LONDON (Reuters) – OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel.

The oil price rally to a three-year high is exacerbated by an even bigger increase in gas prices, which have spiked 300% and have come to trade close to an equivalent of $200 per barrel due to supply shortages and low production of other fuels.

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in July to boost output by 400,000 barrels per day every month until at least April 2022 to phase out 5.8 million bpd of existing cuts.

Four OPEC+ sources told Reuters last week producers were considering adding more than that deal envisaged, but none gave details on how much more, or when supply would increase.

The nearest month any increase could occur is November since OPEC+’s last meeting decided the October volumes.

Rising oil, gas, coal and power prices are feeding inflationary pressures worldwide and slowing the recovery.

A senior aide to U.S. President Joe Biden met Saudi Crown Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen but said oil was also “of concern”.

Russian oil and gas condensate output rose to 10.72 million bpd in September, the highest level since the 11.34 million bpd pumped in April 2020, data showed on Saturday.

MELBOURNE (Reuters) – Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.1%, to $71.24 a barrel at 0131 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 68 cents, or 0.9%, to $75.04 a barrel, after gaining 44 cents on Tuesday.

After coming under pressure on Monday on broader market jitters over the possible default of Chinese property developer China Evergrande Group, the oil market’s focus turned to tight supply issues.

U.S. crude stocks fell by 6.1 million barrels for the week ended Sept. 17, market sources said, citing figures from the American Petroleum Institute on Tuesday. That was a much bigger decline than the 2.4 million barrel drop in crude inventories which 10 analysts polled by Reuters had expected on average.

The market will be watching out for data from the U.S. Energy Information Administration on Wednesday to confirm the big drops in crude and fuel stocks.

Supply is expected to remain tight after Royal Dutch Shell, the largest U.S. Gulf of Mexico producer, said damage to its offshore transfer facilities would cut production into early next year.

Gasoline inventories fell by 432,000 barrels and distillate stocks, which include jet fuel, fell by 2.7 million barrels, the API data showed, according to the sources, who spoke on condition of anonymity. That comes at a time when jet fuel demand is picking up.

“Market sentiment got additional support from the end of the U.S. ban on foreign travellers,” ANZ commodity analysts said in a note.

Further supporting the market, some producers in the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+, are struggling to increase output up to their targeted levels, sources told Reuters. Most of the shortfall is from Nigeria, Angola and Kazakhstan.

Reporting by Sonali Paul; editing by Richard Pullin

Oil rises on big decline in U.S. crude stocks

MELBOURNE (Reuters) – Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.1%, to $71.24 a barrel at 0131 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 68 cents, or 0.9%, to $75.04 a barrel, after gaining 44 cents on Tuesday.

After coming under pressure on Monday on broader market jitters over the possible default of Chinese property developer China Evergrande Group, the oil market’s focus turned to tight supply issues.

U.S. crude stocks fell by 6.1 million barrels for the week ended Sept. 17, market sources said, citing figures from the American Petroleum Institute on Tuesday. That was a much bigger decline than the 2.4 million barrel drop in crude inventories which 10 analysts polled by Reuters had expected on average.

The market will be watching out for data from the U.S. Energy Information Administration on Wednesday to confirm the big drops in crude and fuel stocks.

Supply is expected to remain tight after Royal Dutch Shell, the largest U.S. Gulf of Mexico producer, said damage to its offshore transfer facilities would cut production into early next year.

Gasoline inventories fell by 432,000 barrels and distillate stocks, which include jet fuel, fell by 2.7 million barrels, the API data showed, according to the sources, who spoke on condition of anonymity. That comes at a time when jet fuel demand is picking up.

“Market sentiment got additional support from the end of the U.S. ban on foreign travellers,” ANZ commodity analysts said in a note.

Further supporting the market, some producers in the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+, are struggling to increase output up to their targeted levels, sources told Reuters. Most of the shortfall is from Nigeria, Angola and Kazakhstan.

