1. Saudi Arabia is forced to halve oil production
2. UK and EU may conclude Brexit agreement in coming weeks
3. Economic activity in China continues to decline
September 14 rapidly 10 drones attacked the two largest oil refineries in Saudi Arabia. As a result of the attack, large fires occurred at the enterprises. One of the attacked refineries is considered the largest in the world. Oil production in the Kingdom was halved. The global decline in production was 5%. Yemeni rebels claimed responsibility for the attack. The United States accused the Iranian authorities of supporting the Hussites in the conflict in Yemen. World oil prices reacted to the incident with an unprecedented increase of more than 10%. To maintain stability in the oil market, Donald Trump announced their readiness to open their strategic oil reserves.
In anticipation of the first personal meeting of European Commission President Jean-Claude Juncker and British Prime Minister Boris Johnson, The Telegraph published Johnson's article in which he expressed his firm belief that the UK and the EU will sign a new Brexit agreement in the coming weeks, which will satisfy the requirements of both parties. The British Prime Minister is now in a very difficult position, because earlier Queen Elizabeth II signed the law blocking Brexit without agreement.
Economic activity in China continues to decline amid a trade conflict with the United States. According to data released today, industrial production in August grew by 4.4%, compared with the same period last year. In July, the indicator was fixed at around 4.8%. The annual growth of investments in fixed assets amounted to 5.5%, against 5.7% a month earlier. According to experts, a decrease in key economic indicators creates the prerequisites for a further reduction in interest rates by the People’s Bank of China.
News worth paying attention to today:
Today, the economic calendar does not have important macroeconomic data