EUR/USD 1.15967
0.002%
Gold 4160.94
-0.068%
Oil 58.727
0.484%
USD/JPY 156.267
-0.113%
GBP/USD 1.32447
0.011%
GBP/JPY 206.975
-0.090%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On November 27th, Guanglian Aviation released its investor relations activity record, highlighting gas turbines as a key new growth driver for the company. Leveraging its technological accumulation in structural component manufacturing and composite material applications, the company has rapidly entered the gas turbine market, achieving a breakthrough across the entire process from rough machining to complete assembly of the gas turbine casing. It can provide integrated solutions from structural design and material selection to assembly and testing. Its products are mainly used in scenarios such as pressurization of oil and gas transportation pipelines, with high value per casing and significant technological barriers. Strategically, the company is targeting the commercial aerospace market, entering core segments of the industry through a dual approach of acquisitions and collaborations. On one hand, it actively connects with commercial aerospace companies, undertaking production tasks for core components such as launch vehicle tanks to seize incremental market share. Simultaneously, it leverages cooperation with professional research institutes and universities in the aerospace field to build a dual-dimensional business matrix of "rocket + satellite," laying the foundation for the companys business development in the commercial aerospace sector.Angolas final plan shows that it will cut oil exports to 966,000 barrels per day in January.British Chancellor of the Exchequer Reeves and the Science Secretary will hold a roundtable meeting with telecommunications industry executives.On November 27th, Russian President Vladimir Putin stated on Thursday that the outline of the draft peace plan discussed between the United States and Ukraine could form the basis for a future agreement to end the conflict in Ukraine, but if not, Russia will continue fighting. Putin said, "Generally speaking, we agree that this can serve as the basis for a future agreement." He added that the version of the plan discussed by the US and Ukraine in Geneva has been submitted to Russia. Putin stated that the US is considering Russias position, but some issues still need to be discussed. He also stated that Russia is willing to provide guarantees of non-aggression if Europe desires them. "The fighting will only stop when the Ukrainian army withdraws from the areas they occupy. If they do not withdraw, we will force them to withdraw. Thats it." Putin also stated that the Russian army is accelerating its advance in Ukraine. Meanwhile, Putin stated that he believes the Ukrainian leadership is illegitimate, therefore a legally improbable agreement with Ukraine is impossible, and any agreement must be recognized by the international community, which must acknowledge Russias achievements in Ukraine. Putin also refuted claims that US Special Envoy Witkov showed favoritism towards Moscow in the Ukrainian peace negotiations, calling them nonsense.The commander-in-chief of the Ukrainian army stated that Russia had to deploy reserves during its operations in Pokrovsk.

Oil Hits A Two-month High Due to Tight Supplies, And The EU Wants to Ban Russian Crude

Haiden Holmes

May 30, 2022 11:16

w1.png


On Thursday, oil prices rose almost 3 percent to a two-month high on concerns of tight supply ahead of the U.S. summer driving season, as the European Union (EU) squabbled with Hungary over plans to prohibit petroleum imports from Russia in response to its invasion of Ukraine.


Traders also observed that oil prices tracked a rise in equities and a weakening of the U.S. dollar versus a basket of currencies, which makes oil more affordable when purchased in other currencies. 


Brent (LCOc1) futures increased $3.37, or 3.0%, to $117.40 per barrel, while U.S. West Texas Intermediate (WTI) oil advanced $3.76, or 3.4%, to $114.09.


Brent reached its highest level since March 25 after six consecutive days of gains. WTI had its highest close since May 16.


Edward Moya, a senior market analyst at the data and analytics firm OANDA, said, "Crude prices increased because a tight oil market was expected to persist given that the start of the summer driving season would put U.S. stockpiles on a downward trend."


A significant weekly reduction in U.S. oil stocks, as announced on Wednesday, provided support for prices. 


"The underlying background... is becoming price supportive... and will become even more optimistic once all parties embrace EU sanctions on Russian oil sales," PVM Oil's Tamas Varga said.


President of the European Council Charles Michel is convinced that an agreement can be reached prior to the council's next meeting on May 30.


As EU penalties require unanimity of support, Hungary remains an obstacle. Hungary is requesting approximately 750 million euros ($800 million) to modernize its refineries and expand a Croatian pipeline.


Even in the absence of an official prohibition, there is significantly less Russian oil accessible since customers and trading houses have avoided purchasing from the country.


According to Deputy Prime Minister Alexander Novak, Russia's oil production should decrease to 480-500 million tonnes this year from 524 million tonnes in 2021, as reported by the state-run news agency RIA.


OPEC is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day, six OPEC sources told Reuters, rebuffing Western calls for a faster increase to control prices. OPEC will meet on June 2 and is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day.


Other factors also support the price of oil.


Sugandha Sachdeva, vice president of commodities research at Religare Broking, said, "Shanghai is set to reopen after a two-month lockdown, while the U.S. peak driving season begins with the Memorial Day weekend." On Monday, the United States observes Memorial Day.


The U.S. government seized an Iranian oil shipment held on a Russian-operated ship in Greece and will transport the shipment to the United States aboard a different vessel.


Britain, meanwhile, imposed a 25 percent windfall tax on the earnings of oil and gas firms, along with a $18.9 billion ($15 billion) support package for those struggling to pay their energy bills.


Hungary announced increased "excess earnings" taxes of 800 billion forints ($2.19 billion) on banks, energy industries, and other businesses.

Suggestion