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On June 26th, according to Japanese sources on the 24th, Japanese Prime Minister Sanae Takaichi accepted suggestions from the ruling Liberal Democratic Party (LDP) and the Japan Innovation Party regarding revisions to the "Three Security Documents." The Japanese government plans to formally revise the "Three Security Documents" through a cabinet meeting by the end of this year, and is expected to propose a policy of increasing defense spending, following the LDPs stance. While the LDP did not specify a concrete figure for Japans defense spending, it cited NATO member states aiming for 3.5% of GDP as a benchmark, requesting further research based on these examples. The Japan Innovation Party, on the other hand, demanded that the spending reach "more than 2%" of GDP by 2026. Furthermore, regarding the clause in the "Three Non-Nuclear Principles" against the introduction of nuclear weapons, the Japan Innovation Party stated that "a realistic discussion should be conducted," mentioning revisions and calling for the swift introduction of nuclear submarines.According to AXIOS: U.S. House Speaker Boris Johnson said he will submit the housing bill to the White House after meeting with Trump.The U.S. State Department has approved the sale of training services and related equipment for F/A-18F Super Hornet and EA-18G Growler aircraft to Australia for $250 million.British officials say King Charles will not be residing at Buckingham Palace after the renovations are completed next year.Sources say JPMorgan Chases (JPM.N) board expects Jamie Dimon to continue as CEO for several more years. After stepping down as CEO, Dimon will become executive chairman.

Oil prices jump as Saudi warns OPEC could limit output

Skylar Williams

Aug 23, 2022 11:10

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Following Saudi Arabia's warning that OPEC could decrease supply to reverse the recent slide in oil futures, oil prices inch higher on Tuesday.


Brent crude futures rose 32 cents to $96.80 a barrel as of 00:04 GMT on Tuesday, following a tumultuous Monday in which they fell more than $4 per barrel before recovering to trade near flat.


Futures on U.S. West Texas Intermediate crude rose 37 cents to $90.73 a barrel at 00:04 GMT.


This month, the benchmarks are between 12% and 8% lower.


Saudi Arabia, the Organization of the Petroleum Exporting Countries' (OPEC) leader, announced on Monday that OPEC is prepared to reduce production to correct the recent oil price decline caused by poor futures market liquidity and macroeconomic concerns, which have ignored the extremely tight physical crude supply.


According to the Saudi state news agency SPA, Energy Minister Prince Abdulaziz bin Salman told Bloomberg that OPEC+ has the means and flexibility to address difficulties.


Damage to a pipeline system moving oil from Kazakhstan to Russia has created more interruptions to Europe's energy supplies, intensifying concerns about a potential gas supply drop.


Monday, Iran accused the United States of stalling in efforts to resuscitate the 2015 nuclear agreement. This charge was denied by the White House, which stated that an agreement is closer than it was two weeks ago due to apparent Iranian flexibility.


Tuesday at 4:30 p.m. ET, market participants expected the release of industry data regarding U.S. supplies. According to a preliminary Reuters poll published on Monday, crude oil and gasoline inventories in the U.S. likely decreased last week, although distillate inventories likely increased.

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