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☆ China's northern cities brace for more torrid heat
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

[1/3] A man pulls a cart carrying jugs of water amid the orange alert for heatwave, at a hutong alley in Beijing, China July 5, 2023. The torrid heat has gripped China for several weeks, pushing local governments to ask residents and businesses to curb the usage of electricity. It is expected that the maximum temperature in most areas of the city will rise above 40 degrees Celsius, according to the state-backed Beijing Daily. The meteorological observatory in northern Hebei province also issued a red alert, with temperatures in some areas expected to reach 40-43 Celsius on Thursday. China's Meteorological bureau issued orange alerts, the second highest alert, in mostly northern China with temperatures expected to hit 40 degree Celsius and above.

Persons: Tingshu Wang, Bernard Orr, Ella Cao, Michael Perry Organizations: REUTERS, Beijing Daily, China's Meteorological, Beijing Municipal Bureau of Culture, Tourism, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Hebei province, North China, Mongolia, Shaanxi, Henan, Shandong, Chongqing

☆ Taylor Swift's Eras Tour is set to earn a record-breaking $1 billion in sales—here are the 10 highest-grossing tours
▼ + stars: | 2023-07-04 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Exactly how much Swift's tour has earned is unclear, as it hasn't been reporting nightly grosses to Billboard Boxscore, which tracks concert tour data. Last December, Billboard estimated that Swift's tour would gross $590 million based on 52 tour dates. This suggests that over $1 billion in total gross revenue is likely. With the added dates, another estimate has Swift taking in a total of $1.4 billion in gross revenue, according to concert data tracker Pollstar. Based on the survey's findings, total spending on Taylor Swift's tour in 2023 is expected to be around $5 billion.

Persons: Taylor Swift, Elton John's, Elton John —, Ed Sheeran, Roger Waters, Harry Styles —, Taylor, Warren Buffett Organizations: Wall Street, Billboard, Coldplay, Ticketmaster Locations: America, Asia, Australia, Europe

☆ Explainer: Israel's attack on Jenin: Why now and what for?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Here is what you need to know about Jenin:WHY IS ISRAEL ATTACKING JENIN? Since March 2022, Jenin and outlying areas in the north of the Israeli-occupied West Bank have drawn intensified raids ordered by Israel's nationalist-religious government after a spate of Palestinian street attacks. The Jenin camp has long been a hotbed of militants with an array of light weapons and a growing arsenal of explosive devices. This harsh heritage generates die-hard hostility to Israel and support for Palestinian militant groups. Israel annexed East Jerusalem in a move not recognised internationally, and launched settlements in the West Bank and Gaza.

Persons: Israel, Mahmoud Abbas, Fatah, Abbas, Dan Williams, Mark Heinrich Our Organizations: West Bank, Bank, Israel's, Seven, Palestinian, Reuters, Israel, Hamas, Islamic, Militant, Palestinian Authority, Thomson Locations: Israel, Jenin, Palestinian, JENIN, Last, U.S, Gaza, Iran, East Jerusalem, Jordan, Egypt, Jerusalem

☆ At Wimbledon, Novak Djokovic Aims to Clean Up on the Grass
▼ + stars: | 2023-07-03 | by ( David Waldstein | ) www.nytimes.com time to read: +1 min

Novak Djokovic, bent over with a towel in hand, delighted the Centre Court crowd during a rain delay at Wimbledon on Monday when he mopped some moisture from the grass. Djokovic has not lost a match at Wimbledon since 2017, and with a victory over Pedro Cachin of Argentina in their first-round meeting Monday, he extended his record over the last five Wimbledon tournaments to 29-0. He has won the last four men’s singles titles, and one more this year would set him up to eclipse even more names in the record book. Djokovic would also tie Roger Federer for most Wimbledon men’s singles titles (eight) and tie Bjorn Borg for the most consecutively (five). (Court won 13 majors before 1968, during a time when professionals were not allowed to play in the majors.)

