Showing posts with label demand. Show all posts
Showing posts with label demand. Show all posts

Oil prices climb on OPEC supply cut prospect, rise in demand

OPEC is considering cutting output to offset any increase from Iran if the nuclear deal is reinstated.

The rise in natural gas prices is causing industrial users in Europe to switch to diesel and fuel oil, increasing the demand for oil.
The rise in natural gas prices is causing industrial users in Europe to switch to diesel and fuel oil, increasing the demand for oil. (Dado Ruvic / File / Reuters)
Oil prices rose 1 percent on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. US West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2 percent, to $94.15 a barrel at 0241 GMT, adding to a 2.5 percent gain last week. Brent crude futures rose 89 cents, or 0.9 percent, to $101.88 a barrel, extending a 4.4 percent gain last week. "Oil prices were stronger amidst the ongoing pressure on fuel demand from Europe’s energy crisis, and supply constraints," National Australia Bank commodities analysts said in a note. Heavy clashes in Libya's capital which killed 32 people on the weekend sparked concern that the country could slide into a full-blown conflict, which could again disrupt crude supply from the OPEC nation, they said. READ MORE: Saudi Aramco unveils record $48.39B profit in Q2, beats expectations Hints from OPEC Both benchmark contracts had traded lower earlier in the day as the dollar climbed after Friday's blunt comments from Federal Reserve Chairman Jerome Powell that the United States faced a prolonged period of slow growth amid further rate hikes. "While a strong dollar restrains broad commodity prices, the undersupply issue in the oil markets will probably continue to support the upside bias," said CMC Markets analyst Tina Teng. Oil prices have been buoyed by hints from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, that they could cut output in order to balance the market.
The United Arab Emirates is aligned with Saudi Arabia thinking on output policy, a source with knowledge of the matter said on Friday, while the Omani oil ministry also said it supports OPEC+ efforts to maintain market stability. Sources last week said OPEC would consider cutting output to offset any increase from Iran should oil sanctions be lifted if the parties revive the nuclear deal. "Iran's production will not compensate for the short fall in supply anytime soon," Teng said. On the demand side, higher natural gas prices in Europe are spurring power generators and industrial users to switch to diesel and fuel oil, further supporting crude prices, ANZ Research analysts said in a note. READ MORE: Shaky calm returns as death toll from Libya clashes mounts Source: TRTWorld and agencies

#Oil #prices #climb #OPEC #supply #cut #prospect #rise #demand https://www.globalcourant.com/oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand/?feed_id=17260&_unique_id=630c5d9360eb0

Alex Murdaugh lawyer cites Trump FBI raid in demand for evidence in murders of wife, son: 'Manufactured drama'

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The lawyer defending the once powerful and now disbarred attorney, Alex Murdaugh, blasted South Carolina prosecutors on Wednesday for allegedly withholding evidence from the defense connecting the legal scion to the mysterious murders of his wife and son following a 13-month investigation. 

At a press conference he organized, Dick Harpootlian, a Democratic state senator, made a weak comparison to the unprecedented FBI raid on former President Donald Trump’s residence at Mar-a-Lago, and calls since then to have the warrant unsealed to understand the grounds for the search. 

In a motion of his own Wednesday, the state’s lead prosecutor on the Murdaugh case, Creighton Waters, dismissed Harpootlian’s press event as "manufactured drama" delaying the case. 

Harpootlian accused South Carolina Attorney General Alan Wilson’s office of failing to produce discovery before the 30-day maximum period allotted by law since Murdaugh’s murder indictment. 

ALEX MURDAUGH SCHEMES RESULT IN FIRST FEDERAL INDICTMENT TARGETING SOUTH CAROLINA BANK SCION RUSSELL LAFFITTE 

Alex Murdaugh is escorted out of the Colleton County Courthouse in Walterboro, S.C., on Wednesday, July 20, 2022. Murdaugh pleaded not guilty to murdering his wife and son 13 months ago. 

Alex Murdaugh is escorted out of the Colleton County Courthouse in Walterboro, S.C., on Wednesday, July 20, 2022. Murdaugh pleaded not guilty to murdering his wife and son 13 months ago.  (Tracy Glantz/The State via AP)

"There was no reason, as I point out, that they couldn’t turn almost all of this over to us 32 days ago," Harpootlian told reporters Wednesday. "A number of search warrants have sealed affidavits – now sealed affidavits I shouldn’t have to explain to any of you because you turn on the news right now, they’re talking about sealed affidavits on a certain search warrant in Florida. The question is – after the indictment is brought, should they still be sealed? The answer is no."

