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According to EuroPravda, the Czech president stated that the goal of supplying Ukraine with 1.8 million rounds of large-caliber ammunition this year has been achieved.Iranian media reported that 18 crew members of a foreign oil tanker seized in the Gulf of Oman have been detained on suspicion of transporting "smuggled fuel."On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.

Weak Demand Concerns Limit Oil Gains, But Oil Still Climbs

Aria Thomas

May 13, 2022 09:54

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Oil prices rose in early trading on Friday, but were on track for their first weekly decline in three weeks as fears about inflation and China's COVID lockdowns, which are stifling global growth, overshadowed worries about Russia's diminishing fuel supply.


At 00:08 GMT, Brent crude prices rose 97 cents, or 0.9%, to $108.42 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.00, or 0.9%, to $107.13 per barrel.


Both benchmark futures were expected to tumble for the week, with Brent falling more than 3 percent and WTI falling more than 2 percent.


The market continues to be pushed and pulled by the possibility of a European Union ban on Russian oil reducing supply and worries about demand being hampered by sluggish global growth, inflation, and China's COVID restrictions.


Vivek Dhar, a commodities analyst at Commonwealth Bank, remarked, "Demand-related concerns have escalated substantially."


Inflation and aggressive rate hikes have pushed the U.S. currency to 20-year highs, which has restrained advances in oil prices because the strong dollar makes oil more expensive for buyers holding foreign currencies.


Analysts continue to focus, though, on the possibility of a European Union ban on Russian oil, after Moscow levied penalties this week on European units of state-owned Gazprom (MCX:GAZPROM) and Ukraine halted a gas transit route.


Stephen Innes, managing partner of SPI Asset Management, stated, "As Russia takes another step toward weaponizing energy, supply concerns are bolstering oil prices."


According to a report published by the International Energy Agency on Thursday, growing oil output in the Middle East and the United States, as well as a slowdown in demand growth, are likely to "offset an acute supply deficit amid a deepening Russian supply disruption."


The agency predicted that Russia's oil production will decline by over 3 million barrels per day (bpd) from July, or roughly three times more than is already displaced, if sanctions for its involvement in the crisis in Ukraine are expanded or if they discourage additional buying.

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