Persons: Novak, Djokovic, Pedro Cachin, Rod Laver, Don Budge, Maureen Connolly, Margaret Court, Steffi Graf, Roger Federer, Bjorn Borg Organizations: Wimbledon, All England Club, Laver Locations: Argentina

☆ July supermoon: When and how to see the buck moon
▼ + stars: | 2023-07-02 | by ( Amaya Mcdonald | Ashley Strickland | ) edition.cnn.com time to read: +4 min

This month’s moon is also known as the buck moon. Names like hot moon refer to summer weather while terms like raspberry moon and ripe corn moon signify the best times for harvesting fruit and other crops. There will be two supermoons in August, including a blue moon, which will be the closest moon to Earth this year, according to The Old Farmer’s Almanac. Here are the full moons remaining in 2023, according to the Farmer’s Almanac:● August 1: Sturgeon moon● August 30: Blue moon● September 29: Harvest moon● October 28: Hunter’s moon● November 27: Beaver moon● December 26: Cold moonLunar and solar eclipsesPeople across North, Central and South America will be able to see an annular solar eclipse on October 14. Only part of the moon will pass into shadow as the sun, Earth and moon will not completely align.

Persons: ”, Shannon Schmoll, it’s, Schmoll, Isaiah J, Downing, Alpha Capricornids, Perseids, Orionids, Leonids, Geminids, Ursids Organizations: CNN, Michigan State University, “, Western Washington University ., USA, Sports, Meteor, Aquariids, Alpha Locations: North, Central, South America, Europe, Asia, Australia, North America, South Africa

☆ This Flexport-alum-turned-investor says supply chain startups shouldn't stop thinking big just because VC is in the midst of a 'reset'
▼ + stars: | 2023-07-02 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

Glancy said startups shouldn't see the current venture slowdown as a sign to think smaller. The last few years drove billions of dollars in investment in logistics startups hoping to fix flaws in supply chains that became obvious to average consumers. As supply chains have righted themselves and the broader venture market has cooled to what some see as dangerous temperatures, the environment for logistics startups has changed dramatically. You know, there's thousands of freight forwarders. There's thousands of customs brokers.

Persons: Kaitlyn Glancy, Glancy, Flexport, There's, she's, I'm Organizations: Eclipse, Systems, Shopify, Logistics Locations: North America, Palo Alto , California, PwC, China, Flexport, Mexico, There's

☆ Travel news: Living in lighthouses, delivering during a flight and touring Japan
▼ + stars: | 2023-07-01 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

This week has been rough for air travelers in the United States, but we have flight attendants’ secrets for surviving summer travel. Waterfront real estateThe US General Services Administration is giving away or auctioning lighthouses in New England. Like the small towns in Italy selling off houses for just 1 euro, these lighthouses come with stipulations. Written in stoneAnd while we’re on the subject of summer travel peak season, this period is often tourists-behaving-badly season. Dr. Sij Hemal was on a flight from Paris to New York when a fellow passenger reported severe abdominal pains.

Persons: CNN — It’s, you’ve, Ivan, Haley, ”, Sig Hemal, Susan Shepherd, Sij Hemal, Chelsea Dickenson, Dickenson, Richard Quest, Beckham Organizations: CNN, General Services Administration, Police, Cleveland, Asahi Shimbun Locations: United States, New England, Italy, Rome, United Kingdom, Paris, New York, Japan, Tottori Sand, Tokyo, Nagoya, Tottori, British, Macao, Vegas of Asia

☆ Ocean exploration: The benefits and risks
▼ + stars: | 2023-06-24 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Ocean secretsA bioluminescent jellyfish is shown in an image taken during exploration of the Marianas Trench Marine National Monument. NOAA Office of Ocean Exploration/APThe deep ocean is an alien landscape that scientists have only just begun to understand. So much remains to be explored because reaching the bottom of the ocean is an incredibly difficult task. But the ocean depths have much to offer, including lifesaving compounds and the secrets of how life on Earth evolved. The event is nearly 10 months away, but people are already anticipating the total solar eclipse that will pass over Mexico, the US and Canada on April 8, 2024.