Reporting by Sonali Paul; editing by Richard Pullin

Gold and silver prices edged lower today, continuing their recent correction amid weak global cues. On MCX, gold rates were down 0.13% to $623.66 per 10 gram while silver rates dropped 1% to $806.97 per kg.

In the previous session, gold had dropped 0.16% while silver had tumbled 1.76%. In global markets, gold rates edged lower as a stronger US dollar dampened the appeal of safe-haven asset. Investors were also cautious ahead of US Federal Reserve meeting later this week. Spot gold dipped 0.1% to $1,752.66 per ounce.

Expect choppy movement in gold with negative bias to continue the day, says Geojit in a note. “A direct drop below $1,740 would trigger further major selling pressure,” the brokerage added. The dollar index hovered near one-month high, denting gold’s appeal for holders of other currencies.

Analysts expect the Fed to announce a timeline for reducing its monthly bond purchases as its two-day meeting starts tomorrow. The US central bank is also likely to release fresh economic projections and a new read on officials’ interest rate expectations. Gold is often viewed as a hedge against the inflation and currency debasement likely from widespread stimulus. Tapering of stimulus could diminish gold’s appeal.

Also, higher interest rates raise the opportunity cost of holding non-interest bearing gold. Among other precious metals, silver fell 0.3% to $22.33 per ounce while platinum dropped 0.1% to $940.39. “For silver, weak bias to continue initially but stiff support seen at $21.80 which may hold further major liquidation pressure,” Geojit said.

In a note, Kotak Securities said gold may remain volatile reflecting the trend in US dollar and equity markets as market players assess Fed’s monetary policy and China’s economic health.

On the downside, gold could get supported by persisting virus risks, rising inflation concerns, uneven global economic recovery, geopolitical tensions and China’s regulatory crackdown measures, say analysts. Kotak expects gold rates to stabilize near $1750/ounce level.

Gold price today fall to lowest in near 6 months, silver rates plunge

Gold and silver prices edged lower today, continuing their recent correction amid weak global cues. On MCX, gold rates were down 0.13% to $623.66 per 10 gram while silver rates dropped 1% to $806.97 per kg.

In the previous session, gold had dropped 0.16% while silver had tumbled 1.76%. In global markets, gold rates edged lower as a stronger US dollar dampened the appeal of safe-haven asset. Investors were also cautious ahead of US Federal Reserve meeting later this week. Spot gold dipped 0.1% to $1,752.66 per ounce.

Expect choppy movement in gold with negative bias to continue the day, says Geojit in a note. “A direct drop below $1,740 would trigger further major selling pressure,” the brokerage added. The dollar index hovered near one-month high, denting gold’s appeal for holders of other currencies.

Analysts expect the Fed to announce a timeline for reducing its monthly bond purchases as its two-day meeting starts tomorrow. The US central bank is also likely to release fresh economic projections and a new read on officials’ interest rate expectations. Gold is often viewed as a hedge against the inflation and currency debasement likely from widespread stimulus. Tapering of stimulus could diminish gold’s appeal.

Also, higher interest rates raise the opportunity cost of holding non-interest bearing gold. Among other precious metals, silver fell 0.3% to $22.33 per ounce while platinum dropped 0.1% to $940.39. “For silver, weak bias to continue initially but stiff support seen at $21.80 which may hold further major liquidation pressure,” Geojit said.

In a note, Kotak Securities said gold may remain volatile reflecting the trend in US dollar and equity markets as market players assess Fed’s monetary policy and China’s economic health.

On the downside, gold could get supported by persisting virus risks, rising inflation concerns, uneven global economic recovery, geopolitical tensions and China’s regulatory crackdown measures, say analysts. Kotak expects gold rates to stabilize near $1750/ounce level.

TOKYO (Reuters) – Japan’s wholesale inflation hovered near a 13-year high in August as raw material imports continued to rise on solid global demand, data showed on Monday, putting pressure on companies to pass on higher costs to households.

