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December 21 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.6-magnitude earthquake struck off the coast of North Maluku province, Indonesia, at 19:21 local time on December 21. The epicenter was located at 1.47 degrees north latitude and 126.34 degrees east longitude, with a focal depth of 27 kilometers.December 21 - On December 21, MiniMax, a general artificial intelligence company, published its post-hearing information set prospectus for the first time.On December 21, Russian Presidential Aide Ushakov told the media that the proposal to hold trilateral talks between Russia, the United States, and Ukraine has not yet been put on the agenda or discussed. He also pointed out that the modifications proposed by Ukraine and Europe to the Russia-Ukraine "peace plan" are not conducive to advancing the agreement. Ushakov confirmed that Russias Special Representative for Foreign Investment and Economic Cooperation, Dmitriev, is currently in Miami holding talks with the US. He revealed that Dmitriev will report on the results of the talks with the US after returning to Moscow. On the same day, Russian Presidential Press Secretary Peskov told the media that President Putin has no plans to speak with US President Trump before the end of the year, but arranging a call would be easy.On December 21st, according to Japanese sources, during a debate program, Itsunori Onodera, chairman of the Liberal Democratic Partys (LDP) Security Research Council, proposed that it is necessary to discuss the definition of the "Three Non-Nuclear Principles." He discussed Japans current reliance on the US "nuclear umbrella," stating, "This is one of the issues that should be discussed." Onodera said the LDP plans to submit a related motion to the Cabinet in February next year to promote discussion in the Diet. The "Three Non-Nuclear Principles" refer to not possessing, manufacturing, or introducing nuclear weapons. Recently, several political parties, politicians, and numerous civic organizations in Japan have called for adherence to the "Three Non-Nuclear Principles" to avoid a repeat of the tragedy of war.Kremlin: The idea of a trilateral meeting between Russia, the United States, and Ukraine has not yet been discussed.

Oil Continues to Decline as Demand Concerns Outweigh OPEC+ Cut

Aria Thomas

Sep 07, 2022 11:02

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On Wednesday, oil prices declined further, wiping away all of the week's gains, as fears over slow crude demand overshadowed what was viewed as a minimal supply cut by OPEC+.


Brent oil futures traded in London declined 0.5% to $92.39 per barrel, while U.S. West Texas Intermediate crude oil futures declined 0.5% to $86.41 per barrel as of 20:29 ET (00:29 GMT). On Tuesday, both contracts declined by 3% and 2.4%, respectively.


New COVID lockdowns in China look to be the most worrisome factor for crude consumption, considering China's substantial oil imports. The government just extended the lockdown in Chengdu, a city in the southwest of China.


Later in the day, Chinese trade data is anticipated to shed further light on the nation's crude consumption.


In addition, the strength of the U.S. currency due to rising expectations of additional interest rate hikes by the Federal Reserve weighs on oil prices. A rising dollar increases the cost of importing crude, which has a knock-on effect on demand.


Given the recent fall of the rupee and rupiah, major importers like India and Indonesia are already under pressure to reduce their crude demand.


A 100,000-barrel-per-day production cut by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) was mostly overshadowed by concerns over sluggish demand and a strong dollar. The number represents 0.1% of daily worldwide demand and was largely regarded as symbolic. Even still, oil prices rose momentarily in response to the cut.


Saudi Arabia, the chairman of the Organization of the Petroleum Exporting Countries (OPEC), had pledged to maintain petroleum prices by reducing production.


Additional oil production from Russia, which has pledged to expand exports to Asia in reaction to U.S. and European price limitations, is also anticipated to impact crude prices.


As winter approaches, it is anticipated that the demand for U.S. crude oil would decrease as well. However, gasoline demand in the United States has increased in recent weeks as fuel costs have declined.


After Russia cut off a key gas supply to the European Union, a building energy crisis in Europe is projected to raise oil consumption this winter. In the fourth quarter, several members of the bloc are likely to switch to heating oil.


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