News

Golden Ten Data reported on March 30th that economist Rory Robertson stated that due to oil price shocks and threatened energy supplies, the Australian economy may have already begun to decline. If the economy did not actually contract in March, the constraints imposed on many industries by the sudden increase in fuel prices (especially diesel) and reduced supply may force economic activity to shrink slightly in April. Robertson indicated that the economic outlook depends on whether the problems can be resolved as quickly as they appeared. Robertson added that historical experience shows that sudden and prolonged oil price shocks often become economic disasters.

On March 30, according to The New York Times, a U.S. official familiar with the matter revealed that the U.S. Coast Guard has allowed a Russian oil tanker loaded with crude oil to sail to Cuba, a move that provides much-needed energy supplies to the island nation. This comes after months of effective oil blockade measures implemented by the Trump administration. According to maritime data provider MarineTraffic, the tanker, owned by the Russian government and carrying approximately 730,000 barrels of oil, was less than 15 miles from Cuban territorial waters on Sunday afternoon. Sailing at a speed of 12 knots, the vessel is expected to enter Cuban waters on Sunday evening. The oil tanker is anticipated to arrive at Cuba's Matanzas port on Tuesday. (Jins10)

Golden Ten Data reported on March 30 that Australian Prime Minister Albanese will hold a National Cabinet meeting in Canberra to address the increasingly severe energy crisis affecting the economy. This meeting will include state government leaders and is expected to discuss the issue of fuel rationing. Albanese has called on the states to agree on how to implement this measure if necessary. Rationing measures have not been implemented yet. In addition, Albanese is facing calls to cut the federal fuel tax to lower consumer prices, but the main focus of this meeting will be strengthening supply chains. The meeting aims to ensure fuel supply stability, and government leaders hope to avoid taking more "forceful" measures to deal with the crisis, which has caused gasoline prices to surge and cast a shadow over the economic outlook.