Other news

A new COVID wave is spreading in China, with cities and provinces reporting hundreds of thousands of new COVID cases every day. Outbreaks are predicted to peak in January 2023.

Gold prices may jump to $4,000 an ounce due to lingering market volatility, supported by interest rate hikes and looming recession. This opinion was shared by Juerg Kiener from Swiss Asia Capital, who is a managing director and chief investment officer of the company.

Responding to the sanctions, Russia warned about a possible decrease in oil production by almost 700,000 barrels per day.

According to the Deputy Prime Minister of the Russian Federation, Alexander Novak, in 2025 the export of Russian oil may increase to 260 million tons. Novak also noted that gas supplies would also increase.

Mexico's largest refinery, owned by Pemex, is likely to reach half of its production capacity by July 2023, according to Mexico's President. This statement marked another shift in the project's timing.

Last Friday, the largest one-day decline in more than ten years was registered in U.S. natural gas production.

Deputy Prime Minister of the Russian Federation Alexander Novak declared that the country is able to supply LNG again using the Yamal-Europe pipeline.

At the end of last week, Algerian President Abdelmadjid Tebboune signed the state budget law for 2023. The crude oil market price is expected to be about $70 per barrel until 2025.

Competition between the West and the rest of the world would intensify, Deputy Chairman of the Russian Security Council Dmitry Medvedev wrote in an article that was published in the Rossiyskaya Gazeta.

The power grid of six eastern U.S. states used oil to generate at least one-third of their electricity, and in some cases as much as 40%, according to ISO New England. Meanwhile, natural gas provided about 15%.