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To underscore the pattern, the Pentagon released previously nonpublic photos and videos of Chinese fighter jets intercepting US aircraft flying in international airspace. The images, which date back to January 2022, show Chinese fighter jets getting dangerously close to US military jets in international airspace in an attempt to “intimidate” them, the Pentagon said in a statement about the incidents. Some of the Chinese fighter jets came within 20 feet of the US planes, the videos show. Office of the Secretary of Defense Public AffairsThe photos and videos also show the Chinese jets releasing objects and projectiles, including flares. But the Pentagon’s efforts this year to engage with Chinese military leadership have gone unanswered, and US officials have grown increasingly concerned about the lack of military-to-military dialogue between the countries.

Persons: ”, Ely Ratner, ” Ratner, Austin, Adm, John Aquilino, Defense Lloyd Austin, “, Wei Fenghe, Nancy Pelosi, “ I’ve, ” Aquilino Organizations: CNN, US, East, South China, Pacific Security Affairs, Pentagon, PLA, Defense Public Affairs, People’s, Army, Defense, National Defense, Military, Security, China Locations: South, “, People’s Republic of China, Beijing, Taiwan

☆ US must be ready for simultaneous wars with China, Russia, report says
▼ + stars: | 2023-10-12 | by ( Jonathan Landay | ) www.reuters.com time to read: +3 min

The report from the Strategic Posture Commission comes amid tensions with China over Taiwan and other issues and worsening frictions with Russia over its invasion of Ukraine. A senior official involved in the report declined to say if the panel's intelligence briefings showed any Chinese and Russian nuclear weapons cooperation. The report contrasts with U.S. President Joe Biden's position that the current U.S. nuclear arsenal is sufficient to deter the combined forces of Russia and China. "The United States and its allies must be ready to deter and defeat both adversaries simultaneously," the Strategic Posture Commission said. It should also extend the operational lives of ballistic missile submarines and deploy more tactical nuclear weapons in Asia and Europe.

Persons: Ian Dudley, Madelyn, Jon Kyl, Joe Biden's, Jonathan Landay, Lisa Shumaker Organizations: Minuteman, Daylight, Vandenberg Air Force Base, . Air Force, REUTERS, Rights, Democratic, Republican, Thomson Locations: California, U.S, Handout, United States, Russia, China, Taiwan, Ukraine, Russian, Asia, Europe

☆ US Must Be Ready for Simultaneous Wars With China, Russia, Report Says
▼ + stars: | 2023-10-12 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +4 min

By Jonathan LandayWASHINGTON (Reuters) - The United States must prepare for possible simultaneous wars with Russia and China by expanding its conventional forces, strengthening alliances and enhancing its nuclear weapons modernization program, a congressionally appointed bipartisan panel said on Thursday. The report from the Strategic Posture Commission comes amid tensions with China over Taiwan and other issues and worsening frictions with Russia over its invasion of Ukraine. A senior official involved in the report declined to say if the panel's intelligence briefings showed any Chinese and Russian nuclear weapons cooperation. "The United States and its allies must be ready to deter and defeat both adversaries simultaneously," the Strategic Posture Commission said. If such measures are not taken, the United States "will likely" have to increase its reliance on nuclear weapons, the report said.

Persons: Jonathan Landay WASHINGTON, Madelyn, Jon Kyl, Kyl, Joe Biden's, Jonathan Landay, Lisa Shumaker Organizations: Democratic, Republican, Arms Control Association, Pentagon, Columbia Locations: United States, Russia, China, Taiwan, Ukraine, Russian, U.S, Asia, Europe

☆ US readies new Ukraine arms package despite tumult in Congress
▼ + stars: | 2023-10-06 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

Commander of the Joint Forces of the Armed Forces of Ukraine Serhiy Nayev fires an American Browning M2 machine gun during a military exercise, amid Russia's attack on Ukraine, in Kyiv region, Ukraine September 27, 2023. Those funds have allowed the Biden administration to send Kyiv arms, supplies and munitions despite the exclusion of new Ukraine aid from a stopgap spending bill passed by the House of Representatives last weekend to prevent a government shutdown. Biden has vowed to replenish stocks of arms sent to Ukraine. The Biden administration is also considering using a State Department grant program to send Ukraine additional military aid, a U.S. official said. Democrats, who strongly support aid to Ukraine, insist that Congress will back continued assistance.

