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July 14th - According to foreign media reports, South Koreas ruling party is pushing for amendments to relevant laws to make it easier for chipmaker SK Hynix to form joint ventures with external investors to build wafer fabs. Current law prohibits joint ventures between subsidiaries of subsidiaries. If the amendment is passed, SK Hynix will be able to attract external capital for its new wafer fab projects, provided it retains at least a 50% stake in the relevant joint venture. SK Hynix is a subsidiary of SK Square, which in turn is a subsidiary of the SK Group. The lawmakers proposing the amendment stated in the bills explanation that South Korea must "rapidly build wafer fabs to compete with other major countries and companies," as companies can no longer afford such massive investment costs through traditional financing methods alone. The lawmakers also stated that the amendment requires the headquarters or main offices of newly established joint ventures to be located outside the Seoul metropolitan area to align with the governments policy of promoting regional economic development.According to the Financial Times: As Brexit affects Gibraltar, starting this week, British citizens flying from the UK to Gibraltar will have to go through the EUs controversial new electronic border system.According to the Financial Times, U.S. small-cap stocks surged as investors turned their attention away from large-cap tech stocks.July 14th - According to foreign media reports, ahead of escalating tensions and the US announcement of a renewed blockade of Iranian ports, Iran has begun secretly transporting oil tankers through the Strait of Hormuz in recent days. Ship tracking data shows that six Very Large Crude Carriers (VLCCs) sanctioned by the US transited the Strait of Hormuz into the Gulf of Oman in the past week, with their Automatic Identification System (AIS) transponders turned off. These six tankers can collectively carry 12 million barrels of crude oil. These vessels, along with other ships linked to Iran, completed their voyages after the US revoked its temporary permit for Iranian crude oil sales on July 7th. In addition to the aforementioned six Iranian VLCCs, numerous other ships sanctioned by the US and linked to Tehran have also departed the Strait of Hormuz since July 7th. These vessels are part of the 57 million barrels of crude oil that Iran successfully exported between two rounds of US naval blockades.On July 14th, futures market news reported that yesterday, as tensions escalated, including the US continuing its attacks on Iran and reimposing a blockade on Iranian oil exports, oil prices surged. Currently, WTI crude oil has rebounded to around $80 per barrel, and Brent crude has climbed back above $85 per barrel, showing significant gains. Zhuochuang Information predicts that continued attention will be paid to the consequences of the renewed US-Iran attacks. Against the backdrop of heightened tensions, crude oil prices are generally expected to remain strong, but the possibility of Trump resuming peace talks also needs to be monitored. If talks are initiated, oil prices will likely fall rapidly. Therefore, overall volatility is expected to be high.

Oil prices fall ahead of an OPEC+ summit

Charlie Brooks

Aug 01, 2022 10:58

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As investors prepared for this week's meeting of OPEC and other major producers to discuss supply modifications, oil prices declined on Monday morning.


At 0000 GMT, Brent oil futures declined 63 cents, or 0.6 percent , to $103.34 a barrel. U.S. West Texas Intermediate oil was trading at $97.87 per barrel, a decrease of 75 cents or 0.7%, after hitting a session low of $97.55 when trading in Asia began.


The price of both futures contracts climbed by more than $2 a barrel on Friday, as the risk appetite of investors grew. However, both Brent and WTI ended July with a second consecutive monthly decline for the first time since 2020, as rising costs and interest rates fueled concerns that a recession would restrict gasoline use.


According to ANZ analysts, gasoline use is below the five-year average for this time of year and fuel sales to British motorists are dropping. In reaction, for the first time since April, experts polled by Reuters cut their projections for the average Brent price in 2022 to $105.75 per barrel and for WTI to $101.28 per barrel.


Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, will meet on Wednesday to set September production.


Two of eight OPEC+ sources questioned by Reuters said that a slight increase for September would be discussed at the August 3 meeting, while the other six sources indicated that output will likely stay constant.


The meeting follows Vice President Joe Biden's visit to Saudi Arabia last month.


While President Biden's visit to Saudi Arabia did not result in immediate oil shipments, Helima Croft, an analyst at RBC Capital, thinks that the Kingdom will continue to gradually increase output.


In 2020, at the beginnings of the COVID-19 outbreak, OPEC+ has completely reversed the dramatic production restrictions enacted at the start of August.


Sunday, the group's new secretary general, Haitham al-Ghais, emphasized that Russia's participation in OPEC+ is important to the success of the accord, as reported by the Kuwaiti newspaper Alrai.


Baker Hughes reports that the number of oil rigs in the United States climbed by 11 in July, marking the 23rd consecutive month of rise.

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