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January 29th - At the National Statistical Work Conference held in Beijing from January 28th to 29th, it was learned that in 2026, my country will further optimize consumption statistics to focus on building a strong domestic market. Reporters learned that the National Bureau of Statistics will further strengthen statistical monitoring of new consumption formats and models, changes in consumption structure, promote the calculation of regional service retail sales, and improve the calculation of online service retail sales. "We will further improve the supply-side comprehensive consumption statistics, optimize the calculation method for total retail sales of goods and services, and strengthen data calculation," said a relevant official from the National Bureau of Statistics.The SC crude oil futures contract surged 6.00% intraday, currently trading at 495.10 yuan per barrel.On January 29, 2026, the National Healthcare Security Administration, together with the Supreme Peoples Court, the Supreme Peoples Procuratorate, the Ministry of Public Security, the Ministry of Finance, the National Health Commission, the State Taxation Administration, the State Administration for Market Regulation, the State Administration of Traditional Chinese Medicine, and the National Medical Products Administration, jointly convened a meeting to summarize the special campaign to address prominent issues in the management of the national medical insurance fund and to deploy work for 2026. The meeting emphasized the need to strictly investigate and crack down on illegal and irregular use of medical insurance funds, to combat the resale and repatriation of drugs across the entire supply chain, and to focus on strengthening the handling and rectification of problems. It stressed the importance of combining prevention and crackdown to create a tighter regulatory defense. This includes deepening big data supervision to improve regulatory efficiency, strengthening the management of handling and review processes, improving the early warning and handling mechanism for non-compliant behavior and expenses, and moving the regulatory focus forward. The meeting also emphasized the need to pay more attention to promoting governance through investigation and to drive in-depth governance. It called for continuously improving the long-term regulatory mechanism, strengthening the governance of drug prices, strengthening the refined management of medical insurance, and strengthening the management of fund operation.On January 29th, market analyst Divyang Shah stated that precious metals have recently garnered significant attention, with copper prices hitting new highs. Although coppers year-to-date gains have lagged behind gold and silver, numerous reasons support the bullish trend: doubts about the Federal Reserves independence, geopolitical risks, concerns about a weakening dollar, supply chain fragmentation, demand to hedge against supply shocks, and demand related to artificial intelligence are all factors that can influence investment decisions. We previously emphasized that "in addition to gold, countries will begin strategically stockpiling key commodities. This strategic trend may continue for many years," a theme that remains relevant in the commodities market.January 29th - Crude oil prices continued to rise, with both WTI and Brent crude increasing by over 3% intraday, driven by concerns about potential supply disruptions from possible US military action against Iran. Sparta Capital analyst Peter Cardillo noted in a report that while they believe a supply imbalance is forming, geopolitical risks could further push up oil prices. He added that continued price increases could trigger an increase in short positions, in other words, selling on rallies.

ConocoPhillips Is Questioned by US Senators on A Gas Leak in Alaska

Aria Thomas

Apr 27, 2022 09:32

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Representative Raul Grijalva, chairman of the House Committee on Natural Resources, and two other Democrats wrote to Ryan Lance, chairman and CEO of ConocoPhillips, inquiring why it took a month to locate and contain a leak at the company's Alpine field.


More than 7.2 million cubic feet of natural gas escaped from the oilfield last month, the company and officials said. The primary component of natural gas is the strong greenhouse gas methane.


Alpine's oil production was temporarily reduced by nearly a third as a result of the spill. Alpine is one of the largest conventional onshore oil fields constructed in North America in the last 25 years. ConocoPhillips stated in a video 


Additionally, the senators questioned why the firm evacuated approximately 300 of its own employees while publicly denying the leak posed a threat to human health and safety.


"Was this leak on the verge of developing into something more serious, such as a rupture or explosion?" According to the letter.

 

Citing claims that the primary cause of the leak was an uncemented well, they inquired, "Is it typical industry practice to build uncemented wells?"


Grijalva enquired about the leak's ramifications for ConocoPhillips' proposed Willow project within the National Petroleum Reserve-Alaska, a 23 million-acre (9.3 million-hectare) area on Alaska's North Slope that is the country's largest undeveloped public territory. Grijalva's committee is responsible for oil and gas exploration on public lands.


ConocoPhillips is evaluating the letter, according to a company spokeswoman, and Willow has completed "extensive environmental and permitting studies" since 2018.


After reaching a peak of more than 2 million barrels per day in 1988, Alaska's oil production has been declining, harmed by less investment and greater chances in other states' shale formations. According to the US Energy Information Administration, the state produced just 437,000 barrels per day in 2021.


The Willow project is expected to contain 600 million barrels of oil, greater than the US Strategic Petroleum Reserve, the country's emergency stockpile stored in caverns along the Gulf Coast.

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