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On June 26, according to Irans Press TV, US President Trump has again ordered that all Iraqi oil revenues controlled by Iraq be deposited into accounts at the Federal Reserve Bank of New York. Executive Order 13303 was originally signed after the US military action against Iraq in 2003 and has been renewed annually since, always citing "national security" as the reason. The White House has not issued a press release on this matter, but Trump sent a formal notification to Congress on May 4 regarding the extension of the order. In the formal notification, Trump stated: "The various obstacles hindering the orderly reconstruction of Iraq, the restoration and maintenance of domestic peace and security, and the development of political, administrative, and economic institutions continue to pose an exceptionally significant threat to US national security and foreign policy. Therefore, this Executive Order must remain in effect beyond May 22, 2026."According to Iranian state television, three foreign oil tankers that attempted to pass through the Strait of Hormuz "without authorization" were forced to turn back after warnings from the Iranian Revolutionary Guard Navy.On June 26, State Councilor Chen Yiqin conducted research in Jiangxi Province from June 23 to 26 on employment, sports, and other related work. She emphasized the need to thoroughly study and implement the spirit of General Secretary Xi Jinpings important speeches, earnestly implement the decisions and deployments of the Party Central Committee and the State Council, resolutely implement the employment-first strategy, actively promote the high-quality development of the sports industry, accelerate the cultivation of more new growth points, and strive to achieve a virtuous cycle of increased residents income, expanded domestic demand, and economic development. Chen Yiqin pointed out that it is necessary to strengthen the employment-first policy, accelerate the implementation of the action plan to stabilize, expand, and improve employment, support industries and enterprises with strong employment absorption capacity to stabilize jobs, and make every effort to ensure employment for key groups such as college graduates and migrant workers. She stressed the need to scientifically grasp and proactively adapt to changes in the employment situation, carry out large-scale vocational skills training programs, continuously improve the public employment service system, and cultivate new occupations and positions around the development of emerging and future industries to better promote employment and income growth for the masses.A Reuters poll shows that for the first time since 2023, more economists are predicting that the Federal Reserve will raise interest rates rather than cut them.A Reuters poll showed that 78 of the 102 economists surveyed expect the Federal Reserve to keep the federal funds rate unchanged at 3.50% to 3.75% in 2026, compared to 72 of the 102 economists surveyed in early June.

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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