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On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the first quarter often serves as a bellwether for the years economic growth. The economy achieved a good start in the first quarter, demonstrating the characteristics of my countrys stable economic foundation, numerous advantages, strong resilience, and great potential. However, it should also be noted that the international environment may become more complex and volatile in the next stage, with increased uncertainties and unpredictable factors, and the domestic economy will also face some difficulties and challenges. Nevertheless, overall, opportunities outweigh challenges, and solutions outweigh difficulties. We have strong institutional advantages, and over the years we have accumulated long-term industrial, market, and talent advantages, making us fully capable of achieving stable economic operation and high-quality development throughout the year.On April 16, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that oil accounts for less than 20% of my countrys total energy consumption, while coal plays a stronger role in providing a safety net, accounting for more than 50%. In recent years, new energy sources such as wind and solar power have developed rapidly, and the proportion of non-fossil energy consumption has risen to about 20%. Overall, fluctuations in the international crude oil market have a relatively small impact on us.On April 16th, the FIFA president stated on Wednesday that "Iran will definitely come" to this summers World Cup in the United States. He said, "We certainly hope that the situation will be peaceful by then. As I said, that will certainly help. But Iran must be involved." Peace talks between Iran and the United States have not yet resumed, and the ceasefire agreement expires next week. Trump has stated that Irans participation in this summers World Cup is "inappropriate," as it could jeopardize the "lives" of the players. It remains unclear whether Iran will withdraw from the tournament.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that my countrys total fixed asset investment has exceeded 49 trillion yuan by 2025. Therefore, while the public is concerned about the scale and speed of fixed asset investment, they should also pay attention to its structure, efficiency, quality, and sustainability. my country needs to make more effective investments to promote the improvement of peoples livelihoods, the growth of new productive forces, and high-quality economic and social development.On April 16th, Zhang Jun, Tencents Public Relations Director, announced the official release and open-sourcing of HY-World 2.0, a 3D world model. It allows users to generate 3D assets with a single line of code and directly import them into game development or embody simulation engines, achieving true playability and usability.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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