OPEC+ set for fourth oil quota hike since Strait of Hormuz closure, sources say

Opec+ has agreed to increase oil quotas by a total of 188,000 barrels per day for July, despite the Strait of Hormuz remaining closed, creating the world's Biggest-Ever supply crisis as key Opec+ members, including Saudi Arabia, have been unable to supply customers in full since the end of February. Seven core members of Opec+, which groups OPEC and Allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.

In reality, the group's production has collapsed due to export cuts by Gulf members, with production averaging 33.19 million bpd in April, down from 42.77 million in February, according to OPEC figures.

The move is expected to have an impact on prices sent higher by the Mideast war.

Analysts have called the move largely symbolic because of the ongoing war in Iran.

The Strait of Hormuz, which 20% of the world's oil supply ordinarily would pass through daily, has been closed since early in the war as part of Iran's effort to counter the war launched by the United States and Israel in February.

Reference Sources

1. malaymail - Opec+ raises July oil production quotas amid supply concerns
2. spagov - 41st OPEC and non-OPEC Ministerial Meeting
3. aawsat - OPEC+ Decides on Fourth Oil Quota Hike Since Hormuz Closure
4. cnbc - OPEC+ set for fourth oil quota hike since Strait of Hormuz closure, sources say
5. upi - OPEC to increase oil output amid continued closure of Strait of Hormuz

Chinese leader Xi Jinping pledges deeper cooperation with North Korea's Kim Jong Un during rare visit

Chinese President Xi Jinping has met with North Korean leader Kim Jong UN during a rare trip to Pyongyang.

The two-day visit comes after Xi hosted US President Donald Trump and Russian President Vladimir Putin in Beijing.

The two leaders have promised greater cooperation on trade, agriculture, construction, and technology.

During his meeting with Kim, Xi called for deeper cooperation and expressed China’s willingness to expand cooperation in a wide range of areas including trade, agriculture, construction, and technology.

Xi’s trip to Pyongyang is his first since 2019 and comes at a time when an emboldened Kim Jong UN has expanded his regime's trade and military relationship with Russia. in a letter published in North Korea's state-run Rodong Sinmun newspaper ahead of his visit, Xi wrote, "no matter how times change or how the International situation evolves, the traditional friendship between China and North Korea remains unbreakable, enduring, and constantly radiates vitality." since the North Korean dictatorship emerged out of the ashes of the Korean war, China has been Pyongyang's primary geopolitical and financial benefactor.

This is Mr Xi's first trip to North Korea in nearly seven years, which also marks the 65Th anniversary of both countries' treaty of friendship, cooperation, and mutual assistance.

Reference Sources

1. abcnetau - Chinese leader Xi Jinping pledges deeper cooperation with North Korea's Kim Jong Un during rare visit
2. dwen - Can Xi bring North Korea closer into Beijing's orbit?
3. asiaone - China's Xi given lavish welcome in North Korea ahead of closely watched talks with Kim, China News - AsiaOne
4. dailymail - Home
5. cna - China's Xi pledges 'unwavering' support for North Korea during first visit in nearly seven years

Apple expected to unveil new AI features at last developers conference with CEO Tim Cook

Apple is expected to unveil new AI features and capabilities at its annual developers conference beginning Monday.

Analysts expect the iPhone maker to give updates on new AI features and capabilities, including developments with its Siri voice assistant.

While hardware products are rarely launched at a developer show, we could see hints of Apple’s expansion into Foldables, Wearables, and smart home products by way of developer and ecosystem updates.

Apple is making meaningful improvements with its AI and focusing on features it believes ordinary consumers will want to use.

The company is preparing to support a slew of future AI devices, foldable iPhones, and other major new products with better AI and fundamentals on the software side of things.

Apple is rebooting the underlying foundations of its operating systems to have better search, perform more quickly, and work in a higher-quality way.

Apple is delivering on the AI features it promised two years ago, along with a completely redesigned Siri that appears functional.

The Mac is getting a big productivity boost with visual intelligence and the new Siri App.

Reference Sources

1. bloomberg - Here Are the Key Takeaways From Apple WWDC
2. wsj - Apple Set to Unveil New Siri at Developers Event, Seeking a New Foothold in AI
3. malaymail - Apple bets on Siri overhaul as it tries to catch up in AI race
4. wsj - Apple Unveils ‘Siri AI’ at Developer Event, Seeking a New Foothold in AI
5. apnews - Apple expected to unveil new AI features at last developers conference with CEO Tim Cook

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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