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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.

Energy Prices Fall As Concerns About Russia's Oil Sanctions Grow

Aria Thomas

Apr 08, 2022 09:22

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Brent oil futures slid 49 cents, or 0.5 percent, to $100.58 a barrel, while West Texas Intermediate (WTI) crude in the United States sank 20 cents, or 0.6 percent, to $96.03 a barrel. Both benchmarks fell more than 5% in the previous session to their lowest closing levels since March 16.


Josep Borrell, the European Union's top diplomat, warned a NATO summit that fresh EU sanctions, including a ban on Russian coal, may be adopted Thursday or Friday, and the group would next consider an oil embargo.


The coal prohibition, on the other hand, would take effect in its entirety in mid-August, a month later than originally anticipated.


"Nobody wants to take the risk of sanctioning Russian energy, which has been propping up the market," said Bob Yawger, director of energy futures at Mizuho.


India has maintained its purchases of discounted Russian crude oil imports, avoiding the loss of 2-3 million barrels of Russian oil per day expected by experts.


"While such a loss is still conceivable after contracts expire and India's refinery or storage requirements are met, such a scenario is still weeks, if not months, away," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.


Multiple outbreaks of the virus in China have triggered significant lockdowns in the country's largest metropolis, Shanghai.


"The demand situation in China is very dire, even more so now that there is so much fresh supply on the market," said John Kilduff, a New York-based partner at Again Capital LLC.


On Wednesday, member nations of the International Energy Agency (IEA) agreed to release an additional 60 million barrels on top of the 180 million barrels promised last week by the United States to help bring down gasoline prices.


Japan's Kyodo news agency stated that the country would release 15 million barrels of oil from public and private stockpiles.


"While this is the largest release since the stockpile was established in 1980, it will ultimately fail to alter the oil market's fundamentals," ANZ bank stated of the US dump.


According to ANZ, the announcement will likely postpone any producer production rises and may provide OPEC+ with further "breathing space despite requests to expand output further."


Other experts saw the stock market's rebound as a significant relief despite worries about market tightening.


"In light of these volumes, prior fears about supply constraints are no longer warranted, as seen by the price trend," Commerzbank (DE:CBKG) stated, adding that Brent prices had fallen by nearly $12 a barrel since the initial indication of a US release last week.


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