Murdaugh, 54, was indicted on July 14 by a Colleton County grand jury on two counts of murder and two counts of possession of a firearm during the commission of a violent crime in connection to the double homicide of his college sweetheart wife, Maggie Murdaugh, and their 22-year-old son, Paul. 

The bare-bones indictment accuses Murdaugh of shooting his 52-year-old wife with a rifle and his younger son with a shotgun on June 7, 2021. He has pleaded not guilty.

"This is again ‘gotcha’ prosecution. Trial by ambush. Give us the stuff," Harpootlian said Wednesday.  "You went to a grand jury and said you have enough evidence to convict Alex Murdaugh and convince a jury beyond a reasonable doubt. Where is it? I don’t have a shred of paper! I don’t have an email, I don’t have an exhibit, I don’t have any evidence." 

"Somebody wants to know about blood spatter. All I know about blood spatter is what I read in some blog. I’ve never seen any blood spatter evidence," he said, referencing local media citing unnamed sources. "They want to obscure this by saying, ‘well, you know, we need to get this sealed, this needs to be protected, we don’t want crime scene photos left out on tables.’ That is hooey!"

Murdaugh’s lawyer also seemed to defend his own reputation for working the case. 

"This case needs to be resolved. Not just for Alex Murdaugh, but for the judicial system, for the state of South Carolina. We need to put this behind us and move on," Harpootlian said. "People say to me – How could you represent this guy? John Adams, the second President of the United States, represented the British soldiers who massacred the colonial protesters on the Boston Common, 4 were acquitted, two were hung. It is my duty to do that. It’s what keeps this country free. Abraham Lincoln defended 22 murder cases… Don’t they teach civics in high school anymore?

ALEX MURDAUGH: TIMELINE OF THE SOUTH CAROLINA ATTORNEY'S FALL FROM GRACE 

Dick Harpootlian, Alex Murdaugh's defense lawyer, hosts a press conference criticizing prosecutors for delaying discovery in the murder case. 

Dick Harpootlian, Alex Murdaugh's defense lawyer, hosts a press conference criticizing prosecutors for delaying discovery in the murder case.  (Fox News)

In a 27-page motion provided to Fox News Digital, Waters defended his team’s handling of discovery. 

"Defendant Murdaugh’s motion is unfortunately a not unexpected but completely blatant attempt to create drama where formerly there was none. It is clearly aimed at generating content for the press conference defense counsel has called on this matter rather than actually doing anything meaningful to move forward litigation of the case," the motion outlining prosecutors’ stance says. 

"As with the rest of their motion, their claims of prosecutorial ‘coercion’ may make for exciting reading or content for a press conference, but they are detached from reality," Waters adds. 

The motion included emails between Waters to Judge Clifton Newton explaining that he agrees with the defense that an order must be issued unsealing the search warrants sealed by other judges early in the murder investigation. However, prosecutors – in disagreement with the defense – are proposing a protective order for some murder evidence, citing pre-trial publicity and the sensitive nature of the crime scene photos.  

"There is simply no last-minute effort to delay discovery," Waters wrote in one email. 

Alex Murdaugh, right, is shown here with his family. 

Alex Murdaugh, right, is shown here with his family.  (Fox News)

"This manufactured drama is just a well-known part of defense counsel’s playbook," the motion says. "The State has no desire to preclude the defense from any discovery and has every intent of moving this case to a public trial as soon as practicable. As soon as these two discovery issues are addressed and the Court green lights it, discovery will be sent."  

At the time of the bombshell murder charges, Murdaugh already was facing 81 financial and related criminal charges alleging he misappropriated $8.1 million from friends, former legal clients and the prominent personal injury law firm founded by his great-grandfather nearly a century ago. 

Maggie and Paul Murdaugh were found shot to death next to dog kennels on the family’s sprawling hunting in South Carolina’s rural Low Country when authorities responded to a frantic 911 call from Murdaugh himself. 

The double homicide prompted a slew of investigations into Murdaugh and his financial dealings, and law enforcement has since reopened criminal probes into the mysterious deaths of Murdaugh’s former housekeeper Gloria Satterfield, as well as 19-year-old Stephen Smith, a former high school classmate of the Murdaugh’s surviving elder son, Buster Murdaugh. 

