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On September 9th, Foreign Ministry Spokesperson Mao Ning held a regular press conference. An AFP reporter asked about the US cybersecurity company Califs claim that it had developed a hacking tool capable of infiltrating the WeChat platform, and that the alleged security risks had been fixed. What is the Foreign Ministrys comment on this? Mao Ning replied, "I am not very familiar with the company you mentioned."On September 9th, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter asked: We have noticed some recent voices hyping up the idea that China is "removing the ladder" from other developing countries, arguing that China is only focused on its own development and has pulled away the "ladder" for the development of other developing countries. What is the spokespersons comment on this "ladder-removing theory"? Mao Ning stated that China has never removed the "ladder" for the development of any country, but rather is committed to building it. Through high-quality joint construction of the Belt and Road Initiative, we help participating countries address their infrastructure shortcomings. We provide cost-effective industrial equipment and technological products, share experience and technology, and help developing countries reduce their industrial development costs. Mao Ning emphasized that self-reliance and helping others are the core values of Chinas foreign cooperation, and the so-called "ladder-removing" argument has no place in developing countries. China will always uphold the concept of mutual benefit, win-win cooperation, and common development, acting as a trustworthy partner for developing countries and contributing to the revitalization of the global South through its own development.September 9th – On September 9th, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from Japan Broadcasting Corporation (NHK) asked, “The 18th BRICS Summit will be held in India this weekend. Who will lead the Chinese delegation?” Mao Ning replied, “We will release information on this matter promptly. You can stay tuned.”UN Special Envoy: We condemn the Houthi attacks on Saudi civilian and infrastructure, economic and energy facilities.TCL CSOT: The 13.3-inch LCD screen used in the Xiaomi Mi Pad 9 Pro Max is exclusively supplied by TCL CSOT.

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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