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The Swedish Energy Agency: To date, we have not seen any disruptions to the supply of aviation fuel; the impact is mainly reflected in prices.April 28th - A sharp weakening of the yen may prompt the Bank of Japan (BOJ) to take action, as the BOJ stated in a report that it will continue to raise interest rates based on economic, price, and financial conditions. Naomi Mukkara, a strategist at Mitsubishi UFJ Morgan Stanley Securities, said this marks a change in the BOJs "policy response function." In the report, the BOJ stated that foreign exchange rates are increasingly likely to influence prices, and such fluctuations could affect underlying inflation by altering inflation expectations. The BOJ does not directly target the yen, but if a significant depreciation of the yen accelerates price increases, the central bank may adjust its policy.The Kremlin stated that it would provide immediate updates if talks between Putin and Trump took place. No comment today.April 28th - According to the Ministry of Human Resources and Social Security, since the beginning of this year, my country has implemented skills enhancement initiatives targeting key areas and groups, and has already cultivated over 300 industry-education-assessment skills ecosystem chains. This year, my country has launched large-scale skills enhancement initiatives targeting key areas such as artificial intelligence, advanced manufacturing, and healthcare services, as well as key groups such as college graduates and migrant workers. The "New Eight-Level Worker" vocational skills grading system has been implemented in depth, with 1.128 million new senior-level or higher vocational qualification certificates or vocational skills level certificates obtained in the first quarter. Next, the country will strengthen general education on artificial intelligence to continuously improve workers digital literacy and AI application capabilities. A skills enhancement training program for one million young people will be implemented to make skills training more relevant to industries and jobs. Training services will be extended to enterprises, schools, and townships, creating a 30-minute training circle and skills training stations to allow more workers to participate in training locally.Kremlin: The military parade on May 9 will certainly take place.

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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