“It’s difficult to pass over the (wholesale) price increase to consumer goods given the weak consumption,” said Takumi Tsunoda, senior economist at Shinkin Central Bank Research. “The BOJ might be forced to continue its massive easing even when central banks around the world seek normalisation.”

The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.5% in August from a year earlier, slightly below a median market forecast for a 5.6% gain, Bank of Japan data showed.

It was the sixth straight month of increase and a tad below the 5.6% surge in July, which was the fastest pace of increase since September 2008. The index, at 105.8, marked the highest level since 1982, when Japan’s economy was booming from an asset-inflated bubble.

While gains in fuel costs moderated, prices rose for chemical, steel and wood products as global demand for such goods remained strong, Shigeru Shimizu, head of the BOJ’s price statistics division, told a briefing.

“As the global economy continues to recover thanks to progress in vaccinations, domestic wholesale inflation will remain under upward pressure, though there’s uncertainty over the outlook due to a resurgence in infections,” he said.

Underscoring the huge cost pressure companies were facing, the yen-based import prices rose a record 29.2% in August from a year earlier, the data showed.

Japan’s economy has emerged from last year’s slump thanks to robust exports. But continuing state of emergency curbs have dampened prospects for a solid recovery in the current quarter.

Core consumer prices fell 0.2% in July from a year earlier, marking the 12th straight month of declines and staying distant from the BOJ’s elusive 2% target.

Reporting by Leika Kihara; Additional reporting by Kantaro Komiya; Editing by Sam Holmes

LONDON, Sept 6 (Reuters) – Goldman Sachs (GS.N) plans to list the assets of Petershill Partners, cashing in on a private equity boom with a deal which could value the investment vehicle at more than $5 billion.

Petershill, which takes minority stakes in alternative assets managers including private equity and hedge funds, will be a standalone company operated by the Goldman Sachs Asset Management team, it said on Monday.

The deal would consist of a sale of around $750 million of new shares as well as existing ones to give Petershill a free float of at least 25% and make it eligible to be included in FTSE indices.

Goldman Sachs declined to give an estimated market value for the unit, but a source close to the deal said analysts put it at in excess of $5 billion. The deal is slated to take place around a month from now, the source said.

The company chose London to list because Petershill was founded in the British capital and because the financial centre’s vibrant capital markets offer a strong fundraising opportunity, the source added.

FEE SEARCH

Private equity funds have soared in value over the past year as money pours in from investors looking for higher returns when interest rates are so low. In July, British buyout firm Bridgepoint listed in London, with its shares now up more than 40% from its debut price.

The business takes advantage of its relationship with Goldman Sachs to source attractive acquisitions in alternative asset management, it said. Profits from Petershill will go to its institutional investors, while Goldman Sachs will earn an operator fee for managing the company.

Goldman chief executive David Solomon wants to make the bank’s revenues less reliant on often-volatile earnings from trading and advising on deals.

The Wall Street firm is trying to grow in areas like asset and wealth management, where it can earn recurring fees. Petershill itself has no fixed assets but holds positions in 19 alternative asset managers with combined assets under management of $187 billion.

It pivoted its investment strategy to focus on technology in 2017 and is now shifting to focus on the effects of the COVID-19 pandemic by investing in areas such as healthcare, balance sheet repair and environmental, social and governance (ESG).

Reporting by Lawrence White; Editing by Edmund Blair and Alexander Smith

SYDNEY, Sept 2 (Reuters) – Asian share markets were in a cautious mood on Thursday as concerns grew over the Chinese economy after a run of soft data, while the risk of a sub par U.S. payrolls report kept the dollar on the defensive.

A raft of manufacturing surveys suggested supply bottlenecks were tightening again with eight of nine Asian countries reporting longer delivery times.

“The spread of the Delta variant amid still-low vaccination rates in many ASEAN economies and China’s zero-tolerance Covid strategy has prompted governments to impose restrictions and order factory/port closures,” warned analysts at Nomura.