Persons: Miles, hasn’t, Jiang Feibo, NASA’s Parker, Ashley Strickland, Katie Hunt Organizations: CNN, Marianas Trench, NOAA, of Ocean Exploration, University of Cambridge, China News Service, CNN Space, Science Locations: Africa, Mexico, Canada, England, Trumpington, Germany, Rome, Lhasa, Tibet, Bermuda, France

☆ Total solar eclipse: What to expect during the 2024 event
▼ + stars: | 2023-06-23 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

CNN —Sky-gazers across North America are in for a treat in 2024 when a total solar eclipse will pass over Mexico, the United States and Canada. The last total solar eclipse visible from the US occurred on August 21, 2017. During a total solar eclipse, the sky will darken as it would at dawn or dusk, and there are several stages of the eclipse that sky-gazers anticipate. The total solar eclipse will be visible in parts of Mexico, Canada and more than 10 US states, while the partial solar eclipse is expected to appear in 49 states — weather permitting. A map shows the path of the annular solar eclipse in October in yellow circles and the 2024 total solar eclipse in blue circles.

Persons: Aubrey Gemignani, NASA That’s, It’s, Prince Edward Island, Ross, Bill Ingalls, you’re, ”, Kelly Korreck, “, Carla Thomas, Joel Kowsky Organizations: CNN, NASA, Astronauts, Space Station, NASA Armstrong, Research, Gulfstream, Amateur, Telescope Locations: North America, Mexico, United States, Canada, Madras , Oregon, Ocean, Texas , Oklahoma , Arkansas , Missouri , Illinois , Kentucky , Indiana , Ohio, Pennsylvania, New York , Vermont , New Hampshire, Maine, Ontario, Quebec , New Brunswick, Prince, Nova Scotia, Newfoundland, Central, South America, Oregon, Texas, Gulf, Oregon , Nevada , Utah, New Mexico, California , Idaho , Colorado, Arizona, Belize, Honduras, Panama, Colombia, Natal, Brazil, Ross Lake, Northern, Washington

☆ The future of medicine may lie in space
▼ + stars: | 2023-06-17 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

Days after I got my first taste of working at a lab bench, a company set forth to prove scientific research can be successfully done in orbit without any humans present. Look upVarda Space Industries plans to use a small capsule, shown in the rendering above, to conduct pharmaceutical research in space. Varda Space industriesThe future of medicine may take flight in space. Unearthed in Ethiopia in 1974 and representing 40% of a skeleton, the remains revealed an early human relative who lived millions of years before Homo sapiens. Meanwhile, other, more recent fossil discoveries are shaking up what we know about early human migration.

Persons: Varda, Lucy, Dave Einsel, paleoanthropologist Dr, Ashleigh L.A, Wiseman, waddle, Frank Postberg, Jochen Brocks, —, Ashley Strickland, Katie Hunt Organizations: CNN, Logan Science Journalism, Marine Biological, Space Industries, Research, British Antarctic Survey, Sky, University of Cambridge, ATP, Freie Universität Berlin, Australian National University, CNN Space, Science Locations: Woods Hole , Massachusetts, California, Antarctica, Weddell, Ethiopia, Barney Creek, Northern Australia, Australia, New England

☆ Total solar eclipse 2024: Start planning your trips now
▼ + stars: | 2023-06-11 | by ( Marnie Hunter | ) edition.cnn.com time to read: +10 min

That’s where you’ll want to be on April 8, 2024, to take advantage of the last opportunity for decades to see a total solar eclipse over the contiguous United States. Just under seven years after the American eclipse in August 2017, next year’s total solar eclipse will provide the last easy access to such an event for most US residents until August 23, 2044. People watch the solar eclipse on the lawn of Griffith Observatory in Los Angeles on August 21, 2017. The longer people wait, the harder it will be to find accommodations inside the eclipse path. People watch the solar eclipse from Clingmans Dome in Great Smoky Mountains National Park in Tennessee on August 21, 2017.

