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On October 20th, local time on the 21st, the House of Representatives and the House of Councillors of the Japanese Diet will hold elections to nominate a prime minister. Given that the Liberal Democratic Party and the Japan Restoration Party have reached an agreement on a coalition government, and the opposition parties have not yet agreed on a single candidate, LDP President Sanae Takaichi is likely to become Japans new prime minister and form a cabinet. According to relevant regulations, members of parliament can cast blank votes in the prime ministerial nomination election. If no candidate receives a majority of the total votes, including blank votes, a runoff will be held between the top two candidates. Furthermore, according to relevant Japanese law, while the Senate and the House of Representatives generally have equal powers, the House of Representatives has priority in making decisions on legislation and the appointment and removal of the prime minister.Sources: Russias Novokuibyshevsk refinery suspended production on Sunday due to a drone attack.Canadian Finance Minister: Budget will prioritize Canadas steel industry.Petrobras cut wholesale gasoline prices by 4.9%.On October 20, Minshida stated in a survey conducted by specific subjects that the year-on-year growth rate slowed down in the third quarter mainly due to the change in the pace of order delivery in the honeycomb core material field. Specifically, the revenue of the honeycomb core material business was basically the same as the same period last year in the first half of the year, while it fell by about 20% year-on-year in the first three quarters. Due to the relatively high selling price and gross profit of honeycomb core material products, there was a certain drag on the overall growth of the companys third-quarter performance. In the field of electrical insulation, the first three quarters achieved a year-on-year growth of about 30%. The companys 1,500-ton production line, which was raised by the company, entered the trial production stage in June. At present, the production line can produce most specifications and models of products, but due to the delay in the delivery of imported equipment, the production of a small number of models is restricted. It is expected that the construction will be completed in the first quarter of next year. As of September 30, the production line had an operating rate of approximately 50%.

Oil prices rise due to concerns about a tightening supply

Aria Thomas

Sep 13, 2022 10:33

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Oil prices rose in the early hours of Tuesday, extending gains from the previous session, as investors fretted over a limited supply ahead of the winter heating season in the Northern Hemisphere.


Brent crude rose 5 cents to $94.05 per barrel at 00:06 GMT, while WTI crude rose 7 cents to $87.85 per barrel.


This year, crude oil prices on both sides of the Atlantic have climbed by more than 15 percent due to the Russia-Ukraine conflict. Energy costs have soared as a result of Moscow's reduction of gas supply to Europe in reaction to Western sanctions imposed for its invasion of its neighbor.


As the cost of the West's "energy war" with Russia continues to climb, a European Union draft proposal implies that fossil fuel companies may be obliged to share their excess profits with European consumers and businesses.


In the week ending September 9, emergency oil stocks in the United States fell 8.4 million barrels to 434.1 million barrels, the lowest level since October 1984, according to data released by the U.S. Department of Energy on Monday (DOE).


In March, U.S. President Joe Biden devised a plan to release 1 million barrels per day from the Strategic Petroleum Reserve (SPR) over the course of six months to counteract rising U.S. fuel prices, which have contributed to soaring inflation.


This past week, Energy Secretary Jennifer Granholm told Reuters that the Biden administration is assessing the need for more SPR releases when the current program expires in October.


In the interim, the G7 nations will impose a ceiling on the price of Russian oil to reduce the country's oil export income in an effort to punish Moscow for its invasion of Ukraine, while ensuring that developing nations continue to have access to oil.


However, the U.S. Treasury cautioned that the cap could force oil and gasoline prices in the United States to increase even further this winter.

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