Global News You Need to Know this week

1. The United States will deploy additional F-35 and F-16 fighter jets and warships to the Middle East.

2. American media reports that Tesla plans to double its production capacity at its German factory to 1 million vehicles per year.

3. US Treasury Secretary Janet Yellen stated that a global agreement on the lowest corporate tax rate is about to be reached. Yellen mentioned that the US economic growth is slowing down but the labor market remains strong, and she doesn’t foresee an economic recession in the US.

4. Goldman Sachs believes that July will mark the last interest rate hike in the current round by the Federal Reserve, and they estimate a 20% probability of a US recession in the next 12 months.

5. Inflation pressures have eased slightly as the New York Fed’s manufacturing index for July in the US is close to zero growth due to a small increase in orders. Price and acquisition indices have dropped to the lowest level since mid-2020.

6. On Monday during the European session, Reuters reported that “the Saudi Energy Ministry stated that voluntary production cuts will be extended until the end of 2024,” but the news was later retracted, clarifying it was an old message regarding the extension of overall production cuts reached in June by OPEC+.

7. The Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC+ is scheduled for August 3, according to sources cited by the International Telecommunication Union.

8. According to data from the Joint Oil Data Initiative (JODI) quoted by the International Energy Forum (IEF), Saudi Arabia’s crude oil exports fell by 388,000 barrels per day in May, reaching 6.93 million barrels per day.

9. As reported by Russian newspaper “Businessman,” Russia is progressing towards reducing its oil exports by 500,000 barrels per day in August. The country’s offshore oil exports for August may decrease to 2.9-3 million barrels per day, mainly due to reduced exports from the Baltic Sea ports.

10. Market reports indicate that Russia will raise its oil export duty to $16.9 per ton starting from August 1.

11. The Black Sea grain agreement has collapsed as Russia refused to extend the agreement. The Russian embassy in Belarus informed Ukraine that grain trade will be suspended starting from July 18. The Kremlin clarified that this suspension is not related to the attack on the Crimea Bridge.

12. According to reports from TASS, on the 17th, the Russian National Anti-Terrorism Committee stated that Ukrainian forces launched an attack on the Crimea Bridge with two unmanned surface vehicles early that day, causing partial damage to the bridge’s road section.

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