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March 16 – As the Middle East war threatens the energy security of importing countries, Japan has begun releasing its national oil reserves. The Japanese government announced in an official gazette on Monday that it will reduce the amount of crude oil reserves that refiners must maintain from March 16 to April 15. The statement indicated that a temporary formula will be used to calculate the required reserve levels. Prime Minister Sanae Takaichi stated last week that Japan would release 80 million barrels of oil to stabilize the economy. Minister of Economy, Trade and Industry Ryosuke Akazawa stated last Friday that Japan will sell its national oil reserves at pre-war prices for the Iran-Iraq War. If domestic demand is insufficient, the remaining products refined from the crude oil may be exported overseas.On March 16th, the State Administration for Market Regulation officially approved the establishment of the National Satellite Internet System and Service Standardization Technical Committee. In recent years, with the accelerated construction of low-Earth orbit satellite constellations, the application of satellite internet in areas such as direct mobile phone connections, emergency communications, marine fisheries, transportation and logistics, and communication support in remote areas has been continuously expanding. my countrys satellite internet industry ecosystem is becoming increasingly active, and its industrial capabilities are constantly strengthening. This years Government Work Report proposed to "accelerate the development of satellite internet." To fully leverage the leading and fundamental role of standardization in the construction of new satellite internet infrastructure and promote the healthy development of the intelligent economy, the newly established National Satellite Internet System and Service Standardization Technical Committee will address the current characteristics of rapid industrial technology development and the influx of diverse commercial entities. It will broadly gather the strength of all parties, promote resource sharing within the industry, accelerate the development of urgently needed standards such as satellite internet terminology, constellation on-orbit operation assessment, and key system products, continuously improve the satellite internet standard system, actively participate in international standard setting, and promote the rapid, standardized, and healthy development of the satellite internet industry.On March 16th, Xu Guodong, Director of the Department of Marine Area and Island Management of the Ministry of Natural Resources, stated that with the continuous improvement of residents consumption levels, leisure and entertainment activities such as yachting and sea fishing are showing rapid development and have great consumption potential. Promoting the development of yachting and sea fishing not only meets the peoples aspirations for a better life but will also help promote the marine cultural tourism industry to become an important growth point during the "15th Five-Year Plan" period.According to sources, Baidu-backed life science platform company "BaiTu Life Sciences" has secretly submitted an application for listing in Hong Kong and is expected to raise hundreds of millions of US dollars through the listing this year.US President Trump: The courts have been extremely unfair to Republicans and to me, always seeming to favor those who shouldnt be protected. Theyve been completely politicized. The case itself doesnt matter; its the judge who decides.

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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