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On August 12, Saudi Arabia reported to OPEC that its crude oil production increased by more than 1 million barrels per day last month, driven by the resumption of supplies from Persian Gulf oil-producing countries during the brief ceasefire in the Iran-Iraq conflict. According to the latest OPEC monthly report, Saudi Arabia stated that its crude oil production in July was 8.2 million barrels per day, up from 7.1 million barrels per day in June. However, this level is still several million barrels per day lower than before the conflict. The International Energy Agency estimated in a report that as of early August, Saudi Arabias domestic crude oil inventories had risen to their highest level since at least 2016. The breakdown of the US-Iran ceasefire and the resurgence of hostilities have put Saudi Arabias two main export routes—the Strait of Hormuz in the Persian Gulf and the Bab el-Mandeb Strait in the Red Sea—at risk. However, Middle Eastern oil-producing countries are still quietly shipping large quantities of crude oil out of the region. Among the seven member countries that report production data directly to the OPEC Secretariat, crude oil production increased by a total of 1.88 million barrels per day, with the majority of the increase coming from Iraq and Saudi Arabia.OPECs monthly report shows that Saudi Arabias crude oil production in July was 8.2 million barrels per day, up from 7.1 million barrels per day in the previous month.On August 12, Foreign Ministry Spokesperson Guo Jia-kun answered a reporters question. Videos circulating on Indian social media show that China has strengthened its military activities in the disputed border region between China and India. An Indian government spokesperson did not deny that a new border incident had occurred. Can China confirm whether a new incident has occurred recently in the China-India border region? Has China strengthened its military activities in the disputed area? Guo Jia-kun stated that the situation on the China-India border is generally stable. Last week, China and India held the 36th meeting of the Working Mechanism for Consultation and Coordination on Border Affairs, agreeing to maintain communication through diplomatic and military channels and jointly safeguard peace and tranquility in the border region.1. Algerias crude oil production increased by 8,000 barrels per day (bpd) in July to 995,000 bpd. 2. Congos crude oil production decreased by 4,000 bpd in July to 274,000 bpd. 3. Guineas crude oil production increased by 10,000 bpd in July to 56,000 bpd. 4. Gabons crude oil production decreased by 14,000 bpd in July to 207,000 bpd. 5. Irans crude oil production increased by 26,000 bpd in July to 2,478,000 bpd. 6. Iraqs crude oil production increased by 665,000 bpd in July to 2,621,000 bpd. 7. Kuwaits crude oil production increased by 393,000 bpd in July to 1,845,000 bpd. 8. Libyas crude oil production increased by 40,000 bpd in July to 1,362,000 bpd. 9. Nigerian crude oil production decreased by 37,000 barrels per day in July to 1.546 million barrels per day. 10. Saudi Arabian crude oil production increased by 590,000 barrels per day in July to 7.352 million barrels per day. 11. UAE crude oil production decreased by 30,000 barrels per day in July to 3.78 million barrels per day. 12. Venezuelan crude oil production increased by 13,000 barrels per day in July to 1.117 million barrels per day. 13. OPEC crude oil production increased by 1.659 million barrels per day in July to 23.632 million barrels per day.OPEC Monthly Report: Second-hand data shows that OPEC+ crude oil production increased by 1.4 million barrels per day in July, reaching 37.65 million barrels per day.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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