TOKYO, Dec 27 (Reuters) – The Japanese government has requested insures to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said.
The Financial Services Agency and Agency for Natural Resources and Energy made the request in a letter to the country’s general insurance association. Tokyo wants to ensure Japan will continue to import LNG from the Sakhalin-2 project in Russia, the official told Reuters.
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Oil Prices Rise As China Eases COVID Curbs, U.S. Storm Fuels Supply Worries
SINGAPORE, Dec 27 (Reuters) – Oil prices rose to three-week highs on Tuesday as China’s latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices.
Brent crude was up 52 cents, or 0.6%, at $84.44 a barrel by 0712 GMT, while U.S. West Texas Intermediate crude was at $80.04 a barrel, up 48 cents, or 0.6%. They hit their highest since Dec. 5 earlier in the session.
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Stocks Advance, U.S. Dollar Retreats As China Drops Quarantine Rule
HONG KONG, Dec 27 (Reuters) – Stock markets gained while the U.S. dollar softened on Tuesday after China said it would drop its quarantine requirements for inbound visitors, further easing three-year border controls aimed at curbing COVID-19.
China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID-19 as it has become less virulent and will gradually evolve into a common respiratory infection.
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Vietnam C.Bank Buys Dollars To Shore Up Reserves After Selloff
HANOI, Dec 27 (Reuters) – Vietnam’s central bank said on Tuesday it was making efforts to shore up foreign exchange reserves by buying up more U.S. dollars, after it was forced to sell a large amount of greenback earlier in the year to support its dong currency.
“There have been positive signals on the foreign exchange market that allow the central bank to continue its purchases of foreign currencies,” its deputy governor, Dao Minh Tu, told a news conference, without elaborating.
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Oil Price Cap May Widen Russia’s 2023 Budget Deficit, Says FinMin
MOSCOW, Dec 27 (Reuters) – Russia’s budget deficit could be wider than the planned 2% of GDP in 2023 as an oil price cap squeezes Russia’s export income, Finance Minister Anton Siluanov said, an extra fiscal hurdle for Moscow as it spends heavily on its military campaign in Ukraine.
Russia last week said price caps on its crude and refined products could see it cut oil output by 5%-7% early next year, but regardless of how deep the cuts are, Siluanov promised that spending commitments would be met, tapping borrowing markets and the country’s rainy day fund as needed.
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