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Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.On April 5, OPEC+ major members reiterated that they must strictly abide by their oil production quotas after the group unexpectedly announced an accelerated pace of production increases, causing crude oil prices to plummet. According to a statement released by the group on its official website on Saturday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) noted that some member countries had failed to fully comply with production restrictions and had not further cut production as promised to make up for excess production. These countries were told to submit compensation plans by April 15. OPEC+ shocked the oil market last week when it announced that it would accelerate production increases. Delegates privately said the move was aimed at urging member countries such as Kazakhstan and Iraq to strengthen enforcement discipline.April 5th news: So far, the strong earthquake in Myanmar has caused 3,455 deaths, 4,840 injuries and 214 missing persons.On April 5, after US President Trump announced the "reciprocal tariff" plan, Apples stock price suffered a heavy blow for two consecutive trading days, and its market value shrank significantly. According to the calculation of investment bank Morgan Stanley, the imposition of tariffs on China will increase Apples costs by about US$8.5 billion each year. Reuters quoted analysts as saying that if Apple passes all tariff costs on to consumers, the retail price of iPhone16 Pro Max in the United States will rise from the current US$1,599 to US$2,300 (about RMB 16,750). During Trumps first term, Apple began to promote the diversification of its supply chain, but the Trump administrations plan to impose high "reciprocal tariffs" on Southeast Asian countries will undoubtedly hit Apples supply chain hard.Ukrainian military: Russian troops used cluster weapons in "brutal" attack on Krivelikh.

Oil prices fall as inflationary concerns overshadow anticipated OPEC+ output reductions

Charlie Brooks

Aug 30, 2022 10:49

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Oil prices dropped on Tuesday, a day after reaching their highest level in more than a month during the previous session, as inflation fears trumped the potential of OPEC+ production cuts.


At 00:12 GMT on Tuesday, Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel after gaining 4.1% on Monday. Following a 4.2% increase in the prior session, U.S. West Texas Intermediate crude traded at $96.79 per barrel, a decrease of 21 cents or 0.2%.


Inflation is hitting double digits in several of the world's top economies, a level not seen in nearly half a century, and investors are concerned that the United States and Europe may seek more aggressive interest rate hikes.


In the wake of the Ukraine conflict, Russia's oil output has exceeded expectations, the president of the International Energy Agency (IEA) said on Monday, adding to the downward pressure on prices. Moscow, which refers to its actions in Ukraine as a "special operation," will find it increasingly difficult to maintain production as Western sanctions take effect, he warned.


According to the agency's chairman, when the current system ends, IEA member nations may release more oil from their strategic petroleum reserves (SPR) if they think it necessary.


Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEClargest )'s producer, discussed the possibility of production cuts last week, which, according to sources, may coincide with an increase in supply from Iran if Tehran reaches a nuclear agreement with the West.


On September 5, OPEC+, which consists of OPEC, Russia, and partner producers, convenes to determine policy.


Tuesday at 4:30 p.m. EDT (2030 GMT), the American Petroleum Institute, a trade group, is set to provide information regarding U.S. crude inventories. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own numbers on Wednesday at 10:30 a.m. (1430 GMT).


According to a preliminary Reuters poll conducted on Monday, crude oil stocks in the United States likely declined by 600,000 barrels, while distillates and gasoline inventories are also predicted to have decreased.

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