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On July 30th, at the CDEC Summit Forum held during ChinaJoy, Zhang Yijun, First Vice Chairman of the China Audio-Visual and Digital Publishing Association, released the "China Game Industry Report for January-June 2026". The report shows that in the first half of 2026, the actual sales revenue of the domestic game market reached 188.45 billion yuan, a year-on-year increase of 12.17%. As of June, the number of game users in my country reached 684 million, a year-on-year increase of 0.82%. In terms of overseas game exports, my country continued to maintain high growth, with the actual sales revenue of self-developed games in overseas markets reaching US$12.372 billion in the first half of the year, a year-on-year increase of 30.2%. Meanwhile, mini-games also showed impressive growth, with the revenue of mini-program mobile games reaching 31.66 billion yuan in the first half of the year, a year-on-year increase of approximately 36%. Zhang Yijun mentioned that the game industry saw significant growth in scale in the first half of the year, with AI technology fully penetrating the market and the game economy becoming increasingly robust.On July 30th, media outlets reported that several users had experienced unusual spending on their Meituan accounts. Meituan confirmed that after thorough investigation, these users were highly likely victims of a new type of telecom fraud. Meituan is actively cooperating with the police investigation and has taken various measures to ensure user account security. Meituan (03690.HK) stated that, according to multiple investigations, the modus operandi in this incident is highly consistent: criminals use lures such as "brushing orders for rebates" and "high commissions" to send users links containing Trojan programs. Once a user clicks on the link, their phone is remotely controlled. The criminals then use the users identity to purchase popular restaurant vouchers and scenic spot package tickets in bulk on Meituan, and then quickly resell them for cash through online second-hand platforms, profiting from this. It is understood that public security organs in multiple locations have opened investigations into related cases. Meituan is actively cooperating with the police by providing complete data such as account login logs, order details, and transaction records to assist in tracing the criminal gang. In response to this new type of crime, Meituan stated that it has continuously upgraded its risk control strategies.On July 30th, the worlds largest diameter high-speed rail tunnel boring machine, independently developed by my country, successfully traversed the Yangtze River, marking the completion of the tunnels waterway section. Once operational, the Chongtai Yangtze River Tunnel will end the history of Chongming Island, my countrys third largest island, being without high-speed rail access.U.S. Central Command: There are currently more than 50,000 U.S. troops deployed in the Middle East, maintaining a high level of vigilance and ready to fight at any time.Samsung Electronics: It has received approximately one-quarter of the advance payments for long-term service agreements.

OPEC+ has no intention of expanding production, Goldman Sachs expects to hit US$90 within this year

Oct 26, 2021 10:58

OPEC+ agreed on Monday (October 4) to maintain the existing gradual increase in production plan, driving the price of US crude oil to a 7-year high, and Brent crude oil to a 3-year high.


Prior to the ministerial meeting on Monday, an OPEC+ source had stated that the organization was under pressure to accelerate production, but he added, “We are afraid of the fourth wave of COVID-19 and no one wants to take any major measures.”

At today’s ministerial meeting, OPEC+ member states agreed to increase production by 400,000 barrels per day from November according to the established plan. OPEC+ is still implementing 5.8 million barrels per day production reduction measures, but plans to increase production by 2022. Gradually withdraw the production reduction agreement before April.

The news of maintaining the existing production increase plan boosted oil prices on Monday. U.S. crude oil hit a new high since November 2014, and Brent crude oil hit a new high since October 2018.

(U.S. crude oil monthly chart)

Russian Deputy Prime Minister Alexander Novak said at the meeting that he will pay close attention to how the market balances, and said that crude oil demand will generally decline in the fourth quarter of each year.

Peter McNally, head of Third Bridge's industrial and materials global department, said that OPEC+'s production policy has been the reason for the rapid decline in inventories in the past 15 months. At the peak in June last year, OECD crude oil and refined oil inventories were an average of 9% higher than their five-year season, but by the end of the summer of this year, inventories were more than 6% below normal levels.

At the same time, other sources of supply have been slow to respond to the rise in crude oil prices. Oil production was affected by Hurricane Ida in late August, but more importantly, US producers have been hesitant to increase drilling activities in all regions. So overall, the result is tepid supply growth.

Goldman Sachs said on Monday that as the price of natural gas soared, utility power stations began to switch to oil production. Later this year, the daily demand for crude oil will increase by 650,000 barrels, and the international crude oil price looks at US$90.

Due to the worsening of the global natural gas crisis, natural gas prices have soared to historical highs. Goldman Sachs analyst Damien Courvalin predicts that the power-to-fuel conversion will increase the demand and price of crude oil. The bank expects Brent crude oil futures to reach 90 per barrel by the end of this year. Dollar.

The European energy crisis is spreading across the world, increasing the potential shortages in some countries. Energy consultancy Rystad Energy estimates that by the end of this year, the winter crisis may increase daily demand for crude oil by nearly 1 million barrels. Saudi Aramco, the world's largest crude oil exporter, also said on Monday that it has seen daily crude oil consumption increase by 500,000 barrels.

Courvalin also said that when the natural gas is used up every winter near the beginning of spring, there will be a peak in oil combustion. Globally, if the winter is very cold, oil demand can easily reach 1 to 2 million barrels per day.

Courvalin said that this year's natural gas and oil inventories are tight, but oil has more idle production capacity than natural gas. The oil industry is gradually recovering from the huge loss last year, and they have expressed their unwillingness to increase production and give priority to debt repayment.

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