Members of OPEC are holding consultations over the oil market in light of the Libyan turmoil, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said yesterday.
“We are in consultation but have not yet decided which direction,” we are heading, he told reporters when asked if OPEC was discussing whether to raise crude production.
Al-Sabah also denied that Kuwait, OPEC’s fifth largest producer, has increased production.
“We did not increase,” he said.
Crude oil prices surged on Monday as traders fretted about escalating clashes in Libya between forces loyal to leader Muammar Qaddafi and rebels seeking to end his four-decade rule.
In Asian trade yesterday, New York crude prices fell below US$105 as the US refused to rule out tapping its oil reserves to ameliorate the impact of high oil prices.
New York’s main contract, light sweet crude for delivery next month, fell US$0.70 to US$104.74 per barrel in the afternoon.
Brent North Sea crude for delivery next month shed US$0.64 to US$114.40.
Crude markets were depressed by White House chief of staff William Daley’s comments on Sunday that the US had not ruled out tapping its strategic oil reserves in the face of spiking prices, said Ong Yi Ling, investment analyst for Phillip Futures in Singapore
“The US government is considering tapping its oil reserves, so that could limit some of the upside for oil,” she said.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ￥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone
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