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August 3 - According to data provided by officials, Kuwaiti crude oil production surged in July, increasing by nearly 20% compared to the previous month, reaching its highest average level since the outbreak of the war with Iran. Sources indicated that Kuwaiti crude oil production rose to 1.97 million barrels per day in July, an increase of approximately 300,000 barrels per day from June. They did not specify the specific reasons for the increase. Currently, Kuwaiti crude oil production is several times higher than its April lows, but still about 20% lower than pre-war levels. In recent weeks, Persian Gulf oil-producing countries have made some progress in transporting crude oil through the Strait of Hormuz. Although regional shipping is once again threatened after the collapse of the US-Iran ceasefire agreement, negotiations to restore tanker passage continue. Furthermore, domestic oil demand in the Middle East is also rising due to increased electricity consumption driven by increased demand for air conditioning during the summer. After the US-Iran ceasefire was reached in June, the CEO of Kuwait National Oil Company stated that the company would immediately lift all force majeure notices and expected production to soon recover to 2 million barrels per day. Official data shows that Kuwaiti production briefly reached this level before falling back to approximately 1.9 million barrels per day.Market news: The war with Iran has left Belgium completely dependent on Russian liquefied natural gas in July.White House National Economic Council Director Hassett: Federal Reserve Chairman Warsh is moving things in a positive direction. We respect the independence of the Federal Reserve.International oil prices continued to decline, with WTI crude oil falling by more than 8%. A quick overview of the pre-market conversion of domestic and international crude oil prices in a chart.Spot gold and silver traded in a range. A chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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