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On December 21, the Communist Party of Cuba issued a statement on its official website on the 20th, condemning the US governments escalation of aggression against Venezuela in the strongest terms and accusing the US of its recent actions in Venezuela of being a deliberately planned and dangerous act.SpaceX: Public safety is always our top priority during flight tests. We will continue to ensure that public safety is maximized.On December 21, six sources familiar with U.S. intelligence said that a U.S. intelligence report continues to warn that Russian President Vladimir Putin has not abandoned his goal of occupying the whole of Ukraine and reclaiming the European parts of the former Soviet Union. This report contrasts sharply with the account given by U.S. President Donald Trump and his Ukrainian peace negotiators, who claim Putin wants to end the conflict. According to one of the sources, the latest report was dated late September. This intelligence also contradicts Putins denial of posing a threat to Europe. According to the sources, this intelligence is largely consistent with the views of European leaders and intelligence agencies that Putin covets the entire territory of Ukraine and former Soviet states, including some NATO member states.December 21 - According to the Japan Meteorological Agency, a 5.5-magnitude earthquake struck off the eastern coast of Aomori Prefecture, Japan, at approximately 10:29 a.m. local time on December 21. The maximum tremor was felt as a 4, and the epicenter was 50 kilometers deep.On December 21, the United States intercepted another oil tanker off the coast of Venezuela, which the Venezuelan government called an act of piracy. Jeremy Paner, a partner at the Washington-based law firm Hughes Hubbard and a former investigator with the Office of Foreign Assets Control (OFAC), said the ship was not subject to U.S. sanctions. “The seizure of a vessel not sanctioned by the United States marks a further increase in pressure on Venezuela by Trump,” Paner said. “This also contradicts Trump’s statements that the U.S. will blockade all sanctioned oil tankers.”

Despite growing demand, the price per barrel of crude oil remains below $90

Haiden Holmes

Sep 08, 2022 11:32

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Oil prices rose on Thursday as a U.S. energy watchdog anticipated a minor increase in demand and a decrease in supply until 2023. Fears of an economic slowdown, however, kept prices near eight-month lows.


Prior to a meeting of the European Central Bank, the dollar fell from 20-year highs, easing pricing pressures somewhat.


Brent oil prices, the international benchmark traded in London, rose 1.1% to $88.47 per barrel by 20:56 ET, while U.S. West Texas Intermediate crude oil futures rose 0.8% to $82.59 per barrel (00:56 GMT).


Weak Chinese economic data, interest rate hikes, and an unexpected surge in U.S. inventories fueled fears of a demand slowdown on Wednesday, when both contracts dropped to their lowest levels since January.


In its monthly Short-Term Energy Outlook report, the U.S. Energy Information Administration (EIA) forecasts that global crude demand will increase in the fourth quarter of 2022 and the first quarter of 2023, as rising natural gas prices prompt countries to switch to heating oil during the winter months. This year, the watchdog also forecasts a drop in U.S. oil production, a trend that is expected to be supportive of prices.


As Europe confronts an energy crisis triggered by Russia's suspension of a crucial natural gas pipeline to the bloc, demand may increase.


The EIA expects Brent oil to average approximately $98 per barrel during the fourth quarter. It also forecasts a decline in global petroleum demand between 2022 and 2023.


Numerous indicators of weak demand exert near-term pressure on oil prices. As economic growth in the world's top oil importer slowed to a crawl in August, China's crude imports decreased by about 10%, according to figures released on Wednesday.


In addition, the markets worried about a rise in global interest rates, which tends to reduce spending and reduce petroleum demand. On Wednesday, Canada raised rates to their highest level in 14 years, while the ECB will increase rates for the first time in 11 years.


In addition, the American Institute of Petroleum reported last week's unexpected increase in U.S. crude stockpiles, heightening concerns about a slowdown in global oil consumption. However, the drop in fuel stocks indicated that consumer demand remained healthy.


Traders anticipated that rising interest rates and weak economic growth would weigh on petroleum use, resulting in a fall in oil prices from earlier this year's highs.


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