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January 16th - With Trump restarting oil business with Venezuela, global attention is turning to the type of crude oil Venezuela possesses. Venezuela boasts the worlds largest proven oil reserves, largely comprised of heavy, high-sulfur crude from the Orinoco Oil Belt in the countrys central region. While the United States has become the worlds highest producer due to a surge in light shale oil drilling, most of its refineries were designed for heavy crude. According to the American Association of Petroleum Refiners (AFPM), nearly 70% of U.S. refining capacity is geared towards heavy crude, a legacy of investments made before the shale oil boom. Shon Hiatt, director of the Energy Business Initiative at the University of Southern California, stated that U.S. refineries will greatly benefit from increased Venezuelan crude exports: "Many refineries along the U.S. coast, particularly in Texas and Louisiana, were designed to process Venezuelan crude. Historically, U.S. companies were among the first to explore, extract, process, and export oil in Venezuela, so coastal refineries were built from the outset for this type of crude." Hiatt also pointed out that due to years of sanctions, Canadian heavy crude has replaced Venezuelan crude in imports. However, if Trump pushes for increased Venezuelan heavy oil exports, Canadian heavy oil could be replaced by cheaper Venezuelan crude.Russian President Vladimir Putin told Israeli Prime Minister Benjamin Netanyahu that Russia is willing to assist in mediating the Iranian issue.Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu discussed the Iranian issue.RIA Novosti: Russian troops have taken control of Zakotne in eastern Ukraine.Gold prices fell in early European trading on January 16th after the latest US data showed a decline in jobless claims last week, reducing the likelihood of an imminent Federal Reserve rate cut. Weaker demand for safe-haven assets also pressured gold prices as market concerns about impending US military action against Iran subsided. However, gold is still on track for a weekly gain of over 2%, having earlier hit a record high. Meanwhile, silver rose nearly 15% this week despite the Trump administrations temporary suspension of tariffs on key minerals.

Asia-Pacific Shares Move Higher as Investors Bet on Fed “Pivot”

Jimmy Khan

Oct 31, 2022 16:01



On Monday, the main Asia-Pacific stock indices were generally up as traders ignored disappointing manufacturing and non-manufacturing statistics from China and turned their attention to the US Federal Reserve meeting later in the week. Traders said that the markets were mostly underpinned by expectations that the Fed will later this week sound less assertive about potential rate rises.


Gains are being reported in Australia, South Korea, Hong Kong, and Japan, although China's equities plummeted as a result of the dismal economic statistics.


The revelation of an electronic visa system for Chinese citizens visiting Macao helped casino companies recover, and Hong Kong's Hang Seng Index increased by 0.89%. According to CNBC, the Shanghai Composite in mainland China was down by 0.03%.

China's factory activity decreased in October, falling short of expectations

Compared to September, China's manufacturing activity decreased in October, according to statistics from the National Bureau of Statistics.


The official manufacturing Purchasing Managers' Index reading of 49.2 fell short of forecasts for a reading of 50, the line dividing monthly expansion from contraction. The PMI score for September was 50.1.


The official non-manufacturing PMI for China registered at 48.7, down from a reading of 50.6 in September.

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