According to OPEC's May report, the group still projects that the world's oil demand would increase by 2.3 million bpd to 101.9 million bpd in 2023. OPEC stated that the estimated increase in global oil demand for 2023 is similarly expected to be 2.3 million bpd, with 0.07 million bpd growth in OECD countries and roughly 2.3 million bpd in non-OECD countries. In 2023, the total demand for oil...

According to Christine Lagarde, President of the European Central Bank, Kazuo Ueda, the new governor of the Bank of Japan, made a "very wise" choice to review previous monetary policy actions. "I've met him several times, and he strikes me as being a very calm, solid, and committed person," she remarked. Mr. Ueda made the right decision to conduct a strategic audit after assuming office in...

The first quarter of this year saw the U.S. banking industry's profits reach an all-time high of approximately $80 billion, a 33% increase over the same period last year. According to the Financial Times, which cited BankRegData, this occurred against the backdrop of the crisis brought on by the failure of two significant banks and intense stress in the industry, which experts describe as the...

Inflation in the United States decreased in April to 4.9 percent annually, which is the lowest since April 2021. The information was presented by the U.S. Division of Labor on May 10. Thus, the US inflation rate has been decreasing for the eleventh consecutive month. It was 5% in March and reached a height of 9.1% in June of last year. April saw a 5.1% year-over-year decline in energy prices....

The Australian government declared on Tuesday that it intends to run a national budget surplus for the first time in 15 years because a robust labor market and robust extractive industry revenues have generated a sufficient amount of tax money. The government's intentions, however, will swiftly deplete the funds allocated for military, health care, and other priorities. The Reserve Bank of...

The rapid increase in pasta prices has prompted Adolfo Urso, Minister of Enterprises and of the Made in Italy, to order convention of a special commission for the first time. In March, the prices increased 17.5% compared to the previous year. The commission meeting is scheduled for May 11. The National Union of Italian Consumers (Unc) reports that from June 2021, the country's costs for pasta...

Goldman Sachs expert told Bloomberg that the price of natural gas in Europe could go to over €100 per MWh before the upcoming winter. Before the upcoming winter, the possibility of a rise in the exchange rate for natural gas in Europe above €100 per MWh is "very realistic," Goldman Sachs analyst Samantha Dart told Bloomberg on the sidelines of the Flame gas conference in Amsterdam. According to...

The IMF reports that GDP growth in the Asia-Pacific region (APR) is expected to increase to 4.6 percent in 2023 from 3.8 percent in 2022, while the area is expected to contribute the most to global economic growth in that year. According to the fund, China will account for 34.9% and India for 15.4% of the increase in the world economy this year. The primary driver of the growth will reportedly be...

The rate of inflation in the euro area for the entire year accelerated in April, rising to 7% from 6.9%, according to statistics from Eurostat. The index matched forecasts of analysts polled by DailyFX. The euro zone's inflation rate was 7.4% a year ago. Preliminary figures show that consumer prices increased by 0.7% in the euro area in April. The core annual inflation rate also decreased...