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January 18th - According to Yonhap News Agency, the joint South Korean military and police investigation team responsible for investigating the alleged "intrusion into North Korea" by civilian drones summoned a man in his 30s on January 16th as a civilian suspect. The investigation team believes the man is involved in manufacturing the drone in question.NIO: On January 18, 2026, 120 days after officially starting deliveries, NIOs new ES8 successfully delivered more than 50,000 units.According to the Washington Post, U.S. Department of Defense officials said the Department of Defense has ordered about 1,500 active duty military personnel to prepare for deployment to Minnesota.On January 18th, several members of the European Parliament stated on the 17th that the trade agreement reached between the US and Europe last July would not be approved due to US threats against Greenland. They also called for the use of anti-coercion tools in response to the US tariffs. Manfred Weber, chairman of the European Peoples Party (EPP), the largest group in the European Parliament, said in a statement that escalating tensions between the US and Europe mean the European Parliament will not support the agreement. Given the US threats against Greenland, the party cannot ratify the agreement at this stage, and the zero-tariff measures on relevant US products must be suspended.On January 18th, thousands of Danish residents held a demonstration in Copenhagen, the capital, on the 17th to protest the United States attempt to control Greenland. Some of the demonstrators were from mainland Denmark, while others were from Greenland. Around noon, the march began at Copenhagens City Hall Square and proceeded to the US Embassy in Denmark, about two kilometers away. The demonstrators held signs reading "Greenland Not for Sale" and "Americans, Get Out," chanting slogans to express the Danish peoples united stance against the USs attempt to seize the island.

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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