Persons: Ukraine Serhiy Nayev, Gleb Garanich, Biden, congressionally, Lockheed Martin, Kevin McCarthy, Mitch McConnell, Mike Stone, Rami Ayyub Organizations: Joint Forces of, Armed Forces, REUTERS, Rights, Pentagon, Kyiv, Republicans, Ukraine Defense Contact, of Defense, General Dynamics, State Department, U.S, Republican, Thomson Locations: Ukraine, American, Kyiv region, Brussels, U.S

☆ The arrival of migrants in big cities is forcing Democrats to change their immigration politics
▼ + stars: | 2023-10-05 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

“The border wall – the money was appropriated for the border wall,” Biden told reporters in the Oval Office on Thursday. JB Pritzker sent a letter to the White House demanding federal coordination to deal with people crossing the border. Pritzker and Johnson both gave White House officials an earful in a hastily arranged conference call late Sunday, according to CNN’s report. CNN reported back in September on the breakdown in the relationship between the White House and New York’s mayor. Earlier this month, CNN spent the night in the Roosevelt Hotel, which closed as a commercial enterprise during the pandemic and now is used to temporarily house migrants.

Persons: Joe Biden, he’s, Donald, Eric Adams –, Biden, Priscilla Alvarez, Biden’s, Alvarez, Read, ” Biden, “, Trump, ”, Brandon Johnson, JB Pritzker, Pritzker, Johnson, Adams, Greg Abbott, Kathy Hochul, they’ve, CNN’s David Culver, ” Read Organizations: CNN, Democratic, – New York, CNN White, Act, Congress, White, Illinois Gov, White House, New York’s, Gallup, Gov, New York Gov Locations: Donald Trump’s, Big, –, Latin America, South Texas, Mexico, Rio Grande, It’s, Alvarez, Eagle Pass , Texas, Chicago, Ecuador, Colombia, New York City, Darien, Panama, New York, Texas . New York, Roosevelt, Venezuela, Haiti, United States, Ciudad Hidalgo, Central

☆ America is on strike. Here’s the progress unions have made
▼ + stars: | 2023-09-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

While the WGA settled its strike recently, winning improved wages and job protections, SAG-AFTRA remains on strike, and most filming remains on hold. They won a reported 32% increase in pay over the six-year life of a contract reached in June and ratified earlier this month. Many of the health care workers unions say their main issue is lack of adequate staffing and the workers’ belief that they’re not able to provide the level of care they want without more help. The Biden administration and Congress stepped into a labor dispute late last year when freight railroad workers threatened to strike. “Labor unions are enjoying a moment of high public approval and strong belief in the benefits they offer to workers, businesses and the economy,” said a Gallup statement.

Persons: Joe Biden’s, ”, “ It’s, Wheaton, “ You’ve, “, you’ve, ” Biden, Ronald Reagan, That’s, they’re, Biden Organizations: New, New York CNN, United Auto Workers, UAW, General Motors, Ford, Cornell University’s Industrial, Labor Relations, ’, Guild of America, SAG, Hollywood, Screen Actors, WGA, Kaiser Permanente, Teamsters, UPS, Warehouse Union, Cornell University School of Industrial and Labor Relations, Unions, Warrior, United Mine Workers, Congress, Gallup, “ Labor Locations: New York, United States, Buffalo , New York, California , Oregon, Washington , Colorado, Virginia, Washington, Coast, Kaiser, Los Angeles, New York City, Alabama

Biden's Interior Department on Friday unveiled a congressionally mandated five-year plan for offshore oil drilling that included just three sales, all in the Gulf of Mexico -- the lowest number in any five-year plan since the government began publishing them in 1980. Previous five-year offshore lease programs have ranged between 11 and 41 sales, according to Interior's U.S. Bureau of Ocean Energy Management. The Inflation Reduction Act, a landmark climate change law passed last year, made oil and gas lease sales a prerequisite for new offshore wind power auctions. Biden sees offshore wind power as a key element to his plan to decarbonize the U.S. economy by 2050. In a sign of the litigious nature of U.S. drilling policy, Biden's administration had been scheduled to hold a Congressionally mandated Gulf of Mexico oil and gas lease auction this month.

Persons: Biden, Erik Milito, Abigail Dillen, we've, Mike Sommers, Bill Cassidy, Vladimir Putin, Cassidy, Trump, Nichola Groom, Jamie Freed, Daniel Wallis Organizations: Biden's, Department, Reuters, National Ocean Industries Association, U.S . Bureau of Ocean Energy Management, Bureau of Ocean Energy Management, Interior Department, Biden, American Petroleum Institute, U.S . Chamber of Commerce, Gulf Coast, OPEC, Organization of, Petroleum, ., Interior, Thomson Locations: Gulf of Mexico, U.S, Gulf, Mexico, Putin, Louisiana, Russia, California

