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On August 30, the 2026 National Social Science Fund Annual Project Review Meeting was held in Beijing. Li Shulei, member of the Political Bureau of the CPC Central Committee and Minister of the Publicity Department of the CPC Central Committee, attended and delivered a speech. The meeting emphasized that Chinese-style modernization provides a rich practical foundation and broad space for innovation for the high-quality development of philosophy and social sciences. It stressed focusing on primary tasks, fully utilizing resources and methods from various disciplines, and continuously deepening the systematic research and interpretation of the Partys innovative theoretical system. It also emphasized accelerating the construction of an independent knowledge system for Chinese philosophy and social sciences, actively researching and solving major theoretical and practical problems of Chinese-style modernization, promoting the creative transformation and innovative development of excellent traditional Chinese culture, and facilitating cultural exchange and mutual learning. Furthermore, it stressed the need to focus on building a research management system and organizational form conducive to solving real problems, deepening the systemic reform of the National Social Science Fund, advocating excellent academic style and writing style, improving the academic evaluation system, stimulating research vitality, and promoting the digital and intelligent empowerment of philosophy and social science research.The Ukrainian military stated that Ukraine has struck an oil refinery in the Leningrad region of Russia and a military airbase in the Krasnodar region.August 30 - According to a report by the Icelandic National Broadcasting Corporation on the 30th, preliminary vote counts from the Icelandic referendum held on the 29th showed that a majority of voters opposed restarting negotiations for Icelands accession to the European Union.Malaysian Prime Minister Anwar Ibrahim: The new fuel quota system will be implemented on September 1.On August 30th, it was reported that on August 29th local time, violent attacks by Jewish settlers occurred in several locations in the West Bank, resulting in multiple injuries. In the village of Goslah, over 50 masked settlers threw stones at Palestinian residents inside their homes; in the village of Jaloud, masked settlers intercepted and attacked a vehicle belonging to the NBC News team; and in the village of Khaldin, armed settlers kidnapped and detained a British activist who supports Palestine.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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