remilitarization policy.According to the official measurement of the China Earthquake Networks Center, a 3.7-magnitude earthquake occurred in Shaya County, Aksu Prefecture, Xinjiang (41.14 degrees north latitude, 83.15 degrees east longitude) at 22:32 on September 18, with a focal depth of 17 kilometers.Mexican President Sinbaum: We respect Canadas decision to move closer to the European Union.

Oil Prices Climb As The EU Bans Most Russian Oil Imports

Charlie Brooks

May 31, 2022 11:42

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Oil prices increased on Tuesday as the European Union (EU) agreed to reduce its oil imports from Russia by the end of 2022, fueling fears of a tightening market already stressed for supply due to rising demand ahead of the peak summer driving season in the United States and Europe.


At 00:54 GMT, Brent crude futures for July, whose contract expires on Tuesday, rose 33 cents to $122.50 a barrel. The more popular August contract increased 33 cents to $117.93.


Futures contracts for U.S. West Texas Intermediate (WTI) crude were trading at $117.31 a barrel, an increase of $2.24 from Friday's closing. Due to a U.S. holiday, there was no settlement on Monday.


European Union leaders agreed in principle to reduce oil imports from Russia by 90 percent by the end of 2022, breaking a stalemate with Hungary over the bloc's heaviest sanction against Moscow since the invasion of Ukraine three months ago.


Due to the fact that the market has already factored in the supply limits, according to some analysts, oil price improvements may be modest.


SPI Asset Management Managing Partner Stephen Innes told Reuters that the market had "already factored in EU self-sanction and much less Russian oil moving to Europe this year"


Innes continued, "I believe the market is pricing in some more Asia demand via China; nevertheless, the glaring issues are the soaring gasoline prices at the pump, which could lead to some demand destruction over the driving season."


Following the removal of COVID-19 restrictions, China's demand is anticipated to increase. Shanghai has announced the end of its two-month lockdown and will permit the vast majority of residents in China's largest metropolis to leave their homes and drive cars beginning Wednesday.


On the production side, OPEC+ is expected to adhere to its agreement from last year at its meeting on Thursday, with a moderate July output rise of 432,000 barrels per day, according to six sources from OPEC+. This is in response to Western calls for a more rapid increase to curb skyrocketing prices.


The Organization of the Petroleum Exporting Countries and its allies, led by Russia, argue that the oil market is in equilibrium and that recent price increases are unrelated to underlying fundamentals.


In 2022, oil prices on both sides of the Atlantic reached their highest level in more than a decade and are up more than 55 percent so far in 2022.

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