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March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that Chinas competitive advantages in related industries are not achieved through subsidies or protection, but rather stem from persistent efforts to deepen reforms and promote innovation-driven development. Most importantly, it comes from the hard work and dedication of the Chinese people and enterprises. While we oppose disorderly and irrational cutthroat competition, under market economy conditions, healthy competition can unleash greater development momentum. China will continue to strive to maintain a fair and competitive market order and is willing to strengthen communication and cooperation with all parties to jointly promote the stability and security of global supply chains.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that protectionism is not a panacea for problems. We should uphold the spirit of openness and pioneering, expand free trade, and actively promote innovation. Chinas imports and exports are conducted within a rules-based framework of fair trade. China will unswervingly promote high-level opening-up, import more high-quality foreign goods, and work with all parties to promote the optimized and balanced development of trade, jointly expanding the global economic and trade pie.On March 22, Pan Gongsheng, Governor of the Peoples Bank of China, stated at the China Development Forum 2026 that the bank will continue to implement a moderately loose monetary policy. The bank will comprehensively utilize various monetary policy tools, including the reserve requirement ratio, policy interest rates, and open market operations, to maintain ample liquidity.

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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