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Conflict Updates: 1. Riyadh, the Saudi capital, was hit by an airstrike; a Saudi Aramco fuel storage tank near Riyadh airport caught fire. 2. The Houthi rebels claimed Saudi Arabia launched 300 airstrikes this week. 3. The son of the Director-General of the Gaza Ministry of Health was killed by Israeli artillery fire. 4. According to the Syrian Arab News Agency (SANA) on the 19th, an explosion occurred on the 18th at a Syrian transitional government army outpost in Deir ez-Zor province in eastern Syria, killing 11 personnel from the transitional governments Ministry of Defense. 5. The Houthi rebels in Yemen claimed responsibility for attacks on Saudi Arabia, targeting Saudi Aramco facilities in Riyadh and Yanbu. 6. Saudi Arabia claimed its air defense system successfully shot down a ballistic missile aimed at Riyadh. Other Updates: 1. Iran stated it has conveyed three conditions for negotiations to Washington through Qatar and is awaiting Trumps decision. 2. Iranian Foreign Ministry spokesman Bagae stated that the Pakistani Interior Ministers visit will focus on bilateral relations between Iran and Pakistan and does not involve conveying any specific information regarding mediation. 3. Saudi Arabia is running out of interceptor missiles and urgently requests assistance. 4. Foreign media: Saudi Arabia makes a rare request for support to Israel. 5. Italy reportedly plans to send up to four ships to the Bab el-Mandeb Strait. 6. Iranian sources: The US says it is ready to negotiate with Iran. 7. Iranian Foreign Minister speaks with Pakistani Foreign Minister to discuss regional developments. 8. Israeli media: Trump is not expected to meet with Netanyahu during next weeks UN General Assembly. 9. Iranian Foreign Ministry: Participation in the UN General Assembly is Irans legitimate right, not a "favor" from other countries. 10. Turkish Foreign Minister: Will not accept Saudi Arabia being drawn into the US-Iran conflict. 11. Mohsen Rezaei, Secretary of Irans Supreme National Security Council, stated that Iran has presented the US government with seven conditions necessary to initiate any negotiations. 12. US Central Command Commander: The US has assisted in the passage of over 1 billion barrels of oil through the Strait of Hormuz in the past two months. Mines in the main navigation channels of the Strait of Hormuz have been cleared.The Peoples Bank of China (PBOC) announced today that it conducted 32 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 32 billion yuan. The interest rate for the operation was 1.40%.On September 20th, according to the "Announcement on Launching a Series of Special Actions for Personal Information Protection in 2026" jointly issued by the Cyberspace Administration of China, the Ministry of Industry and Information Technology, and the Ministry of Public Security, and based on the "Cybersecurity Law," "Personal Information Protection Law," "Regulations on the Management of Network Data Security," and "Methods for Identifying Illegal and Irregular Collection and Use of Personal Information by Apps," the Cyberspace Administration of China organized an inspection of the collection and use of personal information by apps (including mini-programs). The following issues are hereby reported: 1. Six apps, including FlowFit and Scooter Memorization, failed to disclose their rules for collecting and using personal information. 2. Four apps, including iNAPCare and Chinese-English Translator, forcibly or frequently requested unnecessary permissions. 3. Nine apps, including GPS Acreage Meter and ROI Calculator, failed to fully and accurately list the personal information collected and used. 4. Eleven apps, including Hongjuan Reading and Daochen Smart Sports, failed to provide an effective account cancellation function. The operators of the relevant apps should complete rectification within 15 working days from the date of this announcement and report the rectification status to our office. Our office will conduct verification in conjunction with relevant departments and, based on the rectification status, take appropriate action and impose penalties in accordance with laws and regulations.On September 20, the Peoples Bank of China announced that it would keep the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5%, respectively.On September 20, the U.S. embassies in Bahrain, Oman, the UAE, Saudi Arabia, Qatar, Kuwait, Jordan, Israel, Lebanon, and Iraq issued security alerts stating that given the tense situation in the Middle East, the current security environment remains complex, with unforeseen escalation risks. U.S. citizens currently in the Middle East should remain highly vigilant and be aware of potential flight cancellations, airspace closures, and travel disruptions. U.S. citizens outside the Middle East should seriously reconsider their travel plans to or transit through the region. The security alerts all mention the recent conflict between the Houthi rebels in Yemen and Saudi Arabia, stating that this military conflict has the potential to escalate rapidly, and U.S. citizens traveling to or from the region should closely monitor the latest information regarding airport and airline operations.

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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