China Trade Data Exceed Expectations

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China Trade Data Exceed Expectations

China’s trade surplus with the United States expanded in November to $27.87 billion from $26.62 billion in October, according to data from China’s customs administration on Friday.

The surplus with the US over the first 11 months of the year was $251.26 billion, customs data showed, compared to $222.98 billion in the Jan-Oct period, Reuters reported.

September’s surplus of $28.08 billion was the highest on record, a Reuters calculation showed.

The latest data show that the country registered a trade surplus of $40.21 billion in the month against expectations of $35 billion in November after the $ 38.185 billion in October.

Trade between the United States and China is one of the most pressing issues that the administration of President Donald Trump places an eye on.

Trump describes the trade deficit with China as "embarrassing" and "horrible" and blames past US administrations "for allowing this trade deficit to take place and to grow."

China has enjoyed a boom in trade relations with many countries of the world, not just the United States, where recent data showed that China's total exports in November increased by 12.3 percent year on year, the fastest pace in eight months.

As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policy makers room to tighten rules to curb high-risk lending, Reuters reported.

The number beat analysts' forecast of a 5.0 per cent increase and compared with 6.9 per cent growth in October.



OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
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OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Saturday to review global market conditions and outlook.

The group had previously announced additional voluntary adjustments in April and November 2023.

The eight countries will implement a production adjustment of 548,000 barrels per day in August 2025 from July 2025 required production level in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025.

This is equivalent to four monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024.

They confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on August 3, 2025, to decide on September production levels.