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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

International oil prices are expected to remain strong in the future, Qatar complains: unable to fill the gap between supply and demand

Oct 26, 2021 11:02

On Tuesday (October 12), international oil prices fell, which is expected to end the previous three consecutive trading days of gains. However, with the rebound in global demand leading to energy shortages in major economies, the outlook for the crude oil market is expected to remain strong.

At 15:23 GMT+8, NYMEX crude oil futures fell 0.24% to US$80.33/barrel; ICE Brent crude oil futures fell 0.03% to US$83.63/barrel. Overnight, the two cities respectively set a new high of US$82.18/barrel since October 29, 2014 and a new high of US$84.60/barrel since October 10, 2018.


James Whistler, SSY's global head of energy derivatives in Singapore, said that the crude oil market has been involved in a widespread rebound in the entire energy industry. High natural gas and coal prices have boosted the prospect of electricity companies turning to rely more on oil for power generation.

Driven by energy shortages in Asia, Europe and the United States, electricity prices have risen to record levels in recent weeks. Analysts estimate that gas-to-oil conversion in the power generation industry may increase global crude oil demand by 250,000 to 750,000 barrels per day.

Matt Smith, chief oil analyst at Kpler, said: “As demand seems to be picking up, the focus is on weak supply. Given the high global natural gas prices, the potential for fuel conversion has an additional dimension, so there are multiple factors here. The push is continuing (higher oil prices)."

Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said: "Broadly speaking, we are optimistic about the outlook for energy demand in Asia and Europe before the upcoming peak in demand. In the short term, oil prices may continue to rise."

Craig Erlam, senior market analyst at OANDA, said: "There is still a lot of momentum behind the oil rally, and the fundamentals are still extremely favorable. Even if we see oil prices return to triple digits later this year, it will not surprise us."

Qatar, the world's largest producer of liquefied natural gas (LNG), told customers on Monday that it cannot help lower energy prices and supply more fuel to the market. Saadal-Kaabi, the country’s energy minister, said: “We have done our best to provide all our customers with the scale of energy we can provide. I am dissatisfied with the soaring oil and gas prices.”

Rising energy prices have also exacerbated the inflationary pressures faced by recovering economies. Data released on Tuesday showed that Japan’s September wholesale inflation rate was at a 13-year high. Analysts said that rising input costs have put more pressure on manufacturers that have been hit by supply restrictions and cast a shadow over the prospects of the world's third largest economy, which relies on exports to ease the blow of weak consumption.

British steelmakers said that unless the government provides help, they may have to stop production and face dire consequences. A spokesman for British Prime Minister Boris Johnson said on Monday that the government is listening to industry concerns and discussing whether further action is needed.

In Spain, steel manufacturer Sidenor said that a plant near Bilbao in the northern part of the country has ceased production after increasing energy costs led to a 25% increase in overall production costs. The Dutch Data Center Association has asked political leaders to limit electricity prices, provide corporate tax breaks or introduce subsidies to support companies investing in clean energy.