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Bloomberg
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Oil Steady With Focus on India-Russia Trade Before Tariff Boost
Oil was steady as the market weighed the outlook for Russian crude flows to India after a Trump administration official ramped up his criticism over the trade ahead of an expected tariff increase. West Texas Intermediate was near $63 a barrel, heading for a modest weekly gain. Brent closed below $68. White House Trade Adviser Peter Navarro said India 'doesn't appear to want to recognize its role in the bloodshed,' adding that he sees US import levies on the nation doubling as scheduled on Aug. 27.

Business Insider
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Africa's second-largest oil exporter sees output fall below 1 million barrels since OPEC exit
Angola's crude production slipped below 1 million barrels a day in July, marking the lowest level since March 2023. Angola's crude oil production dropped below 1 million barrels per day in July, the lowest since March 2023. The decline in output, documented at 998,757 barrels daily, missed governmental projections of 1.07 million barrels. Lower production may challenge revenue targets due to oil prices trading below Angola's budget benchmark. The nation targets reduced reliance on resource-backed loans, with notable decreases in oil-backed debt to China observed. Output fell to 998,757 barrels per day, according to data from the National Agency for Petroleum and Gas (ANPG), missing the government's projection of 1.07 million barrels. The decline threatens to undermine revenue targets as oil prices trade below the $70-per-barrel benchmark set in the 2025 budget. The southwest African nation, which quit OPEC in 2023 after clashing with the group over quotas, has been working to sustain output above the million-barrel threshold, according to Bloomberg. Officials are now weighing financial support from the International Monetary Fund, though no formal request has been made, the Washington-based lender said. Angola has sought new investment to stem the decline. Equinor ASA and Chevron Corp. have recently expanded activities, while TotalEnergies SE approved a $6 billion project last year. Still, Oil Minister Diamantino Pedro Azevedo has warned that mitigating falling production remains the government's 'biggest challenge.' Debt reduction, export outlook At the same time, Angola is moving to reduce reliance on resource-backed loans, as it confronts a difficult global backdrop of volatile commodity prices, high interest rates, and fragile investor sentiment. Oil-backed debt to China, which stood at $10.15 billion at the end of 2024, decreased to $8.94 billion by July, according to official data. Authorities project the total will drop further to between $7.5 billion and $8 billion by year-end.


Bloomberg
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China Gen Z Stocks Surge Anew as Earnings Reignite Investor Buzz
Stocks of Chinese companies popular with Gen Z are surging again, fueled by robust earnings and fervent demand of young consumers. A set of bumper results, coupled with an equally promising outlook, may be providing the tailwind for the shares of toys, bubble tea and jewelery makers catering to the emotional quotient of the generation of people born between the late 1990s and the early 2010s.