Persons: it’s, Jay Anderson, Michael Zeiler, Anderson, ”, ” Anderson, Mario Anzuoni, Dave Clark, ” Clark, Jonathan Ernst, haven’t, they’ve, Carla Pendergraft, that’s, Scott Keyes, we’re, “, Keyes, Grand Teton, George Frey, Pendergraft, Clark, “ ‘ Organizations: CNN, Griffith Observatory, LA, Reuters, CNN Travel, McLane, Baylor University, Lowell Observatory, Center, Visitors Bureau, ” Locations: United States, Mexico, Canada, Mazatlán, Coast, Texas, Oklahoma , Arkansas , Missouri , Illinois , Kentucky , Indiana , Ohio, Pennsylvania, New York , Vermont , New Hampshire, Maine, , Texas, San Antonio, Los Angeles, Europe, Smoky, Tennessee, Russellville , Arkansas, Waco , Texas, Arizona, Waco, You’ll, Grand Teton, Jackson , Wyoming, Grand, “ ‘ Worth

☆ Franck Bohbot’s nostalgic photos evoke the arcade’s ‘golden age’
▼ + stars: | 2023-06-07 | by ( Marianna Cerini | ) edition.cnn.com time to read: +9 min

Franck Bohbot Bohbot's book features shots from over a dozen arcades, which he described as each having their own "very different vibe." Franck Bohbot Bohbot said his project was intended to "document arcade culture and the escapism it provides." Franck Bohbot Most of Bohbot's shots were captured in 2019, before the pandemic brought his project to a temporary halt. Franck Bohbot Bohbot documented not only the games but also the crowds that the arcades attracted. Franck Bohbot Bohbot said the book serves as a love letter to L.A., which he called "a complicated city that often feels like it's hiding parts of itself."

Persons: Franck Bohbot’s, “, Bohbot, ” Bohbot, Franck Bohbot's, Franck Bohbot Bohbot's, Franck Bohbot, Franck Bohbot Bohbot, ”, California’s, Japan —, Kong, seeped, —, we’ve, Franck Bohbot “, ‘ Organizations: CNN, Dave, Buster's, Amusement Corporation, East Hollywood, New York City Mayor Fiorello La Guardia, Chicago Coin’s, New York Times, America’s, Atari, Setanta Books Locations: Los Angeles, California, Calimesa , California, North Hollywood, Hollywood, Santa Monica , California, L.A, East, New York, Japan, Chicago

☆ Ark Invest's flagship fund sold Nvidia before its big rally. Here's why
▼ + stars: | 2023-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

However, Ark Invest's flagship Ark Innovation ETF (ARKK) exited its position in Nvidia entirely in early January —before the chipmaker enjoyed a powerful rally that propelled it to a $1 trillion market capitalization. We saw this potential for deep learning and enjoyed a lot of that ride," said Frank Downing, a research director at Ark Invest. The growth of the industry and the urgent need for powerful AI hardware has led to an increase in the number of companies entering the market. Ark Invest hasn't been alone in trimming an Nvidia stake. However, despite exiting a portion of their Nvidia positions, both Ark Invest and Damodaran maintain a favorable outlook for the company.

