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On January 16th, the China National Committee on Ageing and China Life Insurance Company Limited signed a strategic cooperation agreement in Beijing. According to the agreement, during the 15th Five-Year Plan period, both parties will jointly dedicate themselves to the development of the elderly care industry, improve modern insurance services for the elderly, and support the development of the elderly care industry. The cooperation will focus on areas such as conducting national education on population aging, organizing special research on elderly-related issues, developing elderly-related insurance, promoting the social participation of the elderly, and creating a strong social atmosphere of respecting, loving, and helping the elderly.On January 16, both sides reaffirmed their commitment to multilateralism, support for the UNs central role in international affairs, and commitment to maintaining and improving the rules-based multilateral trading system with the World Trade Organization at its core, as well as safeguarding the stability and smooth operation of global industrial and supply chains. Canada attaches importance to the global governance initiatives proposed by China. Both sides agreed to jointly promote the improvement of global governance and strengthen cooperation on issues such as accelerating the implementation of the UN 2030 Agenda for Sustainable Development and reforming the international financial system. Canada supports Chinas hosting of the 2026 APEC summit and looks forward to the success of all activities throughout the year. Canada also thanked China for supporting Canadas bid to host the 2029 APEC summit. Both sides will seek to strengthen exchanges and cooperation within the G20 framework and agreed to deepen cooperation in the climate and environment fields through mechanisms such as the Ministerial Conference on Climate Action, the China-Canada International Cooperation Committee on Environment and Development, the Kunming-Montreal Global Biodiversity Framework, and cooperation documents such as the Memorandum of Understanding on Climate Change Cooperation between China and Canada and the Memorandum of Understanding on Environmental Cooperation between China and Canada.On January 16, both sides agreed to strengthen law enforcement cooperation in accordance with their respective laws to combat corruption, transnational crimes such as online and telecommunications fraud, and synthetic drugs. Both sides agreed to continue the annual meeting mechanism of the China-Canada Law Enforcement Cooperation Working Group, with anti-drug dialogue as an important component, to achieve more concrete results in safeguarding the safety of the people of both countries.On January 16, both sides agreed that people-to-people exchanges are the foundation of bilateral relations and agreed to strengthen cultural exchanges to enhance mutual understanding and cooperation. They decided to relaunch the China-Canada Joint Cultural Committee. Both sides are committed to strengthening exchanges and cooperation in culture, education, arts, cultural heritage, and creative industries, and enhancing exchanges between the two countries legislative bodies and local governments. Both sides agreed to provide support and facilitation for media outlets from both countries working in each others countries and to provide greater convenience for personnel exchanges. Both sides agreed to provide facilitation for their respective diplomatic missions.On January 16, both sides welcomed the establishment of the China-Canada Financial Working Group to strengthen exchanges on financial issues and other matters. The working group will report to the co-chairs of the Economic and Financial Strategic Dialogue. The two leaders also welcomed the signing of the "Third Extension and Amendment Agreement to the Bilateral Currency Swap Agreement between the Peoples Bank of China and the Bank of Canada on RMB/CAD."

International oil prices have slowed down, and investors are weighing two factors

Eden

Oct 26, 2021 10:55

On Wednesday (October 13), international oil prices fell due to concerns that as major economies struggle to cope with inflation and supply chain issues, oil demand growth will decline, but soaring prices of power generation fuels such as coal and natural gas limit the decline in oil prices.

At 15:22 GMT+8, NYMEX crude oil futures fell 0.10% to US$80.56/barrel; ICE Brent crude oil futures fell 0.06% to US$83.37/barrel.


The two major contracts fell by nearly 1% earlier. Data released by China, the world's largest crude oil importer, showed that imports in September fell 15% from the same period last year. However, Asia and Europe are still deep in the quagmire of coal and natural gas shortages.

The oil market has benefited from high fuel prices for power generation. An analyst from the Research Department of ANZ Bank said in a research report: "More and more people expect that the high prices of natural gas and thermal coal may boost the demand for alternative fuels such as diesel and fuel oil."

Oil observers remain focused on whether the soaring prices of natural gas and coal will lead to an increase in demand for petroleum products for power generation. Jeffrey Halley, a senior analyst at the brokerage firm OANDA, said: “It takes a substantial drop in natural gas and coal prices to curb oil prices.”

The International Monetary Fund (IMF) on Tuesday (October 12) lowered the growth prospects of the United States and other major industrialized countries, and stated that continued supply chain disruptions and price pressures hindered the recovery of the global economy from the new crown epidemic. However, the IMF moderately revised up the growth forecasts of some commodity exporting countries, such as Nigeria and Saudi Arabia, due to rising prices of commodities such as oil.

Three people familiar with the matter said that Saudi Arabia will require foreign companies in the energy industry, including petrochemical and desalination sectors, to increase local investment to at least 70% before they can obtain government contracts. This is Crown Prince Mohammed bin Salman's promotion of economic diversification, aiming to create tens of thousands of jobs for young Saudis and reduce their dependence on crude oil income.

According to data released by data analysis company Enverus on Tuesday, the U.S. crude oil and gas industry's transaction volume in the third quarter of 2021 fell from its two-year high in the previous quarter as the industry cooled off from post-pandemic consolidation and focused on selling Non-core assets.

The Institute of International Finance (IIF) said that the rebound in oil prices is widening the economic gap between oil exporters and importers in the Middle East and North Africa. IIF pointed out that by the end of 2022, public foreign investment in the Gulf countries-including foreign exchange reserves and sovereign wealth funds-will increase to more than 3 trillion US dollars, equivalent to 170% of GDP.

The current account surplus of oil-producing countries this year will reach 165 billion U.S. dollars, and the current account surplus next year will reach 138 billion U.S. dollars. Based on crude oil price forecasts of US$71 per barrel this year and US$66 next year, the current account deficit last year was US$6 billion.

In contrast, for the importing countries Egypt, Jordan, Lebanon, Morocco, Tunisia and Sudan, the total current account deficit this year will increase from US$27 billion in 2020 to US$35 billion this year. This is mainly due to the cost of crude oil imports. Rise and decline in tourism revenue.

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