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The UK Maritime Trade and Operations Authority stated that the maritime security threat level in the Strait of Hormuz remains extremely high due to the blockade.On May 30, the Ukrainian Presidential Press Service announced that Volodymyr Zelenskyy signed two presidential decrees formally implementing measures by the National Security and Defense Council of Ukraine in conjunction with EU sanctions. This round of sanctions covers a total of 120 individuals and related organizations. It is understood that these sanctions are based on the EUs 20th round of sanctions and focus on key sectors of the Russian economy. Russia has not yet responded.On May 30th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated that global auto sales reached 96.89 million units in 2025, a year-on-year increase of 6%. Global auto sales in April 2026 reached 7.99 million units, a year-on-year increase of 4%. From January to April 2026, global auto sales reached 30.96 million units, a year-on-year increase of 1%. With the relatively negative growth in the US and Chinese auto markets at the beginning of the year, global auto sales growth in the first four months of 2026 is expected to be weak. China accounted for 35.4% of the global auto market in 2025; at the beginning of 2026, Chinas share was 30.9%, a relatively low start due to the Spring Festival effect. As the effects of policy stimulus gradually recover and become apparent, the Chinese auto market is expected to gradually strengthen starting in the second half of the year.Mohsen Rezaei, military advisor to Irans Supreme Leader: The US presidents continued naval blockade and excessive demands mark the third time he has betrayed diplomacy.May 30th - Question: On May 29th, the European Commission held a plenary meeting to discuss relations with China. What is the Ministry of Commerces view on this? Answer: China has noted the EUs discussions on relations with China. China and the EU are important economic and trade partners on an equal footing and based on mutual benefit. We hope the EU will abide by WTO rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism. Communication channels between China and the EU are open, and both sides are exploring the establishment of a trade and investment consultation mechanism and will conduct relevant dialogues. We hope the EU will work with China to jointly implement the consensus reached by the leaders of both sides, properly handle differences and frictions through dialogue and consultation, and promote the stable and healthy development of China-EU economic and trade relations. If the EU insists on unilaterally introducing new trade instruments and adopting discriminatory restrictions, China will resolutely retaliate and take effective measures to safeguard its own interests.

Despite an increase in US official oil stock statistics, WTI extends its rebound to near $79.00

Daniel Rogers

Dec 30, 2022 11:20

 截屏2022-12-29 下午4.54.13_1024x576.png

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have continued their recovery move over the important resistance level of $78.50 during the Tokyo morning session. As a result of supply concerns due to a prohibition on oil sales from Russia to G7 nations and the European Union and anticipation of a recovery in demand predictions in China as a result of reopening steps, the oil price experienced buying activity around $77.00.

 

Russia has no intention of supplying fossil fuels at prices lower than those prevailing on the market, therefore oil supply is projected to remain a key concern. Without a question, western nations are actively seeking alternatives to Russia to meet their oil demand, but their reliance on Russian oil will keep them in agony in the medium run.

 

Meanwhile, the sheer velocity of reopening steps by the Chinese government in Beijing has caused short-term chaos owing to a sharp increase in the number of infections; however, Covid-19 may have reached its peak and the economy will restore its forward momentum.

 

According to a letter from Goldman Sachs economists, "For oil prices, we remain bullish on oil prices in the immediate future given the possibility for increasing China demand, and reduced supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

 

The United States Energy Information Administration (EIA) stated on Thursday, for the week ending December 23, that the oil price rebounded following a short decline due to an increase in oil stockpiles. The official US agency reported an increase of 0.718,000 million barrels in oil inventories, whereas the market had anticipated a decrease of 1.52 million barrels.

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