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The final June services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; ECB President Christine Lagarde will attend an economic forum.On July 3, in response to so-called concerns expressed by the United States and the European Union regarding the "Law of the Peoples Republic of China on Promoting National Unity and Progress," which came into effect on July 1, Foreign Ministry Spokesperson Guo Jiakun stated at a regular press conference that these countries, clinging to ideological bias and driven by political manipulation, have turned a blind eye to Chinas achievements in economic and social development and human rights governance. They have generalized from limited evidence, maliciously slandered Chinas ethnic policies, fabricated and disseminated false information, grossly interfered in Chinas internal affairs, and undermined Chinas national unity. China firmly opposes this. Guo Jiakun added that China urges these countries to respect basic facts, stop spreading lies, and stop hyping up so-called ethnic issues and interfering in Chinas internal affairs.July 3 - According to traders, French oil giant Total Energy is supplying millions of barrels of Iraqi crude oil to the Asian market with rapid delivery, further exacerbating the markets oversupply. Total Energys supply is expected to accelerate Iraqs oil exports. Iraq has lagged behind other Persian Gulf oil-producing countries in crude oil exports following improved shipping conditions in the Strait of Hormuz. Traders who received the offers revealed that Total Energy is marketing Basra Medium and Basra Heavy crude oil to refiners. The Iraqi National Oil Marketing Organization had previously attempted to sell crude oil on the spot market at extremely low prices, but cargoes were only supplied by load, meaning buyers had to arrange for ships to traverse the Strait of Hormuz and penetrate deep into the Persian Gulf to collect the goods. In contrast, traders said Total Energy now offers services for collecting and transporting this crude oil to customers throughout Asia.July 3 – Foreign Ministry Spokesperson Guo Jia-kun held a regular press conference on July 3. In response to a question regarding the reopening of the Strait of Hormuz, Guo Jia-kun stated that the Strait of Hormuz is a strait used for international navigation, and restoring safe and free passage through the strait as soon as possible is in the interests of all parties. The issue of navigation through the strait should be handled properly, and the widespread concerns of the international community should be addressed prudently. China is willing to maintain communication with relevant countries and the international community on this matter.On July 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked about the 2026 International Fisheries Management Improvement Report released by the U.S. National Oceanic and Atmospheric Administration. Guo Jiakun stated that the so-called "determination" made by the United States based on its domestic law is neither in line with objective facts nor has any basis in international law. Its purpose is to maliciously suppress the development of Chinas distant-water fisheries and is a blatant political manipulation. China expresses its strong dissatisfaction and firm opposition to this. The United States should reflect on its own actions instead of resorting to slander and smear campaigns.

Global Economic Concerns And COVID in China Reduce Oil by 5%

Aria Thomas

Jan 05, 2023 11:22

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On Wednesday, the price of oil dropped by more than $4 a barrel, marking the greatest percentage decline in the first two trading days of any year in more than three decades, as investors concerned over fuel demand as the global economy slowed and COVID-19 cases grew in China.


Brent futures closed at $77.84 a barrel, a loss of $4.26, or 5.2%. The daily closing price of U.S. crude was $72.84 a barrel, a loss of $4.09, or 5.3%.


Brent has plummeted by about 9.4% this week, marking its steepest two-day decline at the beginning of the year since January 1991, according to data from Refinitiv Eikon.


Bob Yawger, director of energy futures at Mizuho in New York, observed, "Crude oil is trading down due to fears about China's COVID-19 and the Federal Reserve imposing a worldwide recession, both demand-destroying events."


According to the World Health Organization, while no new coronavirus types have been detected in China, the government has underreported the number of deaths in its most recent, rapidly spreading outbreak.


The state of the global economy and rate increases by central banks also had a negative effect on petroleum prices.


The Institute of Supply Management (ISM) stated that manufacturing activity in the United States declined further in December, falling for a second consecutive month to 48.4 from 49.0 in November, the lowest level since May 2020.


Simultaneously, a study from the U.S. Department of Labor found that job openings declined less than anticipated, increasing concerns that the Federal Reserve may use the tight labor market as an excuse to keep higher interest rates for longer.


The Chinese government increased export quotas for refined oil products in the first batch of export quotas for 2023 in anticipation of weak domestic demand.


Saudi Arabia, the world's top oil producer, may decrease prices for its signature Arab Light crude grade to Asia in February, after putting them at a 10-month low for this month due to market concerns about an oversupply.


Reuters reported on Wednesday that OPEC oil production surged in December, despite a deal by the wider OPEC+ alliance to decrease production targets to aid the market.


According to research, the Organization of Petroleum Exporting Countries (OPEC) pumped 29 million barrels per day (bpd) in December, an increase of 120,000 bpd from November.


According to a revised Reuters poll, crude oil inventories likely grew by 1.2 million barrels last week, while distillate inventories likely declined.


According to market sources citing data from the American Petroleum Institute, crude oil inventories in the United States likely rose by 3.3 million barrels last week, while gasoline supplies rose by 1.2 million barrels and distillate stocks fell. [EIA/S]


Thursday morning, the Energy Information Administration will release its figures.


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