Murdaugh, also a former assistant prosecutor at the office his family previously controlled for generations, is also charged with orchestrating a botched suicide for hire plot for his distant cousin, former legal client and recently accused conspirator in an alleged opioid trafficking ring, Curtis "Eddie" Smith, to shoot on the side of a rural road so that Buster could collect a $10 million life insurance policy. 

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Recently, Russell Laffitte, the fired CEO of Palmetto State Bank, which was founded by his family in the early 20th century, was federally indicted for allegedly helping Murdaugh steal and launder money from legal clients. A lawyer and Murdaugh’s former college roommate, Cory Fleming, has also faced state charges in connection to Murdaugh’s long-spiraling fall from grace. 


Source https://www.globalcourant.com/alex-murdaugh-lawyer-cites-trump-fbi-raid-in-demand-for-evidence-in-murders-of-wife-son-manufactured-drama/?feed_id=12225&_unique_id=62fd2f6317a91

Uvalde parents demand financial transparency over school security grants

During Monday night's school board meeting, Uvalde citizens demanded financial transparency regarding the millions of dollars in grants announced last week aimed at strengthening school security before children return to the classroom this September.

"We just saw lump sum $100,000 here, $500,000 here," one community member said during the Uvalde Consolidated Independent School District meeting. "Now what I would like to see is further breakdown. OK, who is that money going to?"

PHOTO: A meeting of the School Board is held in Uvalde, Texas, Aug. 15, 2022.

A meeting of the School Board is held in Uvalde, Texas, Aug. 15, 2022.

Uvalde CISD vua YouTube

The school board announced last week that it plans to spend more than $3.5 million on projects such as replacing locks, installing fences and hiring more counselors. The school district received grants from the state of Texas, the Department of Justice and the Las Vegas Raiders football team to fund these projects.

Uvalde:365 is a continuing ABC News series reported from Uvalde and focused on the Texas community and how it forges on in the shadow of tragedy.

The district also outlined its plan to offer remote classes this year in response to parents' concerns that their children do not feel comfortable returning to school in person.

Becky Reinhardt, the administrator for virtual learning, said there would not be a limit on the number of students who can be virtual, and that students could switch back to in-person learning whenever they wanted.

PHOTO: A makeshift memorial site to victims stands outside the Robb Elementary School in Uvalde, Texas, Aug. 8, 2022.

A makeshift memorial site to victims stands outside the Robb Elementary School in Uvalde, Texas, Aug. 8, 2022.

Nick Wagner/Xinhua via Newscom

For their part, the school board members did not speak much about the massacre that killed 21 people in May. They did not answer when asked about the progress of fence-building at the other schools, the likelihood they would conduct their own investigation or the timing of Police Chief Pete Arredondo's termination hearing, which has been delayed twice.

The board will meet next Monday to hear community grievances.


Source https://www.globalcourant.com/uvalde-parents-demand-financial-transparency-over-school-security-grants/?feed_id=11504&_unique_id=62fb325e17e49

Oil prices fall as recession fears, Iran production weigh on demand outlook

Oil prices extended losses on Tuesday after weak US and Chinese data reinforced recession expectations with signs that Iran is moving towards a nuclear deal adding to the downward pressure.

Abadan oil refinery in southwest Iran pictured from Iraqi side of Shatt al Arab south of Basra on September 21, 2019.
Abadan oil refinery in southwest Iran pictured from Iraqi side of Shatt al Arab south of Basra on September 21, 2019. (Essam Al-Sudani / Reuters)

Oil prices have extended losses after weak US and Chinese data spurred fresh concerns about a potential global recession that could hit energy demand.

Brent crude futures fell 90 cents, or 1 percent, to $94.20 a barrel by 00:03 GMT. WTI crude futures fell 81 cents, or 0.9 percent, to $88.60 a barrel.

Oil futures fell about 3 percent during the previous session as demand expectations are lowered in light of a string of soft economic indicators in major economies.

Signs that Iran is moving towards a nuclear deal added to the downward pressure on prices, with an agreement seen allowing the country to restart sales into the world market.

Analysts said Tehran could provide 2.5 million barrels a day, giving a much-needed shot in the arm to supplies, which have been hammered by sanctions on Russia in response to its attacks on Ukraine.

