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Turkish Vice President Yilmaz: We expect to create 2.1 million new jobs by the end of 2029 and reduce the unemployment rate to below 8%.On September 6th, a special seminar on artificial intelligence (AI) was held for the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) system. The seminar revealed that in recent years, the Shanghai SASAC has guided its supervised enterprises to deeply implement the "AI+" special action, accelerating the digital transformation of enterprises through AI. The focus has been on promoting four key shifts in AI applications: First, the application scope has shifted from key pilot projects to full coverage, now encompassing all supervised enterprises; second, the focus has shifted from emphasizing computing power supply to a balance between computing power networking, technological breakthroughs, and practical application scenarios, placing greater emphasis on the compatibility of AI technology with real business operations, data, and processes; third, the application form has shifted from question-and-answer assistance to intelligent execution, with applications such as intelligent agents and digital labor being rapidly embedded in investment research and consulting, architectural design, and supply chain scheduling; and fourth, the implementation method has shifted from decentralized implementation to ecosystem collaboration, with resources such as computing power, corpora, models, scenarios, and talent being rapidly coordinated.Turkish Vice President Yilmaz: Due to supply-side pressures from the war with Iran, the strong downward trend in inflation has temporarily stabilized.September 6th - According to Reuters, two sources familiar with the discussions revealed that OPEC+ will maintain its October oil production policy at its meeting on Sunday, as the oil-producing organization needs to agree on new quotas before deciding on its next production move. OPEC+ currently has a layer of production cuts in place, covering most of its 21 member countries, until the end of 2026. Before deciding how to gradually exit the production cuts and return production to the market, the organization needs to review member countries oil production capacity to set a production baseline for 2027 – which will serve as the basis for quotas. Sources previously indicated that this discussion might take place later in 2026, suggesting that OPEC+ might pause production increases in the fourth quarter.On September 6, local time, the Lebanese Ministry of Public Healths Emergency Operations Center issued a statement saying that an attack launched by the Israeli Defense Forces in southern Lebanon that morning had resulted in 4 deaths and 20 injuries. The Israeli Defense Forces (IDF) issued a statement on the 6th announcing the airstrikes on southern Lebanon. The IDF statement said the airstrikes were a response to Hezbollahs actions in Lebanon.

Oil Prices Stabilize After Sliding on Rate Rise Concerns, While Russian Crude Flows

Haiden Holmes

Jan 31, 2023 11:30

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Oil prices stabilized in early Asian trade on Tuesday, after plunging more than 2% in the previous session due to the possibility of additional interest rate hikes and ongoing Russian oil exports.


By 01:55 GMT, Brent crude prices rose 28 cents to $85.18 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $77.99 per barrel.


Investors anticipate that the U.S. Federal Reserve will boost interest rates by 25 basis points on Wednesday, followed by a half-point hike by the Bank of England and European Central Bank on Thursday. Increasing interest rates could slow the global economy and reduce oil demand.


The market also focused on a planned virtual conference of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and others, including Russia, on February 1 at 1100 GMT. This group is known as OPEC+.


Five OPEC+ members told Reuters on Monday that the panel is anticipated to propose maintaining the oil producing group's existing output policy intact when it meets this week.


In October, OPEC+ agreed to reduce its production target by 2 million barrels per day (bpd), or around 2% of global demand, from November through the end of 2023.


Russia continues to provide oil to the global market despite a European Union boycott and G7 price ceiling imposed in response to its invasion of Ukraine, which pushed up prices.


Providing some support for oil prices, the U.S. dollar index has declined 1.3% thus far in January. A weakening dollar reduces the price of crude oil for foreign buyers.