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On January 30th, the overnight SHIBOR was 1.3280%, down 4.00 basis points; the 7-day SHIBOR was 1.5800%, up 0.80 basis points; the 14-day SHIBOR was 1.5980%, up 0.70 basis points; the 1-month SHIBOR was 1.5510%, down 0.10 basis points; and the 3-month SHIBOR was 1.5890%, down 0.20 basis points.On January 30th, it was learned from the National Healthcare Security Administration that from January to December 2025, the number of times employees medical insurance personal accounts were used for pooling funds reached 464 million, amounting to 68.77 billion yuan. Simply put, employee medical insurance personal account pooling breaks down geographical barriers, allowing family members to use the funds in an insured persons personal account. This can be achieved through methods such as instant access to the linked persons personal account and medical insurance wallets. In 2025, 463 million instances of intra-provincial pooling of employee medical insurance personal accounts were conducted through instant access to the linked persons personal account, amounting to 68.02 billion yuan. Through medical insurance wallets, there were 648,800 intra-provincial pooling transactions and 472,200 inter-provincial pooling transactions, amounting to 750 million yuan. Currently, with intra-provincial pooling of employee medical insurance personal accounts implemented in all provinces nationwide, inter-provincial pooling is being accelerated to benefit more insured individuals.January 30th - This morning, the China Coast Guard held a special interview on maritime law enforcement. It was announced that the China Coast Guard recently completed the development of a WeChat emergency reporting mini-program, scheduled to launch on February 1st. Users can search for "China Coast Guard 95110" on WeChat or follow the China Coast Guard official account, click the "WeChat Emergency Reporting" link, and directly locate the callers location to quickly report emergencies via text, images, audio, and video.U.S. Geological Survey: A magnitude 5.0 earthquake struck the eastern part of the South Pacific Ridge.An executive at JERA, Japan’s largest power company, said the company does not plan to recognize impairment losses for offshore wind power projects in fiscal year 2025.

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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