“Input shortages and low inventories will likely lead to production cuts and delayed shipments in Q3.” The uncertainty kept Chinese blue chips flat (.CSI300), though speculation of more fiscal stimulus offered some support.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.2% to a five-week high, helped by buying for the new quarter. Japan’s Nikkei (.N225) added 0.1%, while South Korea (.KS11) fell 0.6%. Nasdaq futures and S&P 500 futures were barely changed, while EUROSTOXX 50 futures eased 0.2% and FTSE futures 0.1%.

Wall Street has been preoccupied with second guessing U.S. August payrolls, due out on Friday, with the task made all the more uncertain by a disappointing reading on ADP private payrolls but a solid ISM survey of manufacturing.

Median forecasts are for a strong rise of 750,000 jobs, but they range from 375,000 to 1.02 million with the ADP report prompting speculation the risks are to the downside. Yet a soft number could be positive for risk assets since it would lessen pressure for an early tapering from the Federal Reserve.

“A print closer to 400k rather than 800k effectively means that the Fed’s condition of “further substantial progress” in the labour market will take longer to materialise, thus delaying the tapering decision from September to November,” said Rodrigo Catril, a senior FX strategist at NAB.

“Bad news in the labour market are good news for risk assets given the punchbowl will remain well liquefied for a bit longer.”

ECB HAWKS SOUND OFF

Amid the jobs chatter, 10-year Treasury yields eased back to 1.30% and away from the recent top of 1.375%, while the U.S. dollar index touched a one-month low. The euro also reached its highest since early August at $1.1856 and was last holding steady at $1.1840 .

The single currency was aided by hawkish comments from Bundesbank President Jens Weidmann who cautioned against inflation risks and called for a slowdown in bond buying by the European Central Bank.

In contrast, the Bank of Japan shows no sign of tapering its massive purchases as the country remains mired in a decades-long battle with deflation.

That kept the dollar firm at 110.00 yen and comfortably within the tight 108.71 to 110.79 range that has lasted for the past two months.
Commodities would likely benefit from any delay in Fed tapering, helping underpin gold at $1,813 an ounce but short of resistance around $1,823.

Oil prices eased after OPEC+ agreed to stick to a policy of adding 400,000 barrels per day a month to the market, though it also defied pressure for an even larger increase.

“Ignoring calls from the White House for further barrel increases, we think that OPEC+ will stay on this current course unless there is a clear deterioration in the demand outlook,” said analysts at RBC Capital Markets in a note.

“Moreover, we reiterate that if there is a price bias for the majority of the OPEC+ membership, it is to the upside given the high fiscal breakevens of member states.”Brent slipped 52 cents to $71.07 a barrel, while U.S. crude lost 59 cents to $68.00.

Editing by Simon Cameron-Moore

LONDON/DUBAI (Reuters) – OPEC+ revised up its 2022 oil demand forecast ahead of a meeting of the oil producing group on Wednesday, amid U.S. pressure to raise output more quickly to support the global economy.

Two OPEC+ sources said the group’s experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd.

OPEC+ expects global oil demand to grow by 5.95 million bpd in 2021 after a record drop of about 9 million bpd in 2020 because of the COVID-19 pandemic. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, meet on Wednesday at 1500 GMT to set policy.

Sources told Reuters the meeting was likely to roll over existing policies despite pressure from the United States to pump more oil.
However, the higher demand forecast strengthens the case for a speedier output increases by OPEC+ as benchmark Brent crude traded above $72 per barrel, close to multi-year highs.

The demand forecast revision came during the OPEC+ joint technical committee (JTC), which on Tuesday presented an updated report on the state of the oil market in 2021-2022.

On Tuesday, OPEC+ sources said the report, which has not been made public, forecast a 0.9 million bpd deficit this year as global demand recovers.The report had initially forecast a surplus of 2.5 million bpd in 2022 but this was later revised to a smaller surplus of 1.6 million bpd due to stronger demand, the sources said.

