Tag: Oil (Petroleum) and Gasoline

Oil Is Flowing From the Persian Gulf, but Prices Remain High. Why?

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More oil is flowing from the Middle East than at any point since the start of the war with Iran, yet crude still costs almost $100 a barrel, much more than at other times when supplies were more constrained. That seeming conundrum can partly be explained by a change in traders’ views about how long the conflict is going to last. Optimism that an enduring peace deal might be around the corner has given way to concern that hostilities could restart. In the meantime, the United States and other countries…

Why Emerging Powers Keep Joining BRICS, Even When They Disagree

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At a gathering of nations that are challenging the dominance of the United States, Iran’s president took the main stage on Friday, flanked by the leaders of Russia and India, to condemn “military aggression” by the United States. Iran wants to show that Western sanctions have not left it isolated, even as it digs into a war with the United States that has severely restricted the crucial Strait of Hormuz route for oil and other commodities. President Masoud Pezeshkian of Iran spoke at the BRICS Business Forum, ahead of the…

China’s Export Boom Rolls On Despite Trade Backlash

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Another month, another trade surplus of more than $100 billion for China. Even as countries around the world move to curb the flood of Chinese goods, China’s export machine continues to steam ahead. The country posted a trade surplus of $112.5 billion in July, according to data released Friday by the General Administration of Customs. It was the third straight month in which China’s exports exceeded its imports by more than $100 billion — a staggering sum that puts the country on pace to surpass last year’s record $1.19 trillion…

The German Auto Industry, a Pillar of the National Psyche, Is Trembling

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The centerpiece of Mercedes-Benz’s 140th birthday party in January was a patent application filed in 1886 by an engineer named Carl Benz for a “vehicle with gas engine.” The way Mercedes executives spoke of the handwritten document, which at one point was projected on a large wall on the company campus in Stuttgart, Germany, it might have been a sacred parchment. It not only certifies that Germany is the birthplace of the automobile but also helps explain why the woes of the country’s automakers — Volkswagen, Mercedes and BMW —…

Soaring Egg Prices Are Hitting China Hard

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In China, the humble egg, a longtime supporting act in many dishes, is now center stage. Around dining room tables, budget-conscious families are griping about its sudden spike in price. In the countryside, befuddled farmers who complained of a glut of eggs last year now fret about scarcity. At food stalls, frustrated cooks are reeling from the one-two punch of egg prices and rising energy costs from the Iran war. Even state media has taken to using the term “rocket eggs” to describe skyrocketing prices. Egg prices are up by…

Will Oil Prices Rise as the US-Iran Truce Frays? The Answer Lies With China.

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The passage of oil tankers through the Strait of Hormuz has been slowed significantly by the persistent cycle of hostility between the United States and Iran. But whether prices at the gas pump rise or fall will depend not only on how much oil flows out of the Persian Gulf but also on decisions made by China. Typically the world’s largest oil importer, China slashed purchases this spring, reducing demand so much that it prevented oil prices from soaring even higher earlier in the war. Now, one of the biggest…

Shippers Face Deepening Dilemma as U.S. and Iran Vie for Control of the Strait

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Harry Vafias, a chief executive of a shipping company, recently got one of his vessels out of the Persian Gulf on a route protected by the U.S. military. But after Iran and the United States attacked each other this week, all but ending the truce the countries agreed to last month, Mr. Vafias, the head of StealthGas, based in Athens, said he was holding off on moving another ship through the Strait of Hormuz. “Things are becoming uglier by the minute,” he said in an email, “so we are not…

China Emerges as a Relative Winner From Strait of Hormuz Crisis

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The war in Iran and the effective closure of the Strait of Hormuz have inflicted deep economic pain on many countries and sent some industries into a tailspin as they struggled with higher prices for energy, fertilizer and chemicals. It may also have given China a competitive edge. While the energy shocks and supply chain challenges stemming from the war have posed some challenges for China, the country has largely managed to avoid the kind of inflation spike and cascading economic and political effects that have afflicted many other nations.…

Kazakhstan’s Leader Deepens U.S. Ties, Saying Trump Was ‘Sent by Heaven’

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The skyline of Astana, the capital of Kazakhstan, is a physical reflection of the Central Asian nation’s approach to foreign affairs. A sign reading “Moscow” sits atop a Kazakh-Russian business center. Beside it is a pagoda-crowned luxury hotel owned by the Chinese state oil company. Nearby is a gleaming hotel tower and shopping mall, emblazoned with the American brand Ritz-Carlton. And they all exist in the shadow of Abu Dhabi Plaza, the city’s biggest skyscraper, developed by a real estate firm from the United Arab Emirates. It is the product…