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On July 3, the Peoples Bank of China and two other departments released a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." Financial institutions should, in accordance with the requirements of the national cybersecurity classification and protection system, reasonably determine the security protection level of their networks, fulfill their classification and filing obligations, conduct cybersecurity level assessments on a regular basis, and promptly rectify any risks identified in the assessments. Financial institutions should, in accordance with laws, administrative regulations, and relevant provisions of the national and State Council financial management departments, regulate their personal information processing activities and ensure the security of personal information. Financial institutions are encouraged to use the national network identity authentication public service to conduct user identity verification.On July 3, the Peoples Bank of China and two other departments released a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." The draft aims to prevent cybersecurity risks from evolving into financial risks. In the process of digital transformation of finance, financial services are increasingly reliant on networks, and financial networks are interconnected and closely intertwined. The high complexity of network operation and maintenance, the wide scope of supply chain security, the frequent occurrence of organized high-intensity cyberattacks, and the close integration of emerging technologies with business applications all contribute to the potential threats to financial stability and security. The formulation of the "Measures" broadly clarifies the bottom line for cybersecurity compliance in the financial industry and the legal responsibilities for crossing that line. This is a necessary measure by the State Councils financial regulatory departments to ensure the continued stable operation of the financial system and help prevent cybersecurity risks from evolving into financial risks.On July 3, the Peoples Bank of China and two other departments issued a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." The draft aims to improve the cross-departmental comprehensive regulatory mechanism for cybersecurity in the financial industry. The Cybersecurity Law emphasizes that the state provides key protection for important industries and sectors such as finance, and the Protection Regulations clarify that key information infrastructure in important industries and sectors such as finance will be subject to key protection. The Central Committee of the Communist Party of China and the State Council require the establishment and improvement of cross-departmental comprehensive regulatory systems for regulatory matters involving multiple departments, posing significant management difficulties, and highlighting prominent risks. The joint issuance of this cross-departmental comprehensive regulatory system for cybersecurity in the financial industry by the State Councils financial management departments is consistent with national cybersecurity laws and regulations, universally applicable to the financial industry, and highly efficient in supervision and management. It also aligns with existing and future cybersecurity management systems issued by the State Councils financial management departments. This is a long-term measure to improve the management system in the field of financial cybersecurity and strengthen collaborative supervision of cybersecurity in the financial industry.The Security Service of Ukraine: Ukraine attacked a Russian airbase in Crimea, destroying or damaging at least seven warplanes.Sources say Kazakhstans oil and gas production rose to 2.16 million barrels per day in June, up from 2.12 million barrels per day in May.

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.

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