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On March 28, the reporter learned today that in 2024, the market supervision system will comprehensively use quality infrastructure such as metrology, standards, inspection and certification to promote the high-quality development of the industrial chain, implement 952 quality chain strengthening projects, establish 889 quality technology innovation consortia, 2,087 chain-leading enterprises, 180,000 chain-member enterprises, and 2,952 enabling institutions to participate, implement 3,176 key research projects, and solve 14,391 quality bottlenecks. The State Administration for Market Regulation will continue to implement a number of major landmark projects to strengthen the quality chain this year, and promote the "rebirth" of traditional industries, the "joint growth" of strategic emerging industries, and the "emergence" of future industries through the "strengthening of muscles and bones" of quality infrastructure, and comprehensively promote scientific and technological innovation and the development of new quality productivity.March 28th news, the reporter learned from the routine press conference held by the State Administration for Market Regulation today that a series of national standards will be issued in the field of artificial intelligence in the near future to continue to lead the standardized development of the industry. In terms of the application of artificial intelligence in the industry, promote the development of standards such as industrial large models and steel industry large models to serve the development of intelligent manufacturing and the intelligent digital transformation of traditional manufacturing. Carry out the development of application standards around life scenarios such as medical care and home, as well as the needs of key industries such as transportation, to promote the deep integration of artificial intelligence and the development of various industries. In terms of security governance, carry out the development of data security standards around the aspects of generative artificial intelligence data labeling and optimization training to ensure the data security of the entire process of generative artificial intelligence. Strengthen the development of standards such as artificial intelligence application security classification and grading, capability maturity assessment, and ethical governance to ensure the safety and reliability of the use of artificial intelligence technology.March 28 news, recently, the State Administration for Market Regulation is accelerating the development of national standards for artificial intelligence, further implementing the overall layout of the "Guidelines", and continuously improving national standards in the field of artificial intelligence. In terms of computing power platforms, accelerate the development of standards such as deep learning compilers, high-quality data sets, computing scheduling and collaboration, optimize artificial intelligence data services, promote the efficient use and integration of artificial intelligence computing resources, and help cultivate the industrial ecology. In terms of large models, accelerate the promotion of general large model standards such as machine vision large models and multimodal large models, as well as large model application and optimization technology standards such as reasoning engines and retrieval enhancements, to guide industry research and development, selection and application of large models. In terms of embodied intelligence and intelligent bodies, accelerate the deployment of standards such as intelligent voice interaction, computer vision, and knowledge graphs to lead the development of cutting-edge artificial intelligence technologies. Develop standards such as smart mobile terminals and smart office software to guide the upgrading of artificial intelligence-related products and services.March 28, analyst Justin Low commented that looking ahead, there will be quite a lot of data released in Europe today, but the main focus will be on inflation data from France and Spain. The former has become a comfort point for the ECB, while the latter is slowly seeing core inflation approach the 2% target. Unless there are any major surprises, these data may not be too convincing to change the ECBs bet on a rate cut in April. From the current situation, traders expect the probability of a 25 basis point rate cut next month to be about 80%.March 28th news: The reporter learned from the routine press conference held by the State Administration for Market Regulation today that a series of national standards will be issued in the field of artificial intelligence in the near future to continue to lead the standardized development of the industry.

Oil Prices Rise Following Saudi Arabia's Raise in Crude Oil Prices

Aria Thomas

Jun 06, 2022 10:54

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Oil prices were up in Asia on Monday morning after Saudi Arabia sharply increased the price of its crude sales in July, a warning that supplies remain tight despite OPEC+'s agreement to accelerate output growth over the following two months.


Brent oil futures increased 0.62 percent to $120.46 around 10:06 p.m. ET (2:06 a.m. GMT), while WTI crude oil futures increased 0.67 percent to $119.42.


Saudi Arabia increased the official selling price (OSP) for its flagship Arab Light crude to Asia to a $6.50 premium above the average of the Oman and Dubai benchmarks, up from a $4.40 premium in June, according to Saudi Arabian national oil company Aramco (TADAWUL:2222).


The decision was made despite a request by the Organization of Petroleum Exporting Countries and its partners, known collectively as OPEC+, to boost production in July and August by 648,000 barrels per day, or 50 percent more than had been planned.


"After opening the taps a bit wider, Saudi Arabia lost little time increasing its official selling price for Asia, its key market," said Stephen Innes, managing partner at SPI Asset Management, in a note. "This had knock-on consequences at the futures open across the oil market spectrum."


Saudi Arabia also raised the Arab Light OSP to northwest Europe for July to $4.30 over ICE (NYSE:ICE) Brent, up from $2.50 in June. However, it maintained the premium for U.S.-bound barrels at $5.65 over the Argus Sour Crude Index (ASCI).


As numerous member nations, notably Russia, are unable to increase output, it is commonly believed that the OPEC+ plan to increase supply will not meet demand. During the peak driving season in the United States, demand is surging, and China is reducing COVID restrictions.


In light of the EU's partial embargo on Russian oil imports, this increase falls short of estimates for demand growth, said Commonwealth Bank analyst Vivek Dhar.