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US Vice President Vance: The United States could still inflict a major setback on Tehrans nuclear program.On May 29, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended a meeting of the "Friends of Global Governance Group" at the United Nations Headquarters in New York on May 28. He elaborated on the extensive discussions among members since the groups establishment regarding reforming and improving global governance, reaching five major consensuses: First, all members advocate promoting the democratization of international relations, believing that all countries, regardless of size, strength, or wealth, have the right to independently choose their social system and development path, and should participate, make decisions, and benefit equally in the global governance process. Second, all members advocate upholding the purposes and principles of the UN Charter, ensuring the equal and unified application of international law and rules, and opposing double standards and imposition on others. Third, all members advocate maintaining the core position of the United Nations, practicing multilateralism, strengthening multilateral mechanisms, and opposing unilateralism and power politics. Fourth, all members advocate improving global governance through reform, gradually narrowing the North-South divide, ensuring that the fruits of development are shared by all people, and leaving no country behind. Fifth, all members advocate addressing the most pressing practical issues of concern to the international community, creating visible results through concrete actions, and ensuring that global governance can withstand the test of time and the people.U.S. officials said no U.S. aircraft were shot down near Bushehr, Iran.US Vice President Vance: (Regarding Iran) No agreement has been reached yet, but we are very close.On May 29, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Pakistani Deputy Prime Minister and Foreign Minister Dar in New York on May 28. Wang Yi stated that China-Pakistan friendly cooperation is all-round, all-weather, and across all fields. The two countries have always trusted, united, and supported each other at the bilateral, regional, and international levels. This is the foundation of the ironclad friendship between China and Pakistan and the value of their strategic partnership. China is willing to work with Pakistan, guided by the important consensus reached by the leaders of the two countries, to maintain high-level exchanges, deepen political mutual trust, expand pragmatic cooperation, enhance Pakistans capacity for independent development, and accelerate the building of a closer China-Pakistan community with a shared future in the new era.

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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