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July 9th - On the afternoon of July 7th, 2026, Liao Min, Vice Minister of Finance, met with a delegation from the American Chamber of Commerce in China in Beijing to exchange views on issues such as China-US economic and trade relations and concerns of American companies operating in China.On July 9th, BP CEO Meg ONeill, on her 100th day at the helm of the British energy giant, stated that BPs goal is to achieve safe, reliable, and cost-effective operations every day. "Safety is always our top priority." The company was found to have committed serious negligence in the 2010 Deepwater Horizon oil spill, and a fire at one of its Ohio refineries in 2022 killed two workers. She added that BP aims to deliver consistently strong results every quarter. "I want us to be the most predictable company in the industry." Her other two priorities are clearer accountability and strict cost and capital discipline.On July 9th, Iranian sources reported that the Iranian Foreign Ministry summoned the British ambassador to Iran to protest against the British governments inappropriate actions, citing repeated false and baseless accusations against Iran by British officials. It is understood that Ali Reza, Assistant Foreign Minister and Director of the Western European Department, delivered a written protest to the British ambassador, opposing the baseless and false accusations made by British officials, including claims that "Iran attempted to carry out security-threatening actions in Britain." He stated that such accusations were merely a diversionary tactic by the British side to evade responsibility and cover up its own destructive behavior and violations of international law.Qatars Ministry of Foreign Affairs: The Prime Minister spoke by phone with the Saudi Foreign Minister to discuss the latest developments in the military escalation between the United States and Iran.The French Competition Authority may issue a statement after the investigation into Nvidia concludes.

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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