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Trending news global2/2/2024 This month we will release our inaugural Perspectives supplement, which discusses alternative scenarios for summer gasoline prices and how they affect our estimates of consumer spending. We forecast retail gasoline prices will peak between $3.50 per gallon (gal) and $3.60/gal in June and average about $3.50/gal throughout the summer season (April through September). Despite our higher price forecast, recent issues in the banking sector raise the potential that economic and oil demand growth will be lower than our forecast, which has the potential to result in lower oil prices. The higher price forecast reflects a forecast for less global production in 2023 and a relatively unchanged outlook for global oil consumption. The Brent crude oil spot price in our forecast averages $85 per barrel (b) in 2023, up $2/b from last month’s forecast. However, less production from OPEC was partly offset by a 0.3 million b/d increase in our forecast for Russia’s liquid fuels production over the rest of this year. Overall, we expect less global liquid fuels production this year than in last month’s STEO. However, as a result of the announcement, we reduced our forecast of OPEC production by 0.5 million b/d for the rest of 2023. Our March STEO accounted for some declines in OPEC production in the coming months. On April 3, OPEC and partner countries announced they would cut crude oil production by 1.2 million barrels per day (b/d) through the end of 2023. To ensure that artificial intelligence delivers widely shared benefits, we must heed the lessons of the last wave of digital innovation. The promise and peril of generative AI by Diane Coyle policy and could have far-reaching strategic consequences. Saudi Arabia’s turn toward China reflects its dissatisfaction with U.S. Will China win the Middle East? by Djoomart Otorbaev Entry-level offerings won’t cut it any more. by Anjani Trivediīeijing’s regulations have put its autonomous-vehicle industry way ahead of competitors. One problem with Beijing’s diplomatic efforts is its claim that it has the right to take over Taiwan because of their historical connections, which Russia cited in justifying its war.Ĭhina’s DriveGPT is here. by James StavridisĪmerica’s industrial base is struggling with supply chains and a shortage of workers while the Pentagon contracts are piling up.Ĭan a China that threatens Taiwan mediate in Ukraine? by Frank Ching The number of corporate failures in fiscal 2020 dropped by nearly 20% from the previous year, and the number in fiscal 2021 hit the lowest level in 57 years, according. Japan sees 'zombie' firms rise 30% after zero-interest pandemic loan program While the flow of suit-wearing salarymen in the Tokyo district has been reduced to a trickle, the area has seen an increasing number of startups and younger visitors. Kabutocho, Japan’s Wall Street, evolves into new financial hub by Kazuaki Nagata is expected to reach a temporary agreement to increase the debt limit, allowing the government to continue borrowing money to fund its operations as negotiations continue. Pressure building ahead of deadline to avert catastrophic U.S. G7 nations are aiming to step up cooperation with emerging and developing countries to forge a united front on issues such as Beijing’s rising assertiveness and Moscow’s invasion of Ukraine. G7 turns to 'Global South' to counterbalance Russia and China by Gabriel Dominguez
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