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Saudi civil defense officials said the danger in Abha has been averted.According to Politico: A U.S. judge has ordered an immediate halt to taxpayer-funded ads supporting Trump.On October 12th, the London-based Institute for Fiscal Studies (IFS) warned ahead of the UK governments budget announcement later this month that Chancellor of the Exchequer John Healy must raise £35 billion to realize the Labour governments ambitious spending plan. The think tank noted that while Healy may have more leeway than expected in adhering to his fiscal rules, the credibility of the governments spending plan remains to be tested. The institution stated that unless the government intervenes, inflation will squeeze public spending, leading to underfunding of various government departments. IFS Director Helen Miller said, "If you want to increase spending without cutting public services, you have to consider raising taxes."On October 12th, according to Taiwans *Commercial Times*, a key timeline for TSMCs advanced packaging strategy in the US has emerged. GlobalFoundries announced a $2 billion manufacturing agreement with TSMC to begin mass production of COWOS key silicon interposers in the US in the first half of 2028. Notably, Amkors Arizona plant is also planned to begin production in early 2028, with the timing of these two major supply chains coinciding. Industry estimates suggest that TSMCs first advanced packaging plant in Arizona could begin operation as early as the first half of 2028, making the possibility of earlier trial production a focus of market attention.On October 12, Politico reported that a group of bipartisan senators called on President Trump to "immediately change course" and rescind his decision to allow the import of Russian diesel fuel. They accused the administration of violating federal law and providing Moscow with an economic lifeline at a time when Russia is waging military action against Ukraine. In a statement released Sunday, the senators pointed out that Congress had passed a ban in 2022 prohibiting the import of Russian energy; and that "President Trumps decision to allow the import of Russian diesel fuel into the United States directly violates that law." The statement also said, "The administration has also failed to consult Congress or provide any explanation for its decision as required by law." The critics include four Republicans—Susan Collins, Lisa Murkowski, Tom Tillis, and John Curtis—and Democratic senators—Jenny Shaheen, Richard Blumenthal, and Ron Wyden. Shaheen is the highest-ranking Democratic member of the Senate Foreign Relations Committee.

International oil prices are facing a technical adjustment, but the bulls still have good reasons to continue holding positions

Oct 26, 2021 10:59

On Wednesday (October 6), international oil prices fell from their multi-year highs and faced technical adjustments after rising for many consecutive days. But investors are worried about global energy supply, and the crude oil market is still facing signs of tight supply.

At GMT+8 16:06, NYMEX crude oil futures fell 0.28% to 78.70 US dollars per barrel; ICE Brent crude oil futures fell 0.25% to 82.35 US dollars per barrel.


The two cities respectively refreshed their highs of USD 79.78/barrel since November 10, 2014 and their highs of USD 83.47/barrel since October 10, 2018. The two cities have risen for four consecutive days and five consecutive days.

The Organization of Petroleum Exporting Countries and Russia-led partners (OPEC+) said earlier this week that they would stick to the existing agreement-increasing oil production by 400,000 barrels per day each month, instead of further increasing production.

Oil prices have soared by more than 50% this year, intensifying inflationary pressures. Major crude oil consumers such as the United States and India worry that this will hinder the recovery of the global economy from the new crown epidemic.

However, at the end of last month, the OPEC+ Joint Technical Committee (JTC) stated that it is expected that there will be a supply shortage of 1.1 million barrels per day this year, but it may turn into an oversupply of 1.4 million barrels per day next year.

The source said shortly before the talks at the beginning of the week that despite the pressure to increase production, OPEC+ is worried that the fourth wave of the global new crown epidemic may hit the demand recovery.

ANZ Bank said in a report: “Crude oil has expanded its gains because investors are worried that the energy crisis will push up demand and market supply is tight. Considering the global energy shortage, OPEC+'s growth rate is much lower than market expectations. Not surprisingly, people It is speculated that if demand continues to surge, OPEC will be forced to take action before the next scheduled meeting."

Desmond Tjiang, chief information officer of Conning Asia Pacific, said on Tuesday that the transition to green energy will take longer than expected, but if this time frame is forced to shorten, commodity prices will rise further.

Saudi Arabia’s state-owned oil company, Aramco, said on Tuesday that the country’s flagship oil product, Arabian Light Crude Oil, was lowered to Asia’s official selling price (OSP) in November to a level higher than the Oman/Dubai average price of US$1.30 per barrel; for Northwestern Europe The official price in November was US$2.40/barrel discount to Brent crude oil; for the US, the official price in November was US$1.25/barrel premium to the Argus Sour Crude Oil Index (ASCI).

Inventory data from the United States, the world's largest oil consumer, also showed signs of slowing fuel demand. According to the latest data released by the American Petroleum Institute (API), as of the week of October 1, crude oil inventories unexpectedly increased by 951,000 barrels, an expected decrease of 300,000 barrels; refined oil inventories unexpectedly increased by 345,000 barrels, an expected decrease of 750,000 barrels; Gasoline inventories surged by 3.68 million barrels, an increase far exceeding the expected 150,000 barrels.

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