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On August 15th, a 5.0 magnitude earthquake struck Granada province in southern Spain. Local authorities stated that no casualties have been reported. The Andalusian regional government has activated its emergency response plans early warning phase to prepare for potential secondary disasters and aftershocks. Previously, strong tremors were felt in the affected area and surrounding provinces, prompting some residents to evacuate outdoors. Emergency services subsequently received multiple reports of minor cracks in buildings and falling debris, and safety inspections and damage assessments were rapidly launched after the earthquake.Irans Communications Minister: More than 500 telecommunications sites were attacked during the war, and some facilities were hit again after being repaired and service restored.On August 15th, it was announced that the 16th issue of Qiushi magazine, to be published on August 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Improving Disaster Prevention, Mitigation, and Relief Capabilities." The article emphasizes that my country has a vast territory, complex geography, and diverse climate, making it prone to frequent natural disasters. Since the 18th CPC National Congress, the CPC Central Committee has consistently treated disaster prevention, mitigation, and relief as a major issue concerning the safety of the people and national security, making numerous deployments in areas such as conceptual transformation, institutional reform, system construction, and capacity building. It has led the vast number of cadres and the masses to overcome a series of major natural disasters, minimizing casualties and property losses to the greatest extent possible, with achievements recognized worldwide. To effectively carry out disaster prevention, mitigation, and relief work, it is essential to uphold the Partys overall leadership, adhere to the principle of putting people and their lives first, respect the laws of nature, prioritize prevention, persist in reform and innovation, maintain a systematic approach, and uphold social co-governance. These valuable experiences must be upheld and effectively utilized, and continuously enriched and developed in light of new realities.August 15th - According to the Ministry of Emergency Management, affected by Typhoon Dolphin (No. 13 of this year) and recent heavy rainfall, Taihu Lake has experienced significant basin-wide flooding. It is predicted that the water level of Taihu Lake will continue to rise slowly in the later period. From August 15th to 16th, parts of eastern and southern Zhejiang Province will experience heavy rain, with some areas experiencing torrential rain. In accordance with the "National Flood and Drought Relief Emergency Plan" and relevant regulations, the State Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management decided to upgrade the flood control emergency response for Jiangsu Province from Level IV to Level III at 12:00 on August 15th, and activate a Level IV flood control emergency response for Zhejiang Province.On August 15th, Mexican President Jacques Sinbaum stated at a morning press conference on August 14th that the US decision to revoke the visa of the son of former Mexican President López Obrador was politically motivated and constituted interference in Mexicos internal affairs. Sinbaum emphasized that Mexico must remain steadfast in the face of such events, and that Mexico and the US should maintain a mutually respectful bilateral relationship. In fact, the US revoked the visas of at least six Mexican ruling party officials in 2026 alone. Simultaneously, citing involvement in drug trafficking to the US, the US requested the extradition of four current governors, mayors, and members of parliament, as well as six former officials, to the US for trial. The Mexican government rejected the US request, citing insufficient evidence from the US.

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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