☆ Elizabeth Warren says student-loan companies can't use lack of funding as an excuse for bad customer service — and she's 'deeply worried' they're not ready for repayment starting next week
▼ + stars: | 2023-09-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren led some Democratic colleagues in sending letters to four student-loan companies requesting information on the repayment restart. They also said a lack of funding is not a valid excuse for borrowers to be facing bad customer service. AdvertisementAdvertisementSenator Elizabeth Warren is worried that four federal student-loan companies aren't up to the task of transitioning millions of borrowers back into repayment in a few days. These letters come just days before pandemic relief for federal borrowers comes to an end. White House Press Secretary Karine Jean-Pierre said during a Monday press briefing that it would further strain Federal Student Aid's ability to assist borrowers over the next month.

Persons: Sen, Elizabeth Warren, —, Warren, — Sens, Chris Van Hollen, Ed Markey, Richard Blumenthal —, servicers, Joe Biden's, Virginia Foxx, Bill Cassidy, Karine Jean, Pierre, Jean, Pierre said Organizations: Democratic, Service, Federal Services, servicer, Central Research Inc, Education Department, — House Republicans, Federal Student Aid, Consumer Financial, Republican, Office, Department, House Press, Education

☆ Biden's son Hunter sues IRS, alleges unlawful release of his taxes
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +3 min

Hunter Biden walks to the motorcade after arriving at Fort McNair, after U.S. President Joe Biden spent the weekend at Camp David, in Washington, U.S., July 4, 2023. REUTERS/Julia Nikhinson/File Photo Acquire Licensing RightsWASHINGTON, Sept 18 (Reuters) - President Joe Biden's son Hunter Biden sued the U.S. Internal Revenue Service on Monday, alleging unlawful disclosure of his taxes by whistleblowers who work for the U.S. tax agency. Hunter Biden is the first child of a sitting U.S. president to have been criminally indicted. Hunter Biden and prosecutors earlier had reached a plea deal over tax and gun charges, but it collapsed. Shapley and Ziegler have testified in Congress as whistleblowers about alleged political interference in an IRS investigation into Biden's taxes.

Persons: Hunter Biden, Joe Biden, Julia Nikhinson, Joe Biden's, Gary Shapley, Joseph Ziegler, Biden, Shapley, Ziegler, Donald Trump's, Trump, Makini Brice, Scott Malone, Will Dunham Organizations: Fort McNair, U.S, Camp, REUTERS, Rights, U.S . Internal Revenue Service, District of Columbia, IRS, Republicans, Republican, Committee, White, Thomson Locations: Fort, Washington , U.S, U.S

☆ Hunter Biden sues IRS, claims whistleblower agents 'targeted and sought to embarrass' him by discussing his tax returns
▼ + stars: | 2023-09-18 | by ( Tom Porter | Mattathias Schwartz | ) www.businessinsider.com time to read: +2 min

Hunter Biden filed a lawsuit against the Internal Revenue Service, legal records show. He said agents who were investigating him told the media about his private tax returns. The lawsuit alleges that agents 'targeted and sought to embarrass' him by discussing his tax returns. Biden is seeking $1,000 for each unauthorized disclosure, attorney's fees, and all documents relating to his tax disclosures. The Republican-controlled House of Representatives has launched an impeachment investigation into President Biden over his son's business dealings in Ukraine and China on the basis of unproven allegations President Biden was improperly involved in them.

Persons: Hunter Biden, Joe Biden's, Biden Organizations: Internal Revenue Service, Service, IRS, Republican, Representatives Locations: Wall, Silicon, Ukraine, China

WASHINGTON (AP) — The Biden administration said Thursday that Egypt's poor human rights record hasn't improved, but it won't withhold as much military aid as it did last year regardless. Egypt has been a top recipient of U.S. military aid since it signed a U.S.-brokered peace deal with Israel in 1979. Congress in recent years has attached restrictions meant to pressure Egyptian leaders to curb human rights abuses to a comparatively small portion of the more than $1 billion in annual military aid to the country. Rights groups and some congressional Democrats had urged the Biden administration to take a hard line against Egypt on human rights, while some lawmakers said strategic interests should be prioritized. U.S. officials said the decision announced Thursday did not signal that the U.S. believed Egypt had made progress on human rights.

