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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

The U.S. Strategic Petroleum Reserve Has Fallen to Its Lowest Point Since 1987

Charlie Brooks

May 17, 2022 09:50

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The volume of crude oil in the U.S. Strategic Petroleum Reserve (SPR) decreased by 5 million barrels during the week ending May 13.


Stockpiles from 1987, to 538 million barrels in the Strategic Petroleum Reserve (SPR).


According to the data, approximately 3.9 million barrels of sour oil and 1.1 million barrels of sweet crude were discharged onto the market.


President Joe Biden announced in March the largest release ever from the U.S. emergency oil reserve, 1 million barrels per day (bpd) of crude oil for six months, in an effort to reduce gasoline prices that had skyrocketed due to Russia's invasion of Ukraine.


Prior to that, the United States had agreed to release 30 million barrels of SPR oil in March and 50 million barrels from SPR in November.


The price of a barrel of crude oil in the United States has increased by over 25 percent to nearly $114 due to market concerns about a supply shortage. This week, retail gasoline and diesel prices reached all-time highs as fuel demand returned to pre-pandemic levels and refining capacity fell.


The 180 million-barrel discharge was the third time in the previous six months that the United States had tapped the Strategic Petroleum Reserve.


Winners of the most recent SPR auction were Valero Energy Corp (NYSE:VLO), Motiva, Exxon Mobil (NYSE:XOM), Shell (LON:RDSa), Phillips, and Marathon Petroleum Corp. (NYSE:MPC).


According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.