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Commander of Ukrainian drone forces: Ukraine attacked the "occupied" Crimean oil depot.Commander of Ukrainian drone forces: Ukraine attacked the port of Vysotsk in the Leningrad region of Russia.Commander of Ukrainian drone forces: Ukraine attacked two oil terminals in the Krasnodar region of Russia.On April 18th, the motorcycle exhibition area at the 139th Canton Fair was packed with buyers from all over the world. Many had come specifically to see Zhangxue Motorcycles, the Chinese brand that had achieved legendary success at the WSBK World Superbike Championship just two weeks prior. Huang Qin, Minister of Foreign Trade at Zhangxue Motorcycles, stated, "The event has been incredibly popular these past two days. Over 5,000 buyers came specifically for our brand, and many requested to become our local agents and place orders directly. Weve received orders for over a thousand units." According to data released by the General Administration of Customs, in the first quarter, my country exported 4.63 million internal combustion engine motorcycles, valued at 21.14 billion yuan, representing year-on-year increases of 13.5% and 14.2%, respectively. In the first quarter, my country exported 11.14 million motorcycles, valued at 34.445 billion yuan, representing year-on-year increases of 18.8% and 18.4%, respectively. From winning championships on the racetrack to showcasing its products at the Canton Fair, Zhangxue Motorcycles has not only attracted global attention with its strong capabilities but has also boosted the overall popularity and sales of the domestic motorcycle industry with its outstanding performance.According to the official measurement of the China Earthquake Networks Center, a magnitude 3.4 earthquake occurred at 16:07 on April 18 in Kuqa City, Aksu Prefecture, Xinjiang (41.27 degrees north latitude, 83.90 degrees east longitude), with a focal depth of 19 kilometers.

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.


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