International oil prices surged significantly last week, with the weekly gain reaching a yearly record high.
Last week, the West Texas Intermediate (WTI) for November delivery rose by over 9 percent, marking the largest weekly gain since March 2023. And Brent crude for December delivery increased more than 8 percent, marking the largest weekly gain since January 2023. On Sunday, oil giant Saudi Aramco increased its main oil price for Asian buyers in response to heightened market volatility.
The company raised the official selling price of Arabian light crude oil to Asian customers by 0.90 U.S. dollars, surpassing the previous market expectation of 0.65 U.S. dollars. This adjustment means the price per barrel is now 2.2 U.S. dollars above the regional benchmark level.
Regarding future oil price trends, the market is currently concerned about the potential destruction of Iran's oil facilities. Some analysts worry that Israel may retaliate by attacking Iran's export facilities or refineries.
The future trend of oil prices is closely tied to the situation in Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), as its daily crude oil output is approximately 3.2 million barrels, accounting for 3 percent of global production. This year, Iran's oil exports have risen to their highest level in recent years, reaching about 1.7 million barrels per day.
Int'l oil prices surge significantly last week, hitting yearly record high
Int'l oil prices surge significantly last week, hitting yearly record high
Int'l oil prices surge significantly last week, hitting yearly record high
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
