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Boris Johnson Lends Support to Australia-UK Free Trade Deal

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  • Boris Johnson Lends Support to Australia-UK Free Trade Deal

Sydney (AP) — British Foreign Secretary Boris Johnson said on Thursday that he supports a proposed free trade agreement between the United Kingdom and Australia, as his country looks to strengthen its relationships with allies ahead of Britain’s departure from the European Union.

Johnson and his Australian counterpart, Foreign Minister Julie Bishop, announced the two nations would boost their trade, intelligence-sharing and military ties following an annual meeting in Sydney that included the defense ministers of both countries.

“As we go through the process of leaving the arrangements of the European Union, we are going to widen our horizons and work even more closely,” Johnson told reporters. “We have today reaffirmed our shared goal of concluding a free trade agreement as soon as possible after we leave the EU.”

Johnson, who had advocated for Britain’s EU departure, said any deal would include an “open and generous” visa regime for Australians looking to travel to the U.K.

“What we will be able to do once we take back control of our immigration arrangements is to have a system that is fair,” he said. “We want to welcome talented Australians.”

The ministers were short on specifics over what impact a trade deal would have, though Johnson did have an answer for a British journalist who asked whether it would result in cheaper Australian wine for Britons.

“Never mind Australian wine, which is, of course, delicious,” Johnson said. “There are tariffs on Scotch whisky in this country which seem to me to amount to a cruel deprivation of the Australian people of Scotch whisky at the price they could have it. I merely throw it out there. Whereas I don’t think we have any tariffs at all on, for instance, Bundaberg Rum.”

Thursday’s ministerial meeting also focused on counterterrorism efforts and the nuclear threat posed by North Korea. Both British Defense Secretary Michael Fallon and Australian Defense Minister Maris Payne urged China to use its influence over North Korea to help de-escalate the crisis.

“China has to engage,” Fallon said. “With international influence comes responsibility. It is now for Beijing to use the influence it has over the North Korean regime to get it to abandon its program.”

In a lighter moment, the famously jovial Johnson made a point to thank Bishop — an avid runner — for giving him a gift intended to help his own jogging regimen.

“Somebody brought you news I had been out jogging over the last couple of mornings in your wonderful Botanic Gardens in Sydney and you were kind enough just now to give me a very beautiful pair of compression tights — as worn by Hugh Jackman, I’m given to understand,” Johnson said. “So thank you, Julie.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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