Libya has also boosted production, helping prices drop to six-month lows and wiping out the gains seen after the Ukraine conflict started.

But analysts warned that there might still be some way to go on an Iran agreement owing to upcoming US elections.

"A deal with Iran would likely not be popular with US voters and so is hard to envisage before the November mid-terms," said National Australia Bank's Ray Attrill.

"Markets are currently prone to optimism, though, and hopes for a deal... have added to downward pressure on oil prices."

Iran responded to the European Union's "final" draft text to save a 2015 nuclear deal on Monday, an EU official said, but provided no details on Iran's response to the text. The Iranian foreign minister called on the United States to show flexibility to resolve three remaining issues.

READ MORE: Libya 'confirms' its oil production is back to pre-blockade levels

[embed]https://www.youtube.com/watch?v=fJaU9xmPpsc[/embed]

Disappointing China data

China's central bank cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-Covid policy and a property crisis.

China's fuel product exports will rebound in August to near the highest for the year so far after Beijing issued more quotas in June and July, although broader curbs are set to cap shipments at seven-year lows for 2022, analysts and traders said.

In the United States, total output in the major US shale oil basins will rise to 9.049 million bpd in September, the highest since March 2020, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday.

Market participants awaited industry data on US crude stockpiles due later on Tuesday. Oil and gasoline stockpiles likely fell last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday.

[embed]https://www.youtube.com/watch?v=y6ZOrzJ-j8E[/embed]

Hopes of cooling inflation

With surging oil prices a key driver of inflation to multi-decade highs around the world, the drop has fanned hopes that the headline figure could begin to come down.

That has led to speculation that central bank chiefs could lift rates at a slower pace, and then think about pivoting monetary policy to cuts as early as next year.

The prospect of a less painful hiking campaign has sparked a rally in equities from their June lows.

And on Tuesday, Asia built on Wall Street's upbeat performance.

Hong Kong and Shanghai rose after Beijing cut rates on Monday as the world's number two economy struggles to recover from a plunge in activity caused by extended Covid lockdowns.

Sydney, Seoul, Taipei, Manila, Jakarta and Wellington were also up, though Tokyo was flat and Singapore dipped.

Still, analysts warned that while equities are enjoying a bounce, the economic outlook could keep them subdued or even fall back again.

"The risk of the markets going below the June lows is quite high," Shane Oliver, at AMP Services, told Bloomberg Television. The weak data presage "weaker earnings growth ahead in the US", he added.

READ MORE: UN chief blasts oil firms profiting from energy crisis

Source: Reuters


Source https://www.globalcourant.com/oil-prices-fall-as-recession-fears-iran-production-weigh-on-demand-outlook/?feed_id=11469&_unique_id=62fb152e4eceb

The demand for the import of Iranian goods from Afghanistan has decreased


In an interview with IRNA reporter on Monday, Javad Jafari added: During the first four months of this year, the export of goods from Razavi Khorasan to Afghanistan has decreased by 49% in weight and 55% in value compared to the same period last year.

He added: There are no obstacles in the way of exporting goods to Afghanistan, but the financial situation of the Afghan people is weaker than before and the demand for importing goods from Iran has decreased. In addition, the new policies and regulations of the Taliban have also increased the cause. .

Khorasan Customs Supervisor Razavi, referring to Afghanistan's large share in the province's non-oil exports in the year, said: the amount of goods exported from the province in the first four months of this year was 655 thousand tons worth 355 million dollars, which compared to the same period last year in terms of weight, 37 percentage and in value has decreased by 26%.

Jafari added: Most of the exported goods during this period are saffron, fresh apples, metal products, mineral products and dairy products.

He continued: The amount of goods imported to Razavi Khorasan in the first four months of this year is 106,000 tons worth 297 million dollars, which has increased by 50% in weight and 60% in value compared to the same period before.

He mentioned the main goods imported to Razavi Khorasan during this period are production line machines, raw materials for production units and basic goods such as rice and cotton.

Khorasan Razavi has 6 customs offices in Mashhad, Lotfabad, Bajgiran, Sarkhs, Shamtigh and Dogharon.


Source https://www.globalcourant.com/the-demand-for-the-import-of-iranian-goods-from-afghanistan-has-decreased/?feed_id=5006&_unique_id=62e76ed1aba68