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On April 27, local time, Russian Presidents Press Secretary Peskov said in an interview broadcast by Russian media that many of US President Trumps views on the Ukrainian conflict are basically consistent with Russias position. Peskov said that the work of resolving the Ukrainian issue is still in progress, but it cannot be done in an open way.On April 27, the spokesperson of the State Administration for Market Regulation answered questions from reporters about the Cheung Kong Ports transaction. A reporter asked: According to the Wall Street Journal report on April 16, Cheung Kongs sale of overseas ports will be split into two transactions to continue. What is the comment of the State Administration for Market Regulation? Answer: We pay close attention to the relevant transactions and will review them in accordance with the law. The parties to the transaction shall not circumvent the review in any way, and shall not implement the concentration before approval, otherwise they will bear legal responsibility.On April 27, the Russian Ministry of Defense reported that from 23:00 on April 26 to 4:00 a.m. on April 27, Moscow time, the Russian air defense system shot down and intercepted 5 Ukrainian drones in Bryansk Oblast. On the morning of the 27th, two more Ukrainian drones were shot down in the Crimea region. The Ukrainian Air Force reported on the 27th that from 21:00 on April 26 to the early morning of April 27, local time, the Russian army launched a total of 149 drones at Ukraine. As of 9:00 a.m. on April 27, local time, the Ukrainian army confirmed that 57 drones had been shot down.The Vancouver police in Canada said that they believe this incident was not an act of terrorism. Earlier, someone drove a car into a crowd in Vancouver, Canada, causing many deaths and injuries.According to RIA Novosti: Russian military commanders told Russian President Vladimir Putin that the remnants of Ukrainian troops scattered in Russias Kursk region will soon be eliminated.

Oil Prices Rise Following Saudi Arabia's Raise in Crude Oil Prices

Aria Thomas

Jun 06, 2022 10:54

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Oil prices were up in Asia on Monday morning after Saudi Arabia sharply increased the price of its crude sales in July, a warning that supplies remain tight despite OPEC+'s agreement to accelerate output growth over the following two months.


Brent oil futures increased 0.62 percent to $120.46 around 10:06 p.m. ET (2:06 a.m. GMT), while WTI crude oil futures increased 0.67 percent to $119.42.


Saudi Arabia increased the official selling price (OSP) for its flagship Arab Light crude to Asia to a $6.50 premium above the average of the Oman and Dubai benchmarks, up from a $4.40 premium in June, according to Saudi Arabian national oil company Aramco (TADAWUL:2222).


The decision was made despite a request by the Organization of Petroleum Exporting Countries and its partners, known collectively as OPEC+, to boost production in July and August by 648,000 barrels per day, or 50 percent more than had been planned.


"After opening the taps a bit wider, Saudi Arabia lost little time increasing its official selling price for Asia, its key market," said Stephen Innes, managing partner at SPI Asset Management, in a note. "This had knock-on consequences at the futures open across the oil market spectrum."


Saudi Arabia also raised the Arab Light OSP to northwest Europe for July to $4.30 over ICE (NYSE:ICE) Brent, up from $2.50 in June. However, it maintained the premium for U.S.-bound barrels at $5.65 over the Argus Sour Crude Index (ASCI).


As numerous member nations, notably Russia, are unable to increase output, it is commonly believed that the OPEC+ plan to increase supply will not meet demand. During the peak driving season in the United States, demand is surging, and China is reducing COVID restrictions.


In light of the EU's partial embargo on Russian oil imports, this increase falls short of estimates for demand growth, said Commonwealth Bank analyst Vivek Dhar.


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