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On April 15th, the National Energy Administration (NEA) held a meeting on April 10th to advance the regional hydrogen energy pilot program. The meeting comprehensively reviewed the pilot programs progress, focused on key challenges and difficulties, and outlined key tasks for the next stage to accelerate the development of the future hydrogen energy industry. Song Hongkun, member of the NEAs Party Leadership Group and Deputy Director, attended the meeting and delivered a speech. The meeting emphasized the need to strengthen technological innovation, promote the transformation of advanced technological achievements and the demonstration application of the first (set) of equipment. It also stressed the importance of accelerating institutional reforms and boldly promoting innovation in mechanisms such as hydrogen energy trading and green certification. Furthermore, the meeting called for increased policy support and strengthened resource guarantees. It emphasized the need to enhance coordination and collaboration among pilot projects, adopt a holistic approach, solidify responsibilities among all parties, and consolidate development efforts. The goal is to leverage the solid achievements of the regional hydrogen energy pilot programs to provide strong support for ensuring national energy security, promoting the green and low-carbon transformation of energy, and accelerating the construction of a modern industrial system.On April 15, the State Council Taiwan Affairs Office held a regular press conference. In response to Lai Ching-tes recent remarks concerning the US, spokesperson Chen Binhua stated that faced with our powerful strength to safeguard national sovereignty and territorial integrity, no matter how much budget the Lai Ching-te administration allocates or how many weapons it purchases, it is overestimating its own capabilities and attempting to break a rock with an egg. It cannot change, and will even accelerate, the inevitable defeat of "Taiwan independence."On April 15th, the General Office of the State Council issued the "Opinions on Improving the Drug Price Formation Mechanism." This morning, the State Council Information Office held a policy briefing. Shi Zihai, Deputy Director of the National Healthcare Security Administration, stated that the healthcare security department will continue to emphasize the primary responsibility of enterprises for ensuring supply and quality. Enterprises experiencing supply or quality problems will have their winning bids disqualified and be included in a list of violators, with their bidding eligibility restricted for a period of time. We will also continue to cooperate with drug regulatory authorities to strengthen quality supervision of drugs selected through centralized procurement. We also welcome medical institutions and medical personnel to report adverse drug reactions through formal channels, ensuring safer and more reliable medication for the public.On April 15th, HarmonyOS announced that its spring new product launch event will be held on April 22nd, and pre-orders for its first MPV model, the Zhijie V9, will begin on the same day.Toyota and Isuzu have reached an agreement to jointly develop small fuel cell trucks.

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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