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According to Saudi media Alhadath: Pakistans Interior Minister met with Iranian President Pezeshizian in Tehran.1. According to the EIA report: For the week ending May 15, U.S. crude oil exports increased by 112,000 barrels per day to 5.604 million barrels per day; U.S. Strategic Petroleum Reserve (SPR) inventories decreased by 9.92 million barrels to 374.2 million barrels, a decrease of 2.58%; commercial crude oil inventories excluding strategic reserves decreased by 7.863 million barrels to 445 million barrels, a decrease of 1.74%. 2. According to Al Jazeera, sources indicated that all parties are working diligently to finalize the text of the agreement between Washington and Tehran. The Pakistani Army Chief of Staff may visit Iran tomorrow to announce that the final version of the agreement text has been completed. 3. The latest report released by the World Bureau of Metal Statistics (WBMS) shows that in March 2026, global primary aluminum production will be 5.6333 million tons, consumption will be 5.9774 million tons, resulting in a supply shortage of 344,100 tons. 1. In the first quarter of 2026, global primary aluminum production was 17.5159 million tons, while consumption was 17.8796 million tons, resulting in a supply shortage of 363,700 tons. 2. The latest report released by the World Bureau of Metal Statistics (WBMS) shows that in March 2026, global refined copper production was 2.2792 million tons, while consumption was 2.1357 million tons, resulting in a supply surplus of 143,500 tons. 3. Iranian Parliament Speaker Ghalibaf stated: "The enemys overt and covert actions indicate that they are seeking a new round of war. The people can rest assured that our armed forces have made full use of the ceasefire opportunity to rebuild their capabilities in the best way." 4. The Brazilian Association of Vegetable Oil Industries (Abiove) released the latest soybean and processed product forecast data: Brazils soybean harvest in 2026 is expected to reach a record 180.13 million tons, a 5% increase over the previous year, compared to a forecast of 177.85 million tons last month. Brazils soybean ending stocks for 2026 are projected to reach 8.25 million tons, an increase of approximately 1.5 million tons from the April forecast, marking the highest level since 2017. Brazils soybean exports for 2026 are projected to reach a record 114.1 million tons, up from 113.6 million tons in the previous months forecast. The CEO of Freeport Indonesia stated that the recovery process at the Grasberg gold and copper mine is taking longer than expected, with operations expected to reach near full capacity by the end of 2027.Iranian Foreign Ministry Spokesperson: The United States has made many demands, but the question is, why would Iran want to transfer its materials to another country? Think back to the past when no one was worried about our nuclear program at all, and now everyone still knows that our nuclear program is 100% peaceful.May 20th - With the rapid development of artificial intelligence, the increasing demand for computing power in more scenarios is also impacting the supply structure of computing power. Industry insiders stated that during the "14th Five-Year Plan" period, my countrys computing power construction focused on addressing the scale shortage, resulting in continuous growth in the total computing power. However, problems such as overall tight computing power supply, regional supply-demand mismatch, and high usage costs still exist. Activating existing computing power resources and ensuring supply are the primary issues to be addressed in the construction of computing power networks. Recently, Chinas three major telecom operators successively launched token-based service packages for individuals and enterprises, which is seen by the industry as a sign of further popularization of artificial intelligence. Experts indicate that in the next stage, computing power development will shift from large-scale construction to a new stage of "equal emphasis on construction and utilization, and efficient operation," making it essential to improve computing power utilization and achieve efficient computing power scheduling a necessary requirement for promoting the development of computing power networks.Bank of England Deputy Governor Briden: The risks to financial stability are significant and high.

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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