China will reduce retail prices of gasoline and diesel from Friday to reflect recent changes in international oil prices, the country's top economic planner said on Thursday.
Gasoline prices will be cut by 525 yuan (about 77.46 U.S. dollars) per tonne, and diesel prices will drop by 505 yuan per tonne, according to the National Development and Reform Commission (NDRC).
During this round of price adjustment cycle, the US-Iran peace talks have continuously sent positive signals, and the market's expectation of a cooling of the geopolitical conflict has continued to strengthen, driving the Brent crude oil futures price back to around 92 U.S. dollars per barrel.
However, recently, multiple fronts in the Middle East have clashed, raising geopolitical risks and driving international oil prices higher.
In addition, the significant reduction in crude oil supply from the Gulf countries and the global inventory dropping to a low level will continue to support the high operation of international oil prices.
"According to international institutions' predictions, by the end of May, the total global crude oil stocks dropped to the equivalent of roughly 98 days of global demand, breaching the industry's 100-day warning line. The current evolution of the Iran-US conflict is the primary factor shaping the trend in international oil prices. Recently, the uncertainty of the peace talks between the two sides has increased, and it is expected that the fluctuations in international oil prices will be magnified in the short term," said Meng Peng, a senior analyst with Sublime China Information Co., Ltd.
China to cut retail prices of gasoline, diesel
China to cut retail prices of gasoline, diesel
Miami is gearing up to host seven matches of the upcoming World Cup and present the world its deep-rooted soccer culture, but unfavorable traffic conditions around the venue and a looming hurricane season could steal the show.
Thanks to a large Latin American immigrant community, where Argentine, Brazilian, and Colombian traditions blend, Miami boasts one of the most robust soccer cultures among American cities. The city's enthusiasm for the sport was supercharged in the summer of 2023 when Argentinian star player Lionel Messi joined Inter Miami, leading the club to a league title.
Recent surveys show that more than 80 percent of residents in South Florida say they will actively participate in World Cup-related events. However, their passion may be tested by traffic congestion.
The seven matches will all take place at the Miami Stadium, also known as the Hard Rock Stadium. Originally built for American football, Formula One racing, and other sports, the venue has installed sod rolls for the World Cup. With a capacity of about 65,000, the stadium sits in a suburban area with no direct subway connection.
To ease traffic pressure, organizers have launched free round-trip shuttle services for verified ticket holders connecting the stadium with four intercity bus hubs, including downtown Miami.
Yet, with limited capacity, the shuttles will be offered on a first-come, first-served basis, and there will be no guarantee of punctual arrival at the stadium due to likely traffic jams.
Meanwhile, the Atlantic hurricane season is posing a more serious threat to the event, as it overlaps with the World Cup schedule. Miami lies in a hurricane-prone zone, and worries are emerging that matches could be postponed or even canceled due to storms.
The 2026 FIFA World Cup, the 23rd edition of the tournament but the first to feature 48 teams and three host countries, will take place from June 11 to July 19. Its 104 matches will be hosted by 16 cities -- 11 in the United States, three in Mexico, and two in Canada.
FIFA announced on Tuesday that all 1,248 players of the 48 teams at the World Cup have been confirmed following the submission of final squad lists to the world soccer governing body.
Miami's World Cup passion faces traffic, weather tests