Persons: Ark, —, We've, Frank Downing, Downing, CNBC's, we've, Aswath, University's Organizations: Tech, Nvidia, AI, Innovation, Ark Invest, ARK Autonomous Tech, Robotics, Google, Amazon, AWS, AMD, Intel, University's Stern School of Business, NYU's Stern School of Business, Ark, Damodaran Locations: New

☆ June full moon: When and how to see the strawberry moon
▼ + stars: | 2023-06-03 | by ( Kristen Rogers | Ashley Strickland | ) edition.cnn.com time to read: +4 min

CNN —The strawberry moon will light up the night sky this weekend. The strawberry full moon isn’t your last chance to catch a cool celestial event this year. Here are the full moons remaining in 2023, according to the Farmer’s Almanac:● July 3: Buck moon● August 1: Sturgeon moon● August 30: Blue moon● September 29: Harvest moon● October 28: Hunter’s moon● November 27: Beaver moon● December 26: Cold moonLunar and solar eclipsesAn annular solar eclipse will occur on October 14 and be visible for people across North, Central and South America. This is when the moon passes between the sun and Earth at or near its farthest point from Earth — making the moon appear smaller than the sun and creating a glowing ring around the moon. In this type of event, the sun, Earth and moon don’t completely align, so only part of the moon passes into shadow.

Persons: ripens, ”, Mike Hankey, “, Juno, Alpha Capricornids, Perseids, Orionids, Leonids, Geminids, Ursids Organizations: CNN, NASA, American Meteor Society, Venus, Aquariids, Alpha Locations: Argentina, North America, Europe, Africa, Asia, Australia, North, Central, South America

☆ This Gen Z founder made an OnlyFans rival that has no nudity and sold it for $65 million
▼ + stars: | 2023-05-29 | by ( Pete Syme | ) www.businessinsider.com time to read: +9 min

He said it sold for $65 million after sites including TikTok "failed" to help creators make money. The 22-year-old certainly doesn't need to live with his folks: He became a millionaire last year after his company, Fanfix, sold for $65 million, according to Crunchbase. It's a model broadly similar to OnlyFans, but with a major difference: it doesn't allow nudity. When SuperOrdinary bought Fanfix, Insider's Geoff Weiss reported that there were plans for product collaborations with the platform's creators. And they took advantage of the creators, and so a massive gap opened up for platforms like Patreon, platforms like us."

☆ Millionaire who retired at 35: These are the 3 'stupidest lies' I've heard about early retirement
▼ + stars: | 2023-05-27 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

In 2016, after years of climbing the corporate ladder, living frugally and investing the excess cash he saved, Adcock retired at age 35 with about $900,000. Since he retired, "I've heard some of the stupidest lies about early retirement from people who will never retire," Adcock wrote in a recent tweet. Here's why he says each of those three notions are myths, as long as you're strategic about your early retirement plans. "You need to know what you're retiring to, not just what you're retiring from," he says. Maybe it's true that you and your partner would get on each other's nerves if one or both of you retired early.

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ A sunspot four times the size of Earth is visible right now — here's how to see it without a telescope
▼ + stars: | 2023-05-23 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

A sunspot four times the size of the Earth is crossing the sun right now. "A giant sunspot is crossing the sun's disk, and I could see it clearly with solar glasses," said Yeom, per spaceweather.com, adding: "Caution! The sun is gearing up to a peak of activityA video of the sun taken on May 18 shows a powerful solar flare being released. SDO/NASAExperts have been keeping a watchful eye on this particular sunspot, called AR3310, while it is facing the Earth. As this one rolled around the side of the sun, it let off a substantial solar flare, a giant explosion that sends energy, light, and high-speed particles into space.

☆ I'm a butler on a luxury cruise where tickets cost up to $150K. I've traveled to Antarctica and enjoyed perks like submarine rides — here's what my job is like.
▼ + stars: | 2023-05-22 | by ( Claire Turrell | ) www.businessinsider.com time to read: +6 min

This as-told-to essay is based on a conversation with Nehad Popovic, the cruise butler for the Scenic Eclipse. Since then, I've traveled to the Arctic and Antarctica, among other destinations, as a cruise butler. Scenic EclipseI started as a steward on fairy-tale river cruises across EuropeIn September 2014, I applied to Scenic Luxury Cruises and Tours to be a restaurant steward on its river cruises. In March 2015, I started stewarding the river cruises for Scenic Luxury Cruises and Tours. Moving from steward to butler gave me more opportunitiesAfter two years as a steward, I was promoted to cruise butler.

