India exports first batch of gasoline to Russia amid refining problems

China's car exports exceeded the one million unit mark for the second consecutive month, with new energy vehicles (NEVs) being the main driver of this boom.

For two consecutive months, NEVs accounted for more than half of total exports, with 553,000 such vehicles shipped abroad, representing a 145.5% increase compared to last year. The total export volume reached 1.043 million units, which is 81.3% higher than in the same period last year, according to data from the China Association of Automobile Manufacturers (CAAM).

China's automotive industry surpassed the million-unit barrier in June and maintained this figure in July, after over 900,000 vehicles were shipped in April and May.

According to an official representative of CAAM, this is not a coincidence. China's complete industrial chain, covering processes from lithium refining and battery production to electric motor control systems and final assembly, provides the country with a competitive advantage in terms of cost and production capacity that is difficult to replicate.

Furthermore, modern features such as driver assistance systems and AI-based cabins contribute to winning overseas buyers. Chen Shihua, Deputy Secretary-General of CAAM, noted that 'exports are becoming a key stabilizer and the main engine of growth.'

The domestically developed passenger aircraft C919 in China has officially commenced regular international commercial flights. The first flight took place on Wednesday afternoon from Beijing to Ulaanbaatar.

Air China flight CA723 departed from Beijing Capital International Airport at 15:00 local time. Upon arrival in the capital of Mongolia, a water cannon salute is expected, which is the highest honor in civil aviation, to mark this historic achievement.

According to official data, as of August 10, the C919 served 57 routes connecting 25 cities and completed over 7.5 million passenger transports.

Furthermore, this aircraft has been showcased at major international air shows, including two editions of the Singapore Airshow and one in Dubai.

The International Energy Agency (IEA) adjusted its forecast for global oil demand in 2026 on Wednesday. The reason for this reduction is the ongoing disruptions in the Strait of Hormuz and the rise in fuel prices, which negatively affects consumption.

In its August Oil Market Report, the IEA forecasts that global oil demand in 2026 will decrease by 1.6 million barrels per day (mb/d). This is 510,000 barrels per day more than previously estimated in July.

Although global oil supply increased by 2.4 million barrels per day, reaching 101.5 million barrels per day in July, it still lags behind pre-year levels by 6.3 million barrels per day. Resumed military actions and maritime incidents in July and early August undermined efforts to restore supplies, prompting the IEA to lower its third-quarter oil supply forecast by 1.7 million barrels per day compared to the previous report.

Oil production in Persian Gulf countries grew by 2.5 million barrels per day in July, reaching 23.9 million barrels per day after increasing by 3.7 million barrels per day in June; however, it remains 8.3 million barrels per day below pre-war levels. Since the agreement allowing resumption of transit through the Strait of Hormuz and unimpeded passage through the Bab el-Mandeb Strait remains unattainable, the IEA has lowered its supply forecasts for the remainder of the year. According to the report, global oil supply in 2026 is expected to fall by 4.3 million barrels per day to 102 million barrels per day.

Benchmark crude oil prices sharply rose to a two-month high in July. This occurred after the restoration of oil supplies from the Gulf changed direction following the collapse of the ceasefire agreement between Iran and the US in mid-June. In July, oil prices traded in an unusually wide range of $40 per barrel, driven by sudden changes in diplomatic expectations.

The IEA noted that higher fuel prices exert additional downward pressure on oil consumption. Global oil demand is projected to expand by 2.4 million barrels per day in 2027.