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On August 27, the Ministry of Commerce held a regular press conference. According to the arrangements for the upgraded free trade agreement, China and Switzerland made high-level two-way opening-up commitments in areas such as goods, services, and investment. In terms of goods trade, the final zero-tariff import ratio for both sides exceeds 99%. At the same time, both sides upgraded and improved the rules of origin and trade facilitation, and agreed to strengthen cooperation in standards and conformity assessment, which will help promote further development of bilateral trade. In terms of services trade and investment, the upgraded agreement will help promote my countrys exports of productive service industries to Switzerland; and will help provide investors from both sides with high-level investment access and a more stable, transparent, and predictable business environment. Furthermore, both sides will conduct broader and deeper cooperation in areas such as digital trade, artificial intelligence, sustainable development, supply chains, pharmaceuticals, machinery industry, and watches. Currently, both sides are accelerating their respective domestic procedures to formally sign the upgraded protocol as soon as possible, promote the early implementation of the results, and benefit enterprises and people of both countries at an early date.A spokesman for the Iraqi Armed Forces Commander-in-Chief said the international coalition’s mission will end as scheduled on September 30 next month.August 27th - The China Machinery Industry Federation announced today that my countrys machinery industry achieved rapid growth in production from January to July this year. The latest data shows that the added value of the five major sectors involved in the machinery industry all maintained a year-on-year growth trend. Specifically, the general equipment manufacturing industry grew by 7.9%, the special equipment manufacturing industry by 8.8%, the automobile manufacturing industry by 7.2%, the electrical machinery and equipment manufacturing industry by 6.5%, and the instrumentation manufacturing industry by 9.4%. Among representative products of the machinery industry, from January to July this year, the cumulative output of metal cutting machine tools reached 510,000 units, a year-on-year increase of 0.8%. The cumulative output of industrial robots reached 635,000 sets, a year-on-year increase of 28.5%. The cumulative output of generator sets reached 208.97 million kilowatts, a year-on-year increase of 2.8%.According to TASS, the head of the Russian intelligence agency said that issues related to the secret service were discussed.On August 27, at a regular press conference held by the Ministry of Commerce, a reporter asked about President Xi Jinpings upcoming state visit to Kyrgyzstan. The reporter inquired about the current achievements and future prospects of China-Kyrgyzstan economic and trade cooperation. Ministry of Commerce spokesperson Huang Ling stated that from January to July this year, China-Kyrgyzstan trade reached US$11.7 billion. Exports of Chinese "new three products" (referring to new agricultural products, new energy products, and new industrial products) and electromechanical products to Kyrgyzstan saw rapid growth, while cooperation in service trade and cross-border e-commerce continued to advance. Secondly, investment and economic and technological cooperation have deepened. China is Kyrgyzstans largest source of foreign investment. As of the end of July this year, Chinas direct investment in Kyrgyzstan across all sectors exceeded US$2 billion. Projects in large-scale infrastructure, energy, mining, agriculture, and green development are progressing smoothly. Thirdly, economic and trade negotiations have been effectively advanced. Significant progress has been made in negotiations on the China-Kyrgyzstan service trade and investment agreement; simultaneously, China and Kyrgyzstan are actively exploring and promoting trade and investment liberalization and facilitation between China and Central Asia, and the Shanghai Cooperation Organisation, thus promoting regional economic cooperation.

Supply continues to be tight! Upside potential for oil prices is still huge

Oct 26, 2021 10:58

U.S. oil prices have risen for five consecutive days recently and have reached the highest level since 2014. The world is concerned about energy supply, and there are signs of tight supply in crude oil, natural gas and coal markets.


Two days ago, OPEC+, formed by the Organization of the Petroleum Exporting Countries (OPEC) and the oil-producing allies headed by Russia, stated that it would adhere to the existing agreement and gradually increase oil production, rather than further increase production. The Biden administration had previously called on OPEC and its allies to increase oil production in response to soaring gasoline prices. India, another major oil consumer, also called on OPEC to consider increasing supply to ensure that prices are suitable for producers and consumers.

Kieran Clancy, a commodity economist at Capital Economics, believes that OPEC+ is under increasing pressure, but their refusal to expand production means that the market is still in deficit in the fourth quarter, indicating that oil prices will remain at least this year. It will remain high for a while.

The Commonwealth Bank of Australia (CBA) wrote in a report: "OPEC's outlook indicates a further reduction in global oil inventories. Given that oil inventories are already low, this is a problem."

They said that as the vaccination rate rises to support the reopening of the economy, the global demand for crude oil has accelerated, and rising oil prices may threaten the recovery of the global economy.

ANZ Bank said in a report: “Crude oil has expanded its gains because investors are worried that the energy crisis will push up demand and market supply is tight. Considering the global energy shortage, OPEC+'s growth rate is much lower than market expectations. Not surprisingly, people It is speculated that if demand continues to surge, OPEC will be forced to take action before the next scheduled meeting."

Prior to the arrival of the winter heating season, global supply continued to be tight, with natural gas futures prices rising by more than 9% on Tuesday, the highest closing price in nearly 13 years.

Schneider Electric's global research and analysis manager Robbie Fraser said that as the global crude oil market has been in short supply, record natural gas prices in major demand regions will lead to a strong increase in heating demand for products such as diesel and fuel oil, which will eventually support a further decline in crude oil and product inventories. , Now crude oil and product inventories are far below the normal level at this time of the year.

FxPro senior market analyst Alex Kuptsikevich said that in the past 7 weeks, oil prices have risen almost uninterruptedly. During this period, they have risen by more than 25%, but this does not mean that the upside potential has been exhausted, because most of the gains have come from deep corrections. . The kinetic energy of oil lags behind that of natural gas and coal, so it may have huge upside potential.

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