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On May 27, at the opening ceremony of the 20th Shenzhen International Financial Expo, Hong Danyi, Vice President of Tencent Financial Technology, announced that Tencents cross-border payment platform, TenPay Global, and PayPal World have achieved interconnection. PayPal users can now make purchases smoothly at tens of millions of WeChat Pay merchants in China. The first phase will be open to users in the United States.On May 27th, Futures News reported that, to further standardize the handling of preliminary procedures for coal-fired power projects and effectively improve the work efficiency of leagues, cities, and project construction units, the Development and Reform Commission of the Autonomous Region organized a service coordination meeting on energy conservation review and carbon emission assessment for coal-fired power projects on the afternoon of May 26th. The meeting, through policy interpretation and on-site Q&A, fully promoted the coordination of energy conservation review and carbon emission assessment services for coal-fired power projects. At the meeting, the Development and Reform Commission of the Autonomous Region systematically interpreted the latest policy requirements for energy conservation review of coal-fired power projects, deeply analyzed common problems in the project application process, clarified the list and standards for material submission, and, focusing on the core concerns of national review, provided detailed explanations of key aspects such as project energy efficiency levels, carbon emission control, and technical feasibility, providing clear guidance for project units and drafting agencies. Next, the Development and Reform Commission of the Autonomous Region will further strengthen overall coordination, proactively provide services, and solidly carry out all tasks such as joint assessment and demonstration and document preparation for preliminary projects.According to the Financial Times, the Czech Republic, Bulgaria, Poland, Romania, Greece, and Slovakia have called for an increase in carbon emission permits amid the global crisis and high energy prices.On May 27, local time, Irans Ministry of Intelligence issued a statement claiming that "hostile forces" are attempting to exert new pressure on Iran through "soft warfare," "cognitive warfare," and other "hybrid warfare" tactics. The statement said that, according to information obtained by Iran, the adversaries are currently focusing on seven areas: increasing economic pressure, exploiting social issues to incite public opinion, instigating ethnic and religious conflicts, carrying out terrorist attacks and sabotage, smuggling weapons and illegal communication equipment, launching cyberattacks, and conducting information warfare through foreign Persian-language media and social media platforms. The statement also indicated that the adversaries had attempted to launch ground operations from western and northwestern Iran using armed groups, but these plans were thwarted by Iran. The statement further accused some foreign media outlets of participating in information warfare and claimed that Iranian intelligence agencies had seized a large quantity of weapons and communication equipment.Scotiabank: The Bank of Canadas outlook is highly sensitive to the USMCA negotiations and geopolitical developments; it expects the Bank of Canada to raise its policy rate to 3% by the end of the year.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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