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\nKorean President Lee Jae-ming presided over an emergency economic meeting on the situation in the Middle East at the Oval Office on the 9th.<\/p>\n
As the aftermath of the US-Israeli attack on Iran continues, 20 million barrels of oil are disappearing from the market every day. The G7 will hold a meeting later in the day to discuss the possibility of jointly releasing oil reserves under the coordination of the International Energy Agency to deal with the escalating Middle East situation that has caused oil prices to skyrocket, the Financial Times reported on the 9th. Just the day before, international oil prices broke the $ 100-per-barrel threshold for the first time in more than 3 years. On the 9th, international oil prices continued to rise, reaching $ 110 at one point in the market, hitting a new high. Multiple governments are increasingly worried about the chain reaction caused by rising oil prices and are urgently taking related measures.<\/p>\n
MULTINATIONS IN ACTION<\/p>\n
The Financial Times quoted sources as saying that officials from G7 countries and Fatih Birol, the director of the International Energy Agency, will hold a conference call to discuss the impact of the Middle East situation. Some U.S. officials have suggested jointly releasing 300 to 400 million barrels of oil, accounting for about 25 to 30 percent of the 1.2 billion barrels of oil reserves.<\/p>\n
On the same day, according to Bloomberg, President Lee Jae-ming told officials at an emergency economic meeting that the authorities should \u201cquickly introduce and boldly implement a fuel maximum price system\u201d to curb excessive price increases. South Korea\u2018s energy supply is almost all imported, with about 70 percent of its oil goods passing through the Strait of Hormuz. The move to implement a price ceiling is the first such measure taken by the country in nearly 30 years.<\/p>\n
\nKorean President Lee Jae-ming presided over an emergency economic meeting on the situation in the Middle East at the Oval Office on the 9th.<\/p>\n
On the Japanese side, the JKMA reported on June, citing sources, that the Japanese government is considering using some of the country\u2018s oil reserves and may coordinate actions with other countries. In addition, according to the Financial Times, Japan has also set up a special government agency in Tokyo specifically to deal with energy supply issues caused by the escalation of the Middle East situation and the closure of the Strait of Hormuz. Japan\u2018s Minister of Economy and Industry and newly established \u201cEnergy Countermeasures Headquarters\u201d Minister Ry?jo Akazawa said that the agency will work \u201cwith a sense of urgency.\u201d He revealed that Japan currently has 254 days of oil reserves.<\/p>\n
According to Thailand\u2018s National Daily, Thailand\u2018s energy minister said earlier that Thailand\u2018s oil reserves can sustain supplies for up to 95 days, and has developed backup measures, including suspending exports, raising reserve requirements, increasing the proportion of biodiesel mix, and importing refined products when necessary, to cope with any supply disruptions.<\/p>\n
In addition, India\u2018s Financial Express reported that the United States has indicated that it has granted India a temporary exemption for Russian oil purchases, authorizing Indian refineries to purchase Russian oil that was loaded on March 5th or earlier with a destination to Indian ports, effective until April 4th. After the exemption order was issued, Indian refineries have begun to purchase Russian oil in transit at sea. In addition, according to Hong Kong\u2018s South China Morning Post, Bangladesh began implementing fuel rationing system last Sunday, with a maximum of two litres per refueling for motorcycles in the country.<\/p>\n
USA: This little cost is not considered great<\/p>\n
According to Bloomberg News on August, the UAE and Kuwait announced last weekend that they would begin to reduce oil production. The two OPEC member countries\u2018 latest production cuts have caused oil prices to soar further. After oil prices broke through the $100-per-barrel threshold, U.S. President Trump posted on social media that \u201cshort-term oil price increases are not a big cost compared to destroying Iran\u2018s nuclear threat,\u201d according to the U.S. CNN website on August.<\/p>\n
The Trump administration has been trying to reassure investors in recent days that the recent turmoil in the oil and gas industry will not last long. \u201cBut the market\u2018s grace period for the Trump administration ended last weekend,\u201d said Clayton Siegel, a senior researcher at the Center for Strategic and International Research. \u201cThe 20 million barrels a day gap is impacting the balance of the global oil market, and there is no sign of relief.\u201d<\/p>\n
Meanwhile, U.S. consumers are enduring higher oil prices. According to data from the American Automobile Association, on August, U.S. ordinary gasoline prices rose to $3.45 per gallon, up about 47 cents from a week earlier; diesel sales prices were about $4.60 per gallon, up about 83 cents per week. Some industry insiders warned that the current U.S. national average gasoline price is 80 percent likely to reach $4 per gallon next month (or even earlier).<\/p>\n
The Financial Times said that unless the Strait of Hormuz is reopened to allow Gulf crude oil to flow smoothly, the Trump administration\u2018s options to respond to soaring oil prices will be extremely limited. The White House recently announced plans to provide insurance and escort for tankers crossing the Strait of Hormuz, and to relax sanctions on remaining Russian oil in the sea, in an attempt to inject liquidity into the global crude market. However, Mike Summers, chairman and CEO of the American Petroleum Association, said that the real focus must be on clearing the Strait of Hormuz, because even if all other measures are combined, they cannot provide the stability needed by the world economy, and other options \u201chave minimal impact on prices\u201d.<\/p>\n
\u201cChina has built the world\u2018s largest, fastest-growing renewable energy system\u201d<\/p>\n
On March 9, Guo Jiakun, a Foreign Ministry spokesperson, said at a routine press conference on issues related to the spike in international oil prices that energy security is crucial to the world economy and that it is the responsibility of all parties to ensure stable and smooth energy supply. China will take necessary measures to ensure its own energy security. \u201cThe closure of this \u2018world oil valve\u2019 in the Strait of Hormuz will seriously threaten global energy supply and international trade security, and the surge in energy costs will directly impact the entire economic chain, driving up industrial production costs,\u201d said Liu Hanyuan, member of the National People\u2018s Congress, vice chairman of the All-China Federation of Industry and Commerce, and Chairman of the Board of the Tungwei Group, in an interview with the Global Times. In fact, after years of rapid development, China has built the world\u2018s largest and fastest-growing renewable energy system, sufficient to support larger and faster domestic installation applications, reducing China\u2019s external dependence on crude oil.<\/p>\n
Data released by the National Energy Bureau show that by the end of 2025, the total capacity of our renewable energy installations reached 2.34 billion kilowatts.<\/p>\n
According to Reuters earlier, Tesla founder Musk had praised China\u2018s strength in energy infrastructure on social media. \u201cChina is an amazing manufacturing powerhouse, very clear that energy is the future,\u201d he wrote. Liu Hanyuan believes this objectively reflects China\u2018s current global leadership of the energy system, and renewable energy is undoubtedly the most eye-catching card among them. China has transformed from the country with the greatest pressure on energy transition to a leader in energy transition, and will become the biggest beneficiary.<\/p>\n
In these two meetings, Liu Hanyuan proposed that the photovoltaic manufacturing segment be included in the energy industry management. At a critical period when the country is fully advancing the \u201cdouble carbon\u201d goal, the photovoltaic industry should no longer be managed according to the general manufacturing industry. It should better protect its leading advantage that has already formed in global competition, and more emphasize its important role in our energy transformation, as well as its important strategic significance for the country\u2018s energy and foreign exchange security.<\/p>\n","protected":false},"excerpt":{"rendered":"
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