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Crude prices fall further with Iran n-deal

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New Delhi: As Iran and the six world powers reached a nuclear agreement by their deadline, crude oil prices fell further on Tuesday, pulled down by prospects of easing of sanctions imposed on the Persian Gulf nation.

London Brent crude dropped to $56.96 a barrel of nearly 160 litres, while US crude was trading down at $51.12. The Indian basket crude oil traded on Monday, the deadline for the nuclear deal, at $57.19 per barrel.

The Indian basket had fallen last Tuesday to $56 a barrel, as China’s stock market-plunged and the Greek crisis revived the spectre of weaker economic growth that could impact oil demand.

China’s economic growth in the second quarter is forecast to be the weakest since the 2008-2009 global financial crisis.

The International Energy Agency said last week that Iran has at least 17 million barrels of crude oil stored and ready to be shipped.

“Iran would seek to increase its oil exports to the global market if a nuclear deal is reached and the western sanctions are lifted,” Iranian Oil Minister Bijan Zangeneh said recently.

He said Iran can restore its production of one million barrels per day fairly quickly, which supply can hit the market in less than six months.

This would add to output from the Organisation of Petroleum Exporting Countries (OPEC) whose production levels are already at a three-year high, at a time when the market remains quite over supplied.

OPEC released its monthly oil market report on Monday, with Saudi Arabia reporting a record crude oil production of 10.6 million barrels per day (bpd) in June, an increase of more than 200,000 bpd on the previous month.

Stable crude oil prices in the international markets would help India manage its macro-economy well, chief economic advisor Arvind Subramanian has said.

“I do not see oil prices going beyond $80-85 a barrel (about 160 litres), given the fundamental changes in the market. If oil prices remain steady even at that ($80-85) level, I think we can manage the economy well,” Subramanian said at a lecture late last month at the Bangalore International Centre.

“Besides decline in our oil import bill, we have seen fundamental shifts in the international market, which has helped crude oil prices remain steady,” he said.

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Lockdowns in China Force Urban Communities to Defy Censorship and Vent Frustration Online

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Anyip Mobile Proxies

Shanghai’s rich middle class is leading a wave of online dissent over the strict and prolonged lockdowns imposed in various parts of the country. Chinese internet censorship is struggling as patience is wearing thin in many urban centers, coming up with creative forms of online protests.

Social Media Posts Revealing Lockdown Tension in Shanghai

Drawn-out lockdowns are nothing new in China as authorities insist with the nation’s zero-Covid policy since the start of the pandemic. Currently over This time around, however, metropolitan areas like Shanghai are increasingly difficult to keep quiet, given that its more than 25 million residents have seen weeks of total isolation along with food shortages and many other service interruptions.

Dozens of towns and reportedly over 300 million Chinese citizens have been affected by lockdowns of different severity. As expected, urban netizens have been most outspoken over their difficulties by finding creative ways to get around state censorship and bans placed on topics, news comments and spontaneous campaigns.

Shanghai residents have been using mobile proxies and hijacking seemingly unrelated hashtags to talk about healthcare issues, delivery failures and the overall severity of their situation. The “positive energy” that the Chinese government wants to transmit during the recent prolonged series of lockdowns does not come naturally to those counting food supplies and online censors are working hard to filter words, trending topics and undesired social media sharing.

WeChat groups and message threads are under constant monitoring. Posts questioning the zero-Covid approach have been quickly deleted, including by leading Chinese health experts like Dr. Zhong Nanshan. Video footage is soon censored and protests and investigations are quickly made to disappear.

Where this has not worked, officials have exposed banners with warnings and outright threats like “watch your own mouth or face punishment”, while drones have been patrolling the city skies. Yet, if anything, this has led to further tensions and unspoken confrontation with Shanghai’s educated and affluent middle class.

Creative Online Solutions Harnessing Civic Energy

Announcements by Chinese social media that they would be publishing the IP addresses of users who “spread rumors” have not helped either. Tech industry research has shown that much of Asia’s tech-savvy population has a habit of using mobile proxies and other privacy tools, quickly finding workarounds to browse the internet freely and talk to the world about the hottest topics.

The sheer volume of forbidden posts is already a challenge for the very censorship system, experts explain. Unable to track all trending hashtags, state workers overlook topics that speak about the US, Ukraine or other popular news. Linking human rights elsewhere to their situation, Chinese online dissidents establish their informal channels and “hijack” the conversation to share personal or publicly relevant information about the Covid suppression in their town.

Sarcastic and satirical posts still dominate. Others hope to evade the censors by replacing words from famous poems or the national anthem. One thing is certain – social media, when harnessed with the right creativity, has proven its ability to mount pressure on the government in even some of the most strictly controlled tech environments like China.

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