As a result, commercial oil inventories in the OECD, a group of mostly developed countries, would remain below their 2015-2019 average until May 2022 rather than the initial forecast for January 2022, the JTC presentation showed, according to the sources.

Reporting by OPEC team; Writing by Dmitry Zhdannikov; Editing by David Goodman and Edmund Blair

LONDON — European stocks are expected to open slightly higher on Monday, reflecting broadly positive trade in global markets overnight.

Germany’s DAX is expected to open 4 points higher at 15,842, France’s CAC 40 up 3 points at 6,680 and Italy’s FTSE MIB 21 points higher at 26,006, according to IG. U.K. markets are closed for a public holiday.

A positive start to the trading week in the final days of August reflects sentiment elsewhere, with U.S. stock futures steady in overnight trading on Sunday, and shares higher in Asia-Pacific.

It’s expected that U.S. stocks could stay range-bound until the release of August’s jobs report on Friday, however. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%.

Last week, the S&P 500 and the Nasdaq Composite closed at all-time highs on Friday as investors breathed a sigh of relief after Federal Reserve Chair Jerome Powell signaled bond tapering could start this year, but the central bank is in no rush to hike interest rates. In Asia-Pacific overnight, shares rose as investors looked ahead to the release of Chinese food delivery giant Meituan’s earnings.

In other Chinese tech developments, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the U.S., according to the Wall Street Journal.

There are no major European earnings releases on Monday but data releases in the region include preliminary inflation readings from Germany and Spain for August and the latest euro zone economic sentiment and business climate data.

NEW YORK (Reuters) – Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium.

All three major U.S. stock indexes advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs.The session marked the S&P 500’s 50th record high close so far this year.

Tech and tech-adjacent megacaps were once again doing the heavy lifting, but economically sensitive cyclicals and smallcaps outperformed the broader market.

“Investors are looking at the horizon at the big Jackson Hole meeting on the horizon,” Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina, referring to the Federal Reserve’s annual economic symposium on Friday. “But for now the feel-good from yesterday’s vaccine news is still in the air.”

The Food and Drug Administration’s full approval of the Pfizer-BioNTech COVID-19 vaccine on Monday fueled optimism over economic recovery which spilled into Tuesday’s session.

Travel and leisure sectors, associated with economic re-engagement, outperformed the broader market. The S&P 1500 Airline and Hotel/Restaurant/Leisure indexes gained up 3.7% and 1.6%, respectively.

“We have energy, retail, travel, leisure, financials, and small caps all doing well today,” Detrick said. “And that’s a sign that the reopening is alive and well.”

Recent economic indicators suggest the recovery from the most abrupt recession in U.S. history is headed in the right direction, but not to the extent that is likely to prompt the Fed to tighten its dovish monetary policy.

Fed Chair Jerome Powell is due to meet with other world bank leaders when the Jackson Hole Symposium convenes later this week, and his remarks will be closely parsed for any clues regarding the Fed’s tapering of asset purchases and hiking key interest rates.

The event will take place virtually and not in person due to the spread of COVID-19 in the county, which has reduced expectations that any major announcement will be made at the event. The Dow Jones Industrial Average rose 30.55 points, or 0.09%, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15%, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52%, to 15,019.80.

Energy was the top gainer among the 11 major sectors in the S&P 500, boosted by the continued rally in crude prices. Best Buy Co Inc jumped 8.3% after the electronics retailer beat analyst earnings expectations and raised its full year sales forecast. U.S.-listed shares of China-based e-commerce platform Pinduoduo Inc surged 22.2% after reporting its first ever quarterly profit.

JD.com gained 14.4% in the wake of the Chinese online retailer’s remarks on Monday that it does not expect any business impact from a wave of regulations hitting the industry at home. Other shares of Chinese companies listed on U.S. exchanges were bouncing back as well, with the Invesco Golden Dragon ETF jumping 8.0%.

Cybersecurity firm Palo Alto Networks Inc advanced 18.6% as brokerages raised their price targets following its full-year forecast beat. Advancing issues outnumbered declining ones on the NYSE by a 2.17-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored advancers.