Persons: —, Biden, Abdel Fattah el, ” Amr Magdi, ” Magdi, Hisham Kassem, Sen, Chris Murphy, Sisi, Kassem, Jamal Khashoggi, “, Matthew Lee Organizations: WASHINGTON, U.S, State Department, Human Rights, Connecticut Democrat, Freedom, U.S . State Department, PEN, Amnesty International, Amnesty, Saudi, Newsweek Locations: Egypt, U.S, Israel, Connecticut, Taiwan, Ukraine, PEN America, Saudi Arabia

☆ Student-loan borrowers' biggest defender in the government is in jeopardy
▼ + stars: | 2023-09-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

The ruling could have significant implications for student-loan borrowers — and consumers nationwide. As federal borrowers have been gearing up for the return to loan repayment in October, the agency cracked down on companies that it accused of illegally charging borrowers for normally free debt-relief services. The Supreme Court is hearing oral arguments on the case on October 3. The CFPB's enforcement actions against this type of illegal conduct are important to protecting borrowers' financial security and obtaining their money back." Now consumers will have to wait and see how the Supreme Court views a top federal consumer watchdog's constitutionality.

Persons: Sen, Elizabeth Warren of Massachusetts, Shahid Naeem, Naeem, Dodd, Frank Wall, Bill Clark, Devin Watkins, they're, beholden Organizations: Service, Supreme, Financial, Community Financial Services Association of America Ltd, Consumer Financial, Federal Reserve, Fifth Circuit, Trump, Fifth, Financial Services Association of America, American Economic Liberties, Congress, Frank Wall Street Reform, Consumer, Federal Deposit Insurance Corp, Inc, Getty, Competitive Enterprise Institute, American Association of, Social Security Locations: Wall, Silicon, Washington , DC

☆ US unions have flexed their muscle this past year. Are they winning?
▼ + stars: | 2023-09-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Since last year’s Labor Day, US unions have flexed their muscle in a way not seen in decades. When including those smaller strikes, the total number of strikes in the past year increased to nearly 400. The United Mine Workers union never reached a deal on a new contract. The public also sees unions having more power than in the past, and they approve of that, according to the poll. More major strikes loomA number of major labor disputes are still looming.

Persons: They’ve, “ It’s, ”, Wheaton, “ You’ve, it’s, they’re, Biden, AFTRA Organizations: New, New York CNN, Labor, Cornell University’s Industrial, Labor Relations, Teamsters, UPS, Cornell University, Unions, Warrior, United Mine Workers, Congress, SAG, Writers Guild, Observers, Gallup, “ Labor, United Auto Workers, —, Motors, Ford, Jeep, Dodge, Chrysler, GM, Kaiser Permanente Locations: New York, Buffalo , New York, Los Angeles, New York City, Alabama

☆ Opinion | Four Indictments and Two Impeachments Tell One Story
▼ + stars: | 2023-08-21 | by ( Carlos Lozada | ) www.nytimes.com time to read: +2 min

There are two ways to read the stack of indictments and impeachments the 45th president of the United States has amassed so far. They can be regarded, accurately, as America’s case against Donald Trump. Indictment is a legal action whereas impeachment is a political act, but when taken together the texts provide a singular and consistent case. They capture the progression of transgression evident in Trump’s political campaigns, his presidency and its aftermath, with each escape from accountability yielding a bolder and more reckless iteration of Trump. Trump’s first indictment, for allegedly falsifying business records to conceal payments to women with whom he had extramarital affairs, offers an early and straightforward example of his deception.

Persons: Donald Trump, Trump’s, Hillary Clinton, Melania, “, Trump, Volodymyr Zelensky, —, Joe Biden, ” Organizations: United States, United, America Locations: United, New York County, Ukraine, Russia

☆ US to send Ukraine new security aid worth $200 million
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Military aid, delivered as part of the United States of America's security assistance to Ukraine, is unloaded from a plane at the Boryspil International Airport outside Kyiv, Ukraine February 11, 2022. REUTERS/Serhiy Takhmazov/File PhotoWASHINGTON, Aug 14 (Reuters) - The United States said on Monday it will send Ukraine new security assistance valued at $200 million, including air defense munitions, artillery rounds, and additional mine-clearing equipment. "I want to thank the United States today for the new package. Washington is currently working on a supplemental budget request to continue to aid Kyiv, the U.S. officials said. Monday's announcement of $200 million would be the first tranche of a $6.2 billion windfall of previously authorized Presidential Drawdown Authority (PDA), the officials said.