☆ Oil slips as U.S. debt caution offset supply concerns
▼ + stars: | 2023-05-22 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 22 (Reuters) - Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. The resumption of U.S. debt ceiling negotiations later on Monday will remain a key driver for crude and risk sentiment this week, IG's Sydney-based analyst Tony Sycamore said. "If the housing market continues to fall and policymakers fail to respond, the risk of a double-dip China slowdown increases, which spells bad news for crude oil consumption and demand," Sycamore said. Last week, both oil benchmarks gained about 2%, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada. Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

☆ Airlines and F.A.A. Try to Head Off Summer Travel Meltdowns
▼ + stars: | 2023-05-22 | by ( Niraj Chokshi | ) www.nytimes.com time to read: +1 min

The number of Americans who will fly this summer could eclipse the prepandemic high from 2019. The recovery from the pandemic has been punctuated by several major travel meltdowns, stranding millions of travelers and angering lawmakers and regulators. In recent months, the Transportation Department has proposed requiring greater transparency around airline fees and requiring companies to more fully compensate people whose flights are delayed or canceled. “This pattern they had last year of canceling flights at the last minute, in many cases due to crew shortages, that’s just unacceptable. They’re not going to be able to do that again, I don’t think, not without some serious repercussions.”

☆ China-Taiwan tensions could grip 2024 election as top business leaders sound alarms
▼ + stars: | 2023-05-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +12 min

China's policy regarding Taiwan, the world's leader in the semiconductor industry, could end up making it an even bigger focus. The cross-strait strife has already provoked commentary from some top contenders in the Republican presidential primary race who have stressed the need to deter a possible Chinese invasion invasion of the island. But I think ultimately what I think China respects is strength," DeSantis said. 'Like trying to separate conjoined twins'But the political will to defend Taiwan in a Chinese invasion may clash with economic forces. Some CEOs of America's biggest banks have said they would pull their business from China if directed to do so following an invasion of Taiwan.

☆ Oil price dip ignores burgeoning Chinese demand and imminent supply crunch, IEA warns
▼ + stars: | 2023-05-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Aerial view of oil and gas jack-up rig at the yard for maintenance with many vessels in Singapore. Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. Chain45154 | Moment | Getty ImagesThe ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, the Paris-based International Energy Agency warned on Tuesday. Persisting concerns over "muted industrial activity and higher interest rates ... combined have led to recessionary scenarios gaining traction and worries of a downward shift in the oil demand growth," the IEA said in its latest monthly Oil Market Report. Chinese crude oil purchases were curtailed by spartan zero-Covid-19 restrictions that were in place for the majority of last year, with analysts widely expecting Beijing's economic reopening to kickstart a surge in oil prices.

☆ IEA says oil price downturn ignores looming supply crunch
▼ + stars: | 2023-05-16 | by ( Noah Browning | ) www.reuters.com time to read: +1 min

LONDON, May 16 (Reuters) - Weeks of declining oil prices due to concerns over a possible recession clash with the outlook for scarce supply and robust demand later in the year, the International Energy Agency said on Tuesday. The Paris-based agency raised its forecast for global oil demand by 200,000 bpd to 102 million bpd, noting that China's recovery after the lifting of COVID-19 curbs had surpassed expectations with demand reaching a record 16 million bpd in March. The world's top oil importer is set to account for nearly 60% of global demand growth in 2023, offsetting, along with India and the Middle East, sluggish demand in developed countries. The United States and Brazil will lead modest growth in oil supply of 1.2 million bpd for the year as OPEC+ cuts agreed in April mean volumes from the producer group will fall 850,000 bpd from then through December, the IEA said. Reporting By Noah Browning; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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