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On March 15, US President Trump signed an executive order on the 14th to weaken the parent agency of the US government-funded media organization Voice of America and six other federal agencies as the latest move by the government to reduce bureaucracy. These agencies include an agency that provides funding support for museums and libraries and an agency that specializes in dealing with homelessness. The order requires these agencies to reduce their operations to the minimum required by law.On March 15, Ukrainian media reported that Ukrainian President Zelensky has decided to form a delegation to conduct peace talks with partners. The delegation is composed of Yermak, director of the Ukrainian Presidential Office, Ukrainian Foreign Minister Serbiga, Ukrainian Defense Minister Umerov and others. According to AFP, the official delegation appointed by Zelensky will represent Ukraine in any possible peace talks to end the Russian-Ukrainian conflict.Ukrainian President Zelensky: The territorial issue is "complex" and should be discussed later.Ukrainian President Zelensky: Ukraines Western partners are interested in a strong Ukrainian military.March 15th news, the reporter learned today (March 15th) that the State Administration for Market Regulation will adhere to the problem-oriented approach this year, give full play to the "sword" role of supervision and random inspections, and deploy the "2025 National Supervision and Random Inspection Plan for Product Quality". The plan clearly states that for key products such as gas appliances and electric bicycles that have quality and safety risks and strong public opinion, especially those involving the safety of peoples lives and property, the State Administration for Market Regulation will significantly increase the proportion of random inspections and comprehensively increase the intensity of random inspections of online sales products, including live streaming. Problems found in the random inspections will be severely investigated and dealt with in accordance with the law to form a closed-loop supervision and maintain the bottom line of product quality and safety.

Next Year's Increased Oil Demand Will Drive Higher Prices

Haiden Holmes

Jan 11, 2023 10:51

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As the U.S. government anticipated record global petroleum consumption for the coming year, the dollar remained near its lowest level in seven months.


In its Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that the global consumption of liquid fuels would reach 102,2 million barrels per day in 2024, primarily due to the economic growth of India and China.


Brent futures closed at $80.10 per barrel, an increase of 45 cents or 0.6%, and U.S. crude futures settled at $75.12 per barrel, an increase of 49 cents or 0.6%.


After Federal Reserve Chair Jerome Powell refrained from commenting on monetary policy and the economy during a symposium, the markets awaited clarity regarding the Federal Reserve's plans to increase interest rates. Thursday's U.S. CPI data will provide traders with insight into the near-term possibilities.


According to Tamas Varga of oil broker PVM, Thursday's data "may easily determine the course of the financial and oil markets for the next several weeks."


Varga remarked that the currency would weaken if inflation came in lower than anticipated or the November level.


The dollar remained near its lowest level in seven months. As items denominated in dollars become more affordable for holders of other currencies, a declining dollar could enhance the demand for oil.


Fed Governor Michelle Bowman warned that the U.S. central bank will need to further boost interest rates to combat high inflation, which will likely have a negative impact on the labor market.


After China, the world's largest oil importer and second-largest consumer, reopened its borders over the weekend for the first time in three years, both WTI and Brent climbed 1% on Monday.


China also approved a second batch of crude import limits for 2023, bringing the total for this year up by 20% compared to the previous year.


Dennis Kissler, senior vice president of trading at BOK Financial, commented, "Crude is attempting to establish a bottom now that China has loosened most of its restrictions on international travel and business."


As the global economy exerts downward pressure on oil prices, many analysts predict that a resurgence in Chinese demand will only give limited assistance.


"Because the consumption upswing is still in its infancy, oil prices are likely to remain low and range-bound," according to analysts at Haitong Futures.


Barclays (LON:BARC) bank highlighted a $15-25 per barrel downside to its $98 per barrel Brent projection for 2023 if a "recession in global industrial activity similar to 2009-09 arises."


Goldman Sachs (NYSE:GS) forecasts that the Organization of the Petroleum Exporting Countries' (OPEC) enhanced capacity to increase prices without negatively influencing demand will limit downside risks to its positive oil forecast for 2023.


Separately, oil stockpiles rose by around 14.9 million barrels during the week ending January 6, according to market sources citing data issued Tuesday by the American Petroleum Institute. It was anticipated to decline by 2.24 million. EIA data is due Wednesday. [EIA/S]