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December 21 - According to the Japan Meteorological Agency, a 5.5-magnitude earthquake struck off the eastern coast of Aomori Prefecture, Japan, at approximately 10:29 a.m. local time on December 21. The maximum tremor was felt as a 4, and the epicenter was 50 kilometers deep.On December 21, the United States intercepted another oil tanker off the coast of Venezuela, which the Venezuelan government called an act of piracy. Jeremy Paner, a partner at the Washington-based law firm Hughes Hubbard and a former investigator with the Office of Foreign Assets Control (OFAC), said the ship was not subject to U.S. sanctions. “The seizure of a vessel not sanctioned by the United States marks a further increase in pressure on Venezuela by Trump,” Paner said. “This also contradicts Trump’s statements that the U.S. will blockade all sanctioned oil tankers.”On December 21, Venezuelan Vice President and Oil Minister Rodríguez condemned the United States for "theft and hijacking" of private vessels carrying Venezuelan oil in international waters on December 20. In a government statement released via social media, Rodríguez stated that this serious act of "piracy" violated international law. He asserted that the colonial model the US government attempted to impose on Venezuela would ultimately fail, and that the Venezuelan government would appeal to the UN Security Council and other multilateral organizations for appropriate action.On December 21, the World Trade Organization (WTO) released its "World Trade Report 2025" on December 20, local time. The report indicates that, with supporting policies in place, artificial intelligence (AI) is expected to increase cross-border trade in goods and services by 34% to 37% and global GDP growth by 12% to 13% by 2040 by improving productivity and reducing trade costs. The report emphasizes the need to bridge the digital infrastructure gap, strengthen skills training, and maintain an open and predictable trading environment to ensure more inclusive growth.According to Business Insider, Apple has advised some employees with visas not to travel outside the United States due to embassy delays.

Oil Is Close to A Two-month High Despite Global Supply Worries

Aria Thomas

May 27, 2022 09:45

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In the previous session, oil prices surged to a two-month high as investors focused on signs of a tightening global supply. In early Asian trade on Friday, oil prices retreated slightly as investors focused on indicators of a tightening worldwide supply.


In the meantime, a senior Hungarian aide stated that the country needs three and a half to four years to transition away from Russian crude and make massive expenditures to restructure its economy, and that it could not support the EU's proposed oil embargo until all difficulties were resolved.


This month, the European Commission suggested further penalties against Russia for its invasion of Ukraine, but stated that they require the support of all 27 bloc members. Hungary, which is landlocked and heavily dependent on Russian oil imports through a pipeline, has thus far banned these imports.


At 0:08 GMT, Brent crude futures declined 11 cents to $117.29 a barrel. WTI crude futures for delivery in July decreased by 19 cents to $113.90 a barrel.


Prices have increased by around 50 percent so far this year.


OPEC is expected to adhere to last year's oil production agreement at its June 2 meeting and hike July output objectives by 432,000 barrels per day, six OPEC sources told Reuters, rebuffing Western pleas for a more rapid increase to reduce soaring prices.


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