Real-time News

Saudi Aramco CEO: Of the 7 million barrels per day capacity of the East-West pipeline, nearly 2 million barrels per day will be delivered to domestic refineries in the west, some of which have export capabilities.

European Council President Costa: The EU calls on all parties to the Middle East war to exercise maximum restraint and return to the negotiating table.

On March 10th, HuaAn Fund Management Co., Ltd. announced that its HuaAn S&P Global Oil Index Securities Investment Fund (LOF) (ticker symbol: Oil Fund LOF, trading code: 160416) has experienced a significant premium in its secondary market trading price, deviating from the fund's net asset value per unit on the previous valuation date. Investors are hereby reminded to pay attention to the risk of premium in the secondary market trading price; blind investment may result in substantial losses.

On March 10th, E Fund Management Co., Ltd. issued an announcement stating that the secondary market trading price of its E Fund Crude Oil Securities Investment Fund (QDII) Class A RMB shares (fund code: 161129, exchange-traded abbreviation: Crude Oil LOF E Fund) is significantly higher than its net asset value per share. Investors are hereby solemnly reminded to pay close attention to the premium risk of the secondary market trading price and to make investment decisions prudently.

March 10th - According to foreign media reports, sources familiar with the matter revealed that despite the US government issuing a temporary exemption for India's imports of Russian oil, the State Bank of India (SBI), India's largest bank, is still unwilling to process related payments because it is uncertain how long this concession will last. The bank believes that participating in such transactions could expose it to risks, given its substantial loan portfolio in global markets, and could also damage its reputation. This stance highlights that the short-term easing of US sanctions has barely restored financial channels supporting India's purchases of Russian oil. Sources said that SBI has avoided facilitating any transactions related to Russian oil imports since the US announced sanctions against Russia's two major oil producers last October.

Saudi Aramco CEO: The East-West oil pipeline has more than doubled its initial capacity and will reach full capacity within a few days.

Italy's January PPI rose 2.1% year-on-year, compared with a previous reading of -2.00%.

Italy's PPI rose 2% month-on-month in January, compared with a previous reading of -0.90%.

French Finance Minister: The Strait of Hormuz must be reopened.

According to Interfax news agency, the Tengiz oil field has not yet begun full-scale oil production.

Japanese Minister of Economic Revitalization Ryomasa Akazawa: We support the International Energy Agency's plan to coordinate the release of oil reserves.

Norwegian gas transportation management company Gassco reported an unplanned shutdown of the Nihamna oil field from March 10 to 11, resulting in a daily production reduction of 10 million cubic meters.

Saudi Aramco CEO: By 2030, natural gas projects are expected to generate an additional 1 million barrels per day of high-value associated gas and liquids.

March 10 – Despite a slight cooling in oil prices, Barclays economists say emerging signs indicate that supply shocks are beginning to put pressure on economic activity in Asia. Similar to the Philippines, Thailand has approved work-from-home arrangements for most government agencies to reduce energy use and has asked officials to suspend non-essential travel, while South Korea has hinted at a supplementary budget to support affected groups. The Barclays economics team stated, “This aligns with our view that the (South Korean) government needs more fiscal resources to mitigate the impact of rising fuel costs on consumers.”

Saudi Aramco CEO: Increased demand from the first to the third quarter will keep the market in tight balance.

The National Highway Traffic Safety Administration (NHTSA) announced that Ford Motor Company is recalling 35,772 vehicles in the United States due to a potential for unexpected loss of power, which could increase the risk of a collision.

Saudi Aramco CEO: Global oil demand is expected to increase by 1.1 million barrels per day in 2026, mainly driven by increased demand for transportation fuels and petrochemical products.

ECB Governing Council member Simkus: We have noticed changes in market pricing, and if the price trend continues, it will have an impact.