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Oil breaks $90/bbl for the first time since 2014 on Russia tensions

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NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Russia that raised concerns about further disruption in an already-tight market.

Brent crude rose $2.02, or 2.3%, to $90.22 by 11:21 a.m. EST (1621 GMT), the first time the global benchmark has broken $90 since October 2014. US West Texas Intermediate (WTI) crude was up $2.09, or 2.4%, to $87.69.

US President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine. On Monday, Yemen’s Houthi movement launched a missile attack on a United Arab Emirates base.

“World inventories have continued to decline as producers have struggled to restore production to pre-pandemic levels,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “Mix that in with geopolitical tensions between the United States and Russia over Ukraine and prices have continued their march upward.”

Oil broadly stable as tight supply counters falling US markets

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The tensions have only added to worries about the various factors contributing to an already tight market. OPEC+ is having trouble meeting monthly production targets as it restores supply to markets after drastic cuts in 2020, and the United States is more than a million barrels short of its record level of daily output.

At the same time, demand remains strong, suggesting that inventories may continue to decline.

“Historically, markets led higher by tightening product and crude inventories are difficult to solve absent a demand destruction event or an injection of supply. Neither appear on the horizon, currently,” wrote Michael Tran, commodity strategist at RBC Capital Markets, in a note.

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The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meets on Feb. 2 to consider another output increase.

Inventories in the United States rose in the most recent week, with crude stocks up by 2.4 million barrels, against expectations for a modest decline in stocks. Gasoline inventories rose to their highest levels in almost a year – a needed salve for the market.

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US refined product supplied – a measure of demand – surged again, putting the four-week moving average at 21.2 million barrels per day, ahead of pre-pandemic trends. The increases have been led by consumption of distillates like diesel, as gasoline use has fallen off modestly in recent weeks.

Investors across the markets are awaiting the coming policy update from the US Federal Reserve at 2 p.m. EST. The Fed is expected to signal plans to raise interest rates in March as it focuses on fighting inflation.

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China’s Metaverse Working Group: A Step Towards Global Technology Leadership

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Introduction

China’s Ministry of Industry and Information Technology (MIIT) has established a working group consisting of 60 experts, including those from the private sector as well as government officials and academic researchers. The group is tasked with building, maintaining, and promoting metaverse industry standards. The metaverse is a virtual three-dimensional world accessible to users through the internet. It is a place where people can interact with each other in a virtual environment, and it is expected to be the next big thing in the tech industry.

China’s Bid to Become a Global Technology Leader

China’s move to convene Huawei, Tencent, Baidu, and other tech giants to draft metaverse standards is a clear indication of the country’s ambition to become a global technology leader. The newly formed working group is expected to streamline growth and eliminate redundancy in the industry.

The Role of the Working Group

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The working group consists of 60 experts, including representatives from telecoms equipment giant Huawei Technologies, video gaming titans Tencent Holdings and NetEase, web search and artificial intelligence champion Baidu, financial technology firm Ant Group, and computer maker Lenovo Group. Other members include MIIT officials and researchers from Peking University, Fudan University, and other renowned institutions in the country. The group is tasked with building, maintaining, and promoting metaverse industry standards, and it is expected to streamline growth and eliminate redundancy in the industry. The group will also focus on domestic standards and encourage local companies and institutions to deeply engage in international standard-setting activities.

Implications of the Working Group

The establishment of the working group is a significant move by China to shape the future of the metaverse industry. The working group’s efforts to build, maintain, and promote metaverse industry standards will streamline growth and eliminate redundancy in the industry, which will benefit both consumers and businesses. The metaverse is expected to be the next big thing in the tech industry, and China’s move to shape the future of the industry is a significant step towards achieving its goal.

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In-Depth Analysis

The metaverse is a virtual world that is accessible to users through the internet. It is a place where people can interact with each other in a virtual environment, and it is expected to be the next big thing in the tech industry. The metaverse is a loosely defined term that refers to a virtual world that is accessible to users through the internet. It is a place where people can interact with each other in a virtual environment, and it is expected to be the next big thing in the tech industry.

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China’s move to convene Huawei, Tencent, Baidu, and other tech giants to draft metaverse standards is a clear indication of the country’s ambition to become a global technology leader. The newly formed working group is expected to streamline growth and eliminate redundancy in the industry. The metaverse is expected to be the next big thing in the tech industry, and China’s move to shape the future of the industry is a significant step towards achieving its goal.

The working group consists of 60 experts, including representatives from telecoms equipment giant Huawei Technologies, video gaming titans Tencent Holdings and NetEase, web search and artificial intelligence champion Baidu, financial technology firm Ant Group, and computer maker Lenovo Group. Other members include MIIT officials and researchers from Peking University, Fudan University, and other renowned institutions in the country. The group is tasked with building, maintaining, and promoting metaverse industry standards, and it is expected to streamline growth and eliminate redundancy in the industry. The group will also focus on domestic standards and encourage local companies and institutions to deeply engage in international standard-setting activities.

ALSO READ:   Implications of the oil price crash on the Arab world

The establishment of the working group is a significant move by China to shape the future of the metaverse industry. The working group’s efforts to build, maintain, and promote metaverse industry standards will streamline growth and eliminate redundancy in the industry, which will benefit both consumers and businesses. The metaverse is expected to be the next big thing in the tech industry, and China’s move to shape the future of the industry is a significant step towards achieving its goal.

Conclusion

China’s move to convene Huawei, Tencent, Baidu, and other tech giants to draft metaverse standards is a clear indication of the country’s ambition to become a global technology leader. The newly formed working group is expected to streamline growth and eliminate redundancy in the industry. The metaverse is expected to be the next big thing in the tech industry, and China’s move to shape the future of the industry is a significant step towards achieving its goal.

