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According to Israeli media reports, the massive explosion near Beit Shemesh, Israel, was a controlled industrial blast, with no casualties or property damage.May 17th - According to a report in the British newspaper *The Sun* on Saturday evening, British Chancellor of the Exchequer Reeves plans to announce next week that she will postpone the planned fuel tax increase originally scheduled for September. The temporary fuel tax reduction measure, which began in 2022, was originally scheduled to expire this September. If the measure expires, fuel prices will rise by 5 pence (approximately 6.6 US cents) per liter. However, the British government has previously extended this tax reduction measure several times, most recently in the annual budget last November. *The Sun* reports that Reeves is preparing to extend the measure again.On May 17, US President Trump posted an AI-generated image on social media. In the image, Trump and a general are standing on a warship, while small boats and ships flying the Iranian flag are nearby. The caption reads, "This is the calm before the storm."Dutch Prime Minister: ASML (ASML.O) and Tata Electronics have also jointly signed a statement, which is an important step toward closer cooperation in the semiconductor field.On May 17, according to the Israeli newspaper Haaretz, the Israeli military stated that a soldier was killed in combat operations in southern Lebanon. This soldiers death brings the total number of soldiers killed since the resumption of fighting with Hezbollah in early March to 21.

Oil Prices Settle Mixed Due to Supply And Demand Worries in Russia

Aria Thomas

Apr 21, 2022 09:23

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Oil prices have been boosted by a tightening supply picture after sanctions on Russia – the world's second biggest oil exporter and a critical European supplier – for its invasion of Ukraine, which Moscow refers to as a "special operation."


"As the Ukraine war escalates, the chance of the conflict lasting longer grows, as does the possibility of Russian supplies being cut off from the market," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.


The market was further bolstered by a government report suggesting that US oil stocks declined by 8 million barrels last week, owing to a spike in exports to a more than two-year high. [EIA/S]


Both benchmarks, however, fell roughly 5% on Tuesday after the International Monetary Fund lowered its global growth forecast by nearly a full percentage point, citing the economic impact of Russia's war in Ukraine and warning that inflation had become a "clear and present danger" for many countries.


"Weakening growth and rising inflationary pressures can only imply one thing: the global economy is on the verge of stagflation," P.M. economist Stephen Greenock said.


Continuing coronavirus lockdowns in China have also weighed on demand and pricing in the world's largest petroleum importer.


The European Commission is attempting to accelerate the availability of alternative energy sources in order to reduce the cost of the Russian oil embargo and convince Germany and other hesitant EU states to approve the policy, an EU source told Reuters.


Meanwhile, a series of disruptions exacerbated supply issues. Libya, an OPEC member, has been forced to suspend production of 550,000 barrels per day due to a wave of blockades on key oilfields and export terminals, the country's National Oil Corporation (NOC) stated.


The Organization of the Petroleum Exporting Countries and its allies, collectively referred to as OPEC+, produced 1.45 million barrels per day less than its target in March, as Russian output began to decline following the imposition of Western sanctions, according to a report from the producer alliance.

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