• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

Oil Prices Soar on Word That Germany Relaxes Objection to Russian Oil Embargo

Aria Thomas

Apr 29, 2022 09:28

O3.png


Traders were reacting to media reports that Germany's Economy Minister Robert Habeck stated Tuesday that the EU's largest economy could survive an EU embargo on Russian oil imports and that Germany hoped to find alternative sources of supplies.


By 1:38 p.m. EDT, Brent crude futures had risen $1.89 to $107.21 a barrel (1838 GMT). West Texas Intermediate crude in the United States increased $2.61, or 2.6 percent, to $104.63.


Germany is significantly reliant on Russian energy supplies and had previously resisted a complete embargo.


Prior to the Ukraine war, Russia supplied nearly a third of Germany's oil. Habeck announced a month ago that the government had reduced its reliance on Russian oil to 25% of imports.


"As a result, oil from the free world will become more expensive, while oil from the Iron Curtain will lose even more value and become more heavily discounted," said John Kilduff, a partner at Again Capital LLC in New York.


Moscow has begun to use energy exports as a stick in reaction to the US and its allies' response to Russia's invasion of Ukraine.


Russia has cut off gas supplies to Poland and Bulgaria and is attempting to convince the EU to adopt its new gas payment system, which entails creating accounts with Gazprombank and converting payments in euros or dollars to roubles.


Russian oil production could decrease by as much as 17% in 2022, according to a document seen by Reuters from the economy ministry, as the country deals with Western sanctions.


Despite this anticipated shortage, sources told Reuters that the OPEC+ group of producers, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to maintain its modest pace of output growth when it meets on May 5.


The US dollar climbed to its highest level in two decades on Thursday, aided by weakening in the currency's biggest rivals, including the yen and euro. A higher dollar is typically detrimental to oil prices that are denominated in the greenback, as it increases the cost of the commodity to holders of other currencies.


Beijing shuttered certain public venues and increased COVID-19 checks in others as the majority of the city's 22 million citizens conducted additional mass testing in an attempt to avert a Shanghai-style shutdown. The latest shutdown has caused disruptions to industry and supply systems, heightening concerns about the country's economic progress.


Sinopec (NYSE:SHI) Corp, Asia's largest oil refiner, expects demand for refined oil products to recover in the second quarter as COVID-19 outbreaks are gradually brought under control.


Global economy slowing as a result of increasing commodity prices and an escalation in the Russia-Ukraine war might exacerbate fears about oil demand.