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Soaring Dreams: China’s Ambitious Leap into the Low Altitude Economy

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Introduction:

In recent years, China has set its sights on the skies, aiming to turn dreams of flying cars, drones, and even sky cities into reality. With a combination of forward-thinking policies, substantial financial investments, and robust infrastructural development, the nation is creating a conducive ecosystem for what experts are calling the ‘low altitude economy.’ This ambitious initiative seeks to integrate advanced aerial technologies seamlessly into everyday life and urban planning, marking a significant leap in China’s technological prowess.

Policy Support:

China’s journey into the low-altitude economy begins with a visionary approach to policy formulation. The government has been actively crafting regulations and guidelines to facilitate the development and deployment of aerial technologies. By providing a clear framework, China is encouraging innovation and investment in this burgeoning sector, fostering a competitive landscape for companies to thrive.

One notable example is the establishment of designated zones for testing and deploying unmanned aerial vehicles (UAVs) and flying cars. These zones serve as proving grounds for new technologies, allowing companies to experiment and iterate in a controlled environment. Additionally, the government’s commitment to streamlining bureaucratic processes has expedited the approval and licensing procedures for these cutting-edge technologies.

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Financial Investments:

China’s commitment to turning its aerial dreams into reality is reflected in the substantial financial investments poured into the low-altitude economy. The government has been actively supporting research and development initiatives, providing grants and subsidies to companies working on innovative aerial solutions.

Venture capital and private equity firms are also playing a pivotal role in funding emerging companies in this space. The allure of a rapidly growing market has attracted significant investments, enabling startups to push the boundaries of what was once considered science fiction. From drone delivery services to urban air mobility solutions, these investments are propelling the low-altitude economy forward.

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Infrastructural Development:

Building the necessary infrastructure to support a thriving low-altitude economy is a key component of China’s strategy. The nation is investing heavily in the development of vertiports, and designated landing and take-off points for flying cars and air taxis. These vertiports will be strategically located in urban centres, facilitating efficient and safe transportation through the skies.

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Moreover, China is upgrading its air traffic management systems to accommodate the increasing number of aerial vehicles. Advanced air traffic control technologies, including AI-driven solutions, are being implemented to ensure the seamless integration of drones and flying cars into existing airspace. This infrastructural development is crucial for ensuring the safety and reliability of aerial transportation systems.

Urban Planning Integration:

As China works towards incorporating advanced aerial technologies into everyday life, urban planning is evolving to accommodate this paradigm shift. The concept of sky cities, once confined to the realm of imagination, is now being actively explored. Vertical urban development and the integration of aerial transport into city planning are becoming a reality, promising a new dimension to urban living.

China’s low-altitude economy envisions a future where flying cars and drones become integral components of urban transportation, reducing congestion and enhancing connectivity. The government’s commitment to sustainable and forward-looking urban planning aligns with the broader goals of creating smart and efficient cities.

Conclusion:

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China’s ambitious leap into the low-altitude economy represents a bold step towards the future. The convergence of supportive policies, substantial financial investments, and infrastructural development is creating an ecosystem where the skies are no longer a limit but a new frontier for innovation and progress. As China continues to turn its dreams into reality, the rest of the world watches with anticipation, eager to see how the nation’s vision of flying cars, drones, and sky cities transforms the way we live and move.

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The Rise of Chinese Cars in the West: A Threat or an Opportunity?

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Introduction

The Rise of Chinese Cars in the West According to a recent article in Motor1.com, there has been a lot of talk about the potential of Chinese cars in the West. Competitive pricing and quality improvement are their best weapons to win a decent market share outside of China. Many argue that this is a threat to traditional builders in Europe and the United States.

The Chinese car industry has been growing at an unprecedented rate over the past few years. In 2020, China produced over 25 million vehicles, making it the largest producer of cars in the world1. This growth has been driven by the Chinese government’s push to promote electric vehicles and reduce pollution. As a result, Chinese automakers have been investing heavily in electric vehicles, and they are producing them at a lower cost than Western automakers.

The Fear of Western Automakers The fear of Western automakers is understandable. Chinese automakers have been known to copy designs of Western cars and sell them at a lower price. However, this is not the only reason for the fear. Chinese automakers are also investing heavily in electric vehicles, which is a major threat to Western automakers who have been slow to adopt this technology.

Western automakers have been slow to adopt electric vehicles for a number of reasons. One of the main reasons is the high cost of producing electric vehicles. Electric vehicles require expensive batteries, and the technology is still relatively new. As a result, Western automakers have been slow to invest in electric vehicle technology, and they are now playing catch-up to Chinese automakers.

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The Need for Cheap, Clean Vehicles The world is facing a climate crisis, and the need for clean vehicles has never been greater. Chinese automakers have been investing heavily in electric vehicles, and they are producing them at a lower cost than Western automakers. This is good news for the environment and for consumers who want to buy clean vehicles but cannot afford the high prices of Western automakers.

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In addition to being cheaper, Chinese electric vehicles are also cleaner than their Western counterparts. According to a recent study by the International Council on Clean Transportation, Chinese electric vehicles produce less greenhouse gas emissions than electric vehicles produced in Europe1. This is due in part to the fact that China generates more of its electricity from renewable sources than Europe does.

Conclusion

Many people may be sceptical about the rise of Chinese cars in the West, but it’s important to recognize the benefits they can bring. Chinese automakers are known for producing affordable, fuel-efficient vehicles that are better for the environment and more accessible to consumers. This ultimately drives innovation and competition in the auto industry, which benefits everyone. Western automakers should not be afraid of Chinese automakers, but rather, they should embrace them and work together to develop new technologies that can improve the industry as a whole. By keeping markets open to cheap, clean vehicles, we can all contribute to a healthier planet and a more prosperous economy.

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