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Derrick Choi, Product Manager at OpenAI Codex: The AI developer community in Thailand is growing rapidly. Codexs weekly active usage in Thailand is projected to increase more than 350-fold by 2026. OpenAI, in collaboration with Thailands Ministry of Higher Education, Science, Research and Innovation, will bring together 10 Thai startups for an eight-week accelerator program.On August 29th, Italian oil company Eni stated that it is cooperating with Venezuelan authorities to help revitalize the countrys energy sector. This comes as the United States seeks to strengthen its control over Venezuelas vast oil industry. Eni stated, "We are working with our Venezuelan partners and all other relevant parties to support the revitalization of the countrys energy sector." Eni made these remarks as the Trump administration seeks a significant role in Venezuelas oil industry, including a plan for the US to control 55% of the actual production of a joint venture. This joint venture involves oil fields with approximately 65 billion barrels of proven reserves. Eni is also expanding its operations in Venezuela. The company has been negotiating new contracts for the Junín-5 and Corocoro oil projects and recently signed a natural gas export agreement for the large Perla gas field.On August 29th, at a thematic exchange event during the 2026 China International Big Data Industry Expo, an official from the National Data Administration stated that as of the end of July 2026, the total scale of intelligent computing nationwide reached 2.45 million PFLOPS (FP16). The eight national computing power hubs and three computing-power collaborative development zones have built up over 85% of the nations intelligent computing capacity. 1.45 million PFLOPS of intelligent computing power have been included in the monitoring scope of the national-level monitoring and scheduling platform, and the ability to intensively utilize computing resources and conduct integrated scheduling is continuously improving. Going forward, the National Data Administration will continue to optimize computing power layout to enhance supply capacity, strengthen monitoring and scheduling to improve utilization efficiency, deepen computing-power collaboration, cultivate the industrial ecosystem, and comprehensively promote the high-quality development of computing power.August 29th - According to the UKs Daily Telegraph, British Prime Minister Burnham has abandoned two key green taxes pushed by former Prime Minister Starmer, shifting away from the costly net-zero emissions policy. Burnham has shelved plans to levy environmental fees on waste incineration facilities and ports. This move comes amid growing concerns within the British government about the extent to which cumbersome regulations are driving up prices and worsening the actual living conditions of households. Starmer had planned to expand the UKs Emissions Trading System (ETS) to include waste incineration facilities and domestic ports. Under the ETS, businesses must pay for emissions exceeding government-set limits. Officials from the UKs Department for Energy Security and Net-Zero Emissions announced that this adjustment will be shelved indefinitely. Meanwhile, the UK Department for Transport announced that plans to levy carbon emissions fees on UK ports under the ETS will also be shelved. The initial plan would require ports to pay for emissions generated during the "berthing period" of cargo ships. Officials quietly abandoned these plans, instead proposing a carbon tax on shipping companies.On August 29th, former Ukrainian Defense Minister Mikhailov Fedorov announced on the 28th that he had accepted an invitation to serve as an advisor to Italian Defense Minister Guido Croceto. Fedorov wrote on social media that he will serve as Crocetos defense innovation advisor, providing assistance in areas such as "modern warfare technology," and expressed his "gratitude for Crocetos trust and support." Last month, Fedorov was dismissed from his post as defense minister by Ukrainian President Zelensky after only six months in office, sparking large-scale protests in many parts of Ukraine. Zelensky subsequently dismissed Armed Forces Commander-in-Chief Oleksandr Sørsky, with whom Fedorov had a strained relationship. In mid-August, Fedorov released a video calling for wartime elections in Ukraine, stating that the country was facing a governance crisis. Several days later, Zelenskyy stated that Ukraine was not yet ready to hold wartime elections, otherwise it would face a significant danger of national disintegration.

International oil prices are expected to rise by nearly 5% this week, and "gas to oil" may increase demand by at least 500,000 barrels per day

Oct 26, 2021 11:00

On Friday (October 8), international oil prices rose and are expected to close by 5% this week, because there are signs that some industries have begun to switch from high-priced natural gas to oil as fuel, and the market doubts whether the US government will temporarily release its oil strategy reserve.

GMT+8 14:39, NYMEX crude oil futures rose 1.40% to 79.38 US dollars / barrel; ICE Brent crude oil futures rose 1.26% to 82.97 US dollars / barrel.


Earlier this week, US crude oil hit a high of $79.78 per barrel since November 10, 2014, and ICE Brent crude oil hit a high of $83.47 since October 10, 2018. Due to soaring natural gas prices, power generation and some industries are encouraged to switch to oil, and the Organization of the Petroleum Exporting Countries and Russia-led allies (OPEC+) have decided to maintain the current plan to increase production by 400,000 barrels per day.

Edward Moya, senior market analyst at OANDA, said: “There are many incentives to keep the oil market tight.” He also pointed out that with the rebound in economic activity and the relaxation of epidemic prevention restrictions, fuel demand has shown signs of improvement. In addition, people are worried about natural gas supply in the cold winter. More nervous. The market highly anticipates that the huge gap between supply and demand will not change in the foreseeable future.

The Commonwealth Bank of Australia (CBA) analyst Vivek Dhar said in a report: "Oil prices have risen after the U.S. Department of Energy stated that it'at this time' does not intend to use the U.S. Strategic Petroleum Reserve to ease the rise in oil prices."

However, a reporter posted on social media that “the statement that the Ministry of Energy currently does not consider the use of strategic oil reserves” is not accurate. The Ministry of Energy “is considering all tools” to cope with the tight energy supply in the market.

Royal Bank of Canada Commodity Strategist Michael Tran said in a report released on Friday: “Prices are rising again, especially if Brent crude oil breaks through the $85/barrel mark, it may re-ignite discussions about whether the US Department of Energy Take action (release strategic reserves) to alleviate the surge in energy prices."

Swedbank’s chief commodity analyst Bjarne Schieldrop predicts that soaring natural gas prices will enable oil to replace natural gas power generation to an unprecedented level. He said: "This has never happened on a global scale. The market has been trying to replace expensive oil from cheap natural gas before, and now it has completely reversed the situation. The scale of the shift from natural gas to oil is difficult to determine, but it is estimated to be 500,000 per day. Barrel or higher."

The International Energy Agency (IEA) forecasts output in the first quarter of next year at 1.5-2 million barrels per day. IEA also stated that the countries most willing to carry out gas-to-oil power generation will come from the Middle East, as well as other Asian countries such as Indonesia, Pakistan and Bangladesh.

ANZ Bank Commodity Analyst said in a report: “Accelerating the conversion of natural gas to oil may increase the demand for power generation. Winter in the northern hemisphere is coming.” He added that when winter comes, it includes diesel and heating. U.S. distillate stocks, including oil, are at their lowest level since 2000.

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