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xAI: SpaceX AI has signed an agreement with Anthropic to provide access to Colossus1.An Iranian Foreign Ministry spokesman said that Tehran’s response to the U.S. 14-point proposal regarding Iran has not yet been conveyed to Pakistan.On May 6, advisory firm SOC Investment Group urged the U.S. Securities and Exchange Commission (SEC) to investigate SpaceXs financial situation ahead of its potential IPO, which could value the company at over $2 trillion. The firm stated that SpaceXs relationships with other companies under Elon Musks umbrella are concerning. According to a letter dated May 6 and filed with the SEC, SOC requested the SEC review the accuracy and reliability of SpaceXs financial disclosures and ensure the independence of SpaceXs auditors. SOC also urged the SEC to focus on the accounting treatment of transactions between SpaceX and Musks other companies. The letter stated, "We are particularly concerned that SpaceXs IPO will expose a significant number of investors to a company whose value may decline after its financial disclosures have been independently reviewed and verified."May 6th - According to a foreign media survey, OPECs crude oil production fell to a 36-year low last month as the ongoing war with Iran continues to hamper Persian Gulf exports and force more oil fields to shut down. The survey shows that OPECs crude oil production fell by 420,000 barrels per day in April to 20.55 million barrels per day, the lowest level since 1990, mainly dragged down by further declines in production from Kuwait and Iran. The survey shows that Kuwait saw the largest drop in production last month, with daily output falling by 470,000 barrels to 800,000 barrels per day, less than a third of pre-war levels. The countrys exports have fallen to only 22,000 barrels per day. Iran followed, with production falling by 180,000 barrels per day to 3.05 million barrels per day, more than doubling the cumulative reduction since the start of the war. OPEC also suffered another blow last week. The United Arab Emirates announced its withdrawal from the organization, after years of friction with the organizations leader, Saudi Arabia, over production limits. The April survey still included UAE data because the UAEs withdrawal only officially took effect on May 1st.On May 6th, St. Louis Federal Reserve President Mohamed Mussaleem stated that there is significant uncertainty regarding the outlook for the U.S. economy and monetary policy, but he believes that the risks to inflation are currently rising compared to the risks to employment. Mussaleem said on Wednesday, "Inflation is significantly above our 2% target level. We face risks on both the employment and inflation fronts. As I understand it, the risks are tilting more towards inflation than towards employment." Mussaleem stated that the Feds benchmark policy rate is currently at a neutral level that neither stimulates nor inhibits the economy, or may be slightly accommodative. He said, "There are very reasonable scenarios that would require us to maintain the current policy rate unchanged for some time." However, he also noted that he sees scenarios that might require officials to further cut or raise interest rates.

The world's largest independent crude oil trader: oil prices still need to look at OPEC+'s face in the next few months

Oct 26, 2021 10:58

Mike Muller, Asia director of Vitol Group, the world's largest independent crude oil trader, said that in the coming months, the Organization of Petroleum Exporting Countries and its allies (OPEC+) will continue to be the main factor in oil price fluctuations, and pricing control is largely in the hands of OPEC+. . In the United States, if you need additional oil, then your production simply cannot keep up with the number of rigs.

Compared with three years ago, this is a considerable change. At that time, due to the second shale oil boom, the United States became the world's largest oil producer, which was considered to be the main factor in the rise of oil prices.

On Monday (October 4) OPEC+ agreed to maintain the current gradual increase in production plan. At the ministerial meeting that day, OPEC+ member states agreed to increase production by 400,000 barrels per day from November. OPEC+ is still in progress at 580 10,000 barrels per day of production reduction measures, but plans to gradually withdraw the production reduction agreement by April 2022 through increased production. The news of maintaining the existing production increase plan boosted oil prices on Monday. U.S. crude oil hit a new high since November 2014, and Brent crude oil hit a new high since October 2018.

Some analysts said that the Organization of the Petroleum Exporting Countries (OPEC) is unlikely to acquiesce in requesting more production and lower prices, not only because it benefits from higher prices, but also because some member states cannot increase their production capacity and they do not This oil supply is stored to maintain a higher supply.

Stephen Brennock of the oil broker PVM said on Friday that the outlook for oil prices in the near term is still supportive. The current price trend is a recovery, and only people with strong financial resources will short oil.

If winters in the northern hemisphere are as cold as expected, this dynamic in the oil market may last longer. As Europe’s natural gas reserves are below the 5-year average, despite the bleak long-term outlook, oil demand is likely to remain strong for a long time. This means that OPEC+ will continue to issue orders under the leadership of the member states with the most spare capacity.

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