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On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that the digital economy is an important topic at this APEC Trade Ministers Meeting, and China hopes to work with all parties to deepen economic and trade cooperation in the digital field and promote digital development in the Asia-Pacific region and globally. Lin Feng pointed out that promoting pragmatic cooperation among APEC economies in the digital field has always been a priority for China. "We are working with all parties to study and promote several cooperation initiatives, including the cross-border e-commerce demonstration electronic port network, electronic bills of lading, paperless trade, artificial intelligence, and smart customs. We will also conduct a series of seminars during the APEC Trade Ministers Meeting to promote experience sharing, policy exchanges, and technological cooperation in related fields," Lin Feng revealed. He added that China will continue to make good use of the APEC cooperation mechanism to create a more open platform for all parties to participate in Asia-Pacific digital cooperation, allowing the benefits of digital economic development to reach more people.On May 9, Russian President Vladimir Putin said at a military parade commemorating the 81st anniversary of the victory in the Great Patriotic War that Russian troops participating in special military operations are fighting against "NATO-backed aggressive forces" and are still advancing.On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that this years ministerial meeting, held in Suzhou, has seen significant changes in both the topics discussed and Chinas role. Specifically, in terms of the topics discussed, Asia-Pacific economic and trade cooperation has entered a more complex and profound phase, with the topics further expanding into emerging areas such as the digital economy, green and low-carbon development, and the resilience of industrial and supply chains, aiming to help cultivate new economic drivers. Lin Feng pointed out that the current international situation is complex and severe, and the global economy urgently needs new growth momentum. Both globally and in the Asia-Pacific region, there are different views and perspectives on future development. Faced with difficulties and challenges, APEC economies have demonstrated a spirit of seeking common ground while reserving differences and a pragmatic attitude towards cooperation in the preparation process for this Trade Ministers Meeting. This reflects the confidence and expectations of all parties in the APEC mechanism, in Asia-Pacific cooperation, and in Chinas successful hosting of the meeting.On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson for the Ministry of National Defense, issued a statement regarding recent military-related issues. Jiang Bin stated: "We strongly disapprove and resolutely oppose the false narratives and baseless smears against China by certain politicians in Japan and the Philippines on maritime issues. These parties disregard the common aspirations of regional countries for peace and development, ignore the opposition of their own people, and strengthen military collusion for their own selfish interests, exacerbating regional tensions. Japans deployment of troops to participate in joint exercises and its first-ever launch of an offensive missile overseas deliberately violate the principle of exclusively defensive defense. The Philippines attempt to enlist external forces to support its infringements and its attempt to shift blame onto China is a completely miscalculated move. The Chinese militarys determination to safeguard its territorial sovereignty and maritime rights is unwavering. We urge relevant countries to stop forming alliances and engaging in bloc confrontation, and instead do more to truly benefit regional peace and stability."On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson of the Ministry of National Defense, released information on recent military-related issues. A reporter asked: It has been reported that the first "Kirin"-class conventional-powered submarine built by China for Pakistan was delivered in Sanya, with the Pakistani President, Chief of Naval Staff, and other high-ranking military and political officials attending the delivery ceremony. What is your comment on this? Jiang Bin stated: This is normal equipment cooperation between China and Pakistan, and a vivid manifestation of the all-weather strategic cooperative partnership between the two countries. In recent years, under the strategic guidance of the leaders of both countries, bilateral relations have continuously reached new heights and achieved new results. For many years, the two militaries have shown mutual support and assistance, achieving fruitful results in cooperation in areas such as strategic communication, joint exercises and training, personnel training, and equipment technology, playing an important role in maintaining the security of both countries and regional peace and stability. Going forward, the Chinese and Pakistani militaries will continue to consolidate strategic mutual trust, deepen pragmatic cooperation in various fields, and contribute to building a closer China-Pakistan community with a shared future and promoting world peace and development.

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.