The S&P 500 posted 28 new 52-week highs and one new low; the Nasdaq Composite recorded 96 new highs and 37 new lows. Volume on U.S. exchanges was 8.97 billion shares, compared with the 9.08 billion average over the last 20 trading days.

Reporting by Stephen Culp; Additional reporting by Devik Jain in Bengaluru; Editing by Marguerita Choy

Indonesia’s President Joko Widodo has pledged to push ahead with his plans to reform the economy, in spite of the heavy burden that COVID-19 has imposed on the country since the start of the pandemic

In a national address marking the country’s 76th anniversary of independence yesterday, the leader, often known as Jokowi, acknowledged the economic burden imposed by the virus, but said that “it must not hinder the process of structural reforms of our economy.”

“Amid today’s disruptive world, the spirit to change, the spirit to make changes and the spirit to innovate have become the foundation to build an advanced Indonesia,” Jokowi said in his speech. “With the COVID-19 pandemic, the acceleration of innovation has become an integrated part of our everyday lives.”

Since May, Indonesia has been hit hard by the Delta variant of COVID-19. At its peak last month, the country was recording 50,000 new cases per day, more than five times the figures in June, and sick people overwhelmed hospitals or died at home or while awaiting treatment. The country has now recorded a total of 3.8 million cases and 118,833 fatalities, although these are widely considered severe undercounts due to the country’s limited testing and contact tracing measures.

The deadly impact of the virus has had its inevitable economic component. Last year, Indonesia’s economy contracted for the first time since the Asian financial crash of 1997-98, and while the country recorded a 7 percent rebound in the second quarter of this year, new restrictions are likely to once again depress growth.

In this context, Jokowi said that his agenda remained focused on structural reforms designed “to promote inclusive and sustainable economic development.” Repeating the promises made at the beginning of his second term, he added that development of “quality human capital” and infrastructure development will remain priorities, the latter a hallmark of his seven years in power.

The Indonesian leader also expressed his hope that reform could help Indonesia initiate a transition toward a more sustainable economy. “Transformation toward new and renewable energy as well as the acceleration of an economy based on green technology will be an important change in our economy,” he said.

Those are all rosy ways of describing the contentious job creation law that was passed by parliament last October, which aims to attract investment by slashing back the country’s onerous regulations and red tape.

The 905-page law, known as the Omnibus Bill, includes sweeping revisions to 79 laws in key sectors including labor and taxation, which Jokowi’s administration claims are necessary to spur economic growth and position Indonesia at an axial position in vital global supply chains.

But the law has been widely condemned for its likely impacts on labor rights and environmental protections. In particular, unions say that the laws will harm workers who have already been squeezed by the impacts of COVID-19, pointing to provisions that will allow employers to cut mandatory leave and reduce severance pay.

The speech also had a slightly defensive tone that reflected not just the criticisms of Jokowi’s economic reform agenda, but also reflects the pressure that his government has come under for its handling of the pandemic.

In its earliest months, the Indonesian government was slow to take COVID-19 seriously. Then, wary of the economic impacts, Jokowi resisted calls for a lockdown to contain the virus, banking instead on using vaccines as a ladder out of the pandemic, setting ambitious plans to distribute 181.5 million doses by the end of this year.

But while Indonesia began vaccinating earlier than many other countries in Southeast Asia, limited supplies and logistical challenges have hampered the rollout. As of August 15, Indonesian health authorities had only fully vaccinated just over 28 million people, while a further 25.5 million had received at least one dose, according to Our World in Data.

In his speech, Jokowi acknowledged that the COVID-19 pandemic “has brought with it exhaustion, boredom, weariness, sadness, and distress,” and promised to improve the government’s vaccination and treatment efforts. “I also understand that there are many criticisms directed at the government,” he added. “Constructive criticism is crucial and we always respond to that by fulfilling our responsibilities as expected by the people.”