Persons: Serhiy Takhmazov, Antony Blinken, Volodymyr Zelenskiy, Paul Grant, Ismail Shakil, Bernadette Baum, Conor Humphries Organizations: Boryspil, REUTERS, United, Reuters, Pentagon, Munitions, Patriots, Thomson Locations: United States, Ukraine, Kyiv, Washington, U.S

☆ US to send Kyiv first $200 mln of arms freed by $6.2 bln 'accounting error'
▼ + stars: | 2023-08-07 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang... Read moreWASHINGTON, Aug 7 (Reuters) - President Joe Biden's administration will announce $200 million of new weapons aid for Ukraine as soon as Tuesday, U.S. officials told Reuters, as it begins to dole out $6.2 billion of funds discovered after a Pentagon accounting error over-valued billions of Ukraine aid, two U.S. officials said on Monday. Ukraine needs weaponry that can be shipped from U.S. stocks in a matter of days or weeks so it can keep up its fight to repel Russia's invasion - the accounting error worked to Kyiv's benefit because more equipment can be sent. Washington is currently working on a supplemental budget request to continue to aid Kyiv, the U.S. officials said. Tuesday's expected announcement of $200 million would be the first tranche of the $6.2 billion windfall of previously authorized Presidential Drawdown Authority (PDA), the officials said. Reporting by Mike Stone in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Boris Pistorius, Lloyd Austin, Jens Stoltenberg, Wolfgang, Read, Joe Biden's, Tuesday's, Lockheed Martin, Mike Stone, David Gregorio Our Organizations: German, NATO, Ramstein Air Base, REUTERS, Reuters, Pentagon, Lockheed, Lockheed Martin Corp, Patriot, RTX Corp, Thomson Locations: Ukraine, U.S, Ramstein, Miesenbach, Germany, WASHINGTON, Kyiv, Washington

☆ Opinion: Here’s what America’s allies think about a potential Trump second term
▼ + stars: | 2023-07-18 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +8 min

They thought Trump was history. But a second term might be different. I’ll predict that anyone who thought the Trump presidency was disastrous — and polling shows that includes many Americans and most citizens of America’s allies — will find Trump 2.0 even more cataclysmic. Trump now has a strong operation in developing meticulous plans for a possible second term. Before the 2020 election, I wondered if Taiwan might survive a second Trump term.

Persons: Frida Ghitis, Joe Biden, Donald Trump, Trump, —, ”, thrall, “, Vladimir Putin —, Putin, Biden, Xi Jinping, Hong, Kim Jong Un, reelect Organizations: CNN, Washington Post, Politics, Republican, GOP, Trump, Department of Justice, Capitol, Congress, Republican Party, NATO, Twitter, Facebook, White, America Locations: Netherlands, Europe, South, Ukraine, Russia, Kyiv, Crimea, NATO, Taiwan, Beijing, China, Koreans, North Korean, South Koreans

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

☆ Trump's claim that he could end Ukraine's war in a day is a 'beautiful' thought but not true, Zelenskyy says
▼ + stars: | 2023-07-09 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

Ukraine President Volodymyr Zelenskyy dismissed Trump's claim he could end the war in a day. Zelenskyy told ABC that the idea is "beautiful" but not grounded in "real-life experience." He argued that Trump failed to achieve peace during his four years as president. Zelenskyy, asked about that assertion, was himself diplomatic, saying the "desire to bring the war to an end is beautiful." Zelenskyy, on Sunday, said that he doesn't have much interest in any peace deal that envisions him ceding land to an invader.

Persons: Volodymyr Zelenskyy, Trump's, Zelenskyy, Trump, Donald Trump, ABC's Martha Raddatz, Ron DeSantis —, Vladimir Putin, Joe Biden, Mark Esper, —, Biden Organizations: ABC, Service, Republicans, Biden, Florida Gov, Democratic Locations: Wall, Silicon, Ukraine, Russia, Ukrainian, Kyiv, Crimea

SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.

At least 300,000 barrels of oil equivalent per day (boepd) production was shut in last week in Alberta. Also supporting oil prices, the U.S. could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday. Global crude supplies could also tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - plan additional output cuts. Fears of a slowdown in the global economy limited gains in oil prices. "If credit conditions ease over the coming months, allaying economic fears for the world's largest economy, oil prices could bounce back without assistance but it seems a little premature at this point," said OANDA analyst Craig Erlam.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Biden administration to buy 3 million barrels of oil to begin replenishing emergency oil stockpile
▼ + stars: | 2023-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The Biden administration announced plans on Monday to buy 3 million barrels of crude oil, marking the start of a years-long process aimed at replenishing America’s depleted emergency oil stockpile. Faced with spiking gas prices, President Joe Biden has aggressively drained the SPR, the world’s largest supply of emergency crude oil. The SPR held about 638 million barrels of oil when Biden took office in January 2021, according to the US Energy Information Administration. Today, it is down to 362 million barrels — the lowest level since October 1983. Before announcing plans to purchase oil, the Energy Department moved to cancel 140 million barrels in congressionally mandated sales scheduled for the next several fiscal years.

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