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IEA says Russian crude oil cut by another 1.4 million bpd after EU ban on Russia


The International Energy Agency (IEA) reported that after the European Union's ban on Russian seaborne crude oil and oil products came into effect, it is expected to reduce Russian crude oil supply by another 1.4 million barrels per day and oil supply by 1 million barrels per day. Oil products can only find another market. The report estimates that by February 2023, Russian crude oil production will be affected by this and will be reduced to 9.5 million barrels per day, which will be 1.9 million barrels per day lower than the level before the outbreak of the Russian-Ukrainian war in February this year.
The Organization of the Petroleum Exporting Countries and its oil-producing allies (OPEC+) this month decided to cut output by 2 million barrels per day. OPEC Secretary-General Haitham Al Ghais said that all OPEC+ members unanimously support the decision to cut production, hoping to maintain the stability of the international oil market, as the global economic environment is deteriorating and the risk of economic recession is also present. Elevated, OPEC+ members agreed that action should be taken to avoid a possible crisis.

In response to OPEC+'s decision to cut production, U.S. President Biden announced on the 18th that he would release another 15 million barrels of strategic oil to stabilize oil prices.

TSMC is reported to stop supplying advanced chip "A100" to Chinese startups
Affected by the US's chip ban on China, Taiwan's TSMC reported that it has stopped producing advanced chips for the Chinese start-up Shanghai Biren Technology, and has decided to temporarily stop supplying advanced chips to Biren Technology.

Bloomberg reported on the 23rd that in order to comply with the US Biden regime's chip export controls to China, TSMC has stopped producing advanced chips for Biren, according to people familiar with the details. TSMC's decision is related to news that Biren's products are more powerful than Nvidia's artificial intelligence (AI) chip "A100," according to people close to it. Huida "A100" has been banned from exporting to China.

A source said that although TSMC has not yet determined whether Biren's products will become the object of U.S. control, it has decided to temporarily stop supplying advanced chips to Biren. Biren is one of the most promising chip design companies in China. Bloomberg reported on October 21 that Biren had previously judged that AI chips designed by the company and manufactured by TSMC were not included in the target of US sanctions.
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