Indonesia Ends All Electric Vehicle Incentives: A Strategic Policy Pivot, Not a Retreat

Economic

Summary:

Indonesia’s decision to phase out electric vehicle incentives reflects a deliberate shift from fiscal subsidies toward long-term structural regulation...

From Subsidy-Driven Growth to Structural Policy Design

Indonesia, the largest economy in Southeast Asia, has officially moved to end all fiscal incentives for electric vehicles, a decision that has sparked debate amid the global push to accelerate the transition away from internal combustion engines. Rather than signaling a policy reversal, energy and industrial policy experts view the move as a recalibration of strategy, replacing short-term fiscal stimulus with more durable, system-oriented regulatory tools.

According to Agus Purwadi, an observer of energy and industrial policy at Bandung Institute of Technology, EV incentives were never intended to be permanent. Their primary function was to act as a market accelerator, lowering entry barriers, stimulating early demand, and attracting initial manufacturing investment during the formative phase of the EV industry.

The End of Fiscal Incentives and What Replaces Them

The policy shift comes as the Indonesian government prepares to phase out major fiscal incentives, most notably the state-borne value-added tax incentive for domestically assembled EVs that meet local content requirements. This VAT support, known as PPN DTP, is scheduled to expire in December 2025, marking a clear transition away from budget-funded demand stimulation toward non-fiscal policy instruments such as production targets, industrial regulation, and market structuring measures.

Agus emphasizes that prolonged reliance on subsidies can distort policy outcomes if not supported by a robust market framework. The removal of incentives, therefore, reflects a conscious effort to avoid long-term fiscal dependency while strengthening the underlying institutional and industrial foundations of the EV sector. This relationship is causal in nature, as sustained subsidies without structural reform tend to weaken market resilience once fiscal support is withdrawn.

Assessing the Readiness of Indonesia’s EV Ecosystem

From a structural standpoint, Indonesia’s EV ecosystem is estimated to be around 60 percent ready. This progress is evident in rising manufacturing investment, a clearer regulatory baseline, and the emergence of early-stage market segments. However, the remaining 40 percent remains under development, particularly in supply chains, financing mechanisms, and nationwide charging infrastructure.

This incomplete readiness explains why policy continuity remains critical even as incentives end. Without complementary structural measures, the removal of fiscal support could slow adoption momentum through correlation effects tied to consumer affordability and infrastructure availability, rather than reflecting weakening long-term demand for EVs themselves.

Shifting Focus to Domestic Production and Local Content

Instead of extending broad-based subsidies, Agus advocates for a stronger supply-side approach centered on domestic manufacturing capacity. A key pillar of this strategy is the gradual tightening of local content requirements, known as TKDN, which are designed to deepen industrial capability while safeguarding long-term investments already made in the sector.

The effectiveness of this approach depends on the smooth transition from demand subsidies to production benchmarks. Disruptions during this handover phase could undermine investor confidence, not because of reduced incentives, but due to regulatory uncertainty, highlighting the importance of policy consistency rather than fiscal generosity.

Post-Incentive Tools for Sustaining Energy Transition Momentum

Beyond industrial policy, Agus underscores the role of emissions-based vehicle taxation as a crucial instrument in the post-subsidy phase. Well-designed environmental taxes can generate long-term price signals that encourage consumers to shift from fossil-fuel vehicles toward low-emission alternatives such as EVs and hybrids. This mechanism relies on behavioral correlation through pricing incentives, not direct fiscal spending.

He also points to vehicle age limits as a complementary measure to accelerate fleet renewal and curb fuel consumption. Evidence from several Asian economies suggests that such policies can effectively reduce emissions while speeding up the adoption of cleaner vehicle technologies.

Fuel Subsidy Reform and EV Policy Must Move Together

Fuel subsidy reform remains another critical dimension. While Indonesia plans to improve the targeting of fuel subsidies between 2026 and 2028, Agus warns that reform efforts will be ineffective without parallel progress in EV adoption. Without electric alternatives, subsidized fuel consumption will continue to rise, reinforcing fiscal pressure rather than alleviating it.

This interdependence highlights a causal linkage between EV policy and fuel subsidy reform. Treating the two as opposing objectives risks undermining both, whereas coordinated reform strengthens the overall energy transition framework.

Building Long-Term, Non-Fiscal Incentives

To sustain momentum, Agus calls for scalable non-fiscal incentives that deliver lasting impact. These include streamlined licensing procedures, regulatory stability for charging infrastructure, and harmonized standards governing batteries and supply chains. Such measures often exert deeper long-term influence than temporary tax reductions, as they reduce systemic risk and transaction costs across the industry.

Even after VAT incentives expire, targeted support for mass-market segments remains important. Potential tools include focused financial assistance, green credit programs, and accelerated deployment of public charging stations in high-adoption areas.

In Agus’s view, the true benchmark of success is no longer the size of incentives but the degree of market self-sufficiency. While subsidies may end, policy commitment must continue, with the ultimate goal being an EV ecosystem capable of operating independently of continuous fiscal intervention.

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Economic

Commodity

Violent Price Swings Dominate Overnight Trading

During the night in Vietnam time, gold prices recorded their most severe decline since October, highlighting a sudden shift in short-term market sentiment. At 7:30 a.m. on January 30, spot gold was quoted at 5,420 USD per ounce, while silver traded at 117.65 USD per ounce. These levels, however, masked the turbulence seen just hours earlier.

At its lowest point overnight, gold plunged as much as 5.7 percent to 5,125 USD per ounce, marking the sharpest single-session drop since October 21. From a recent peak close to 5,600 USD, gold had shed nearly 500 USD in a very short period, underscoring how quickly speculative positioning can unwind once momentum reverses.

Silver Under Heavier Liquidation Pressure

The sell-off extended beyond gold, with silver facing even stronger downside pressure. Prices at one stage fell by 8.4 percent, signaling that liquidation was broad-based rather than isolated to one asset. After a brief rebound, silver prices slipped again to around 110.26 USD per ounce, mirroring renewed weakness in gold, which also dipped more than 4 percent intraday to 5,156.64 USD per ounce.

This synchronized movement reflects correlation across precious metals during periods of forced selling, where investors reduce exposure across multiple positions simultaneously rather than reassessing each asset on its own fundamentals.

Stronger Dollar Reduces Short-Term Appeal of Precious Metals

A key macro factor behind the overnight decline was the rebound in the U.S. dollar. The U.S. dollar index rose by roughly 0.3 percent, reversing its prior weakening trend. As gold and silver are priced in U.S. dollars, a firmer dollar typically coincides with reduced demand from non-dollar investors, creating additional pressure during already fragile market conditions. This relationship reflects correlation between currency strength and commodity pricing rather than a direct mechanical linkage.

Despite the sharp pullback, gold remains significantly higher on a year-to-date basis. Since the beginning of the year, prices have risen strongly, supported by geopolitical tensions and concerns surrounding the independence of the U.S. central bank, the Federal Reserve. These themes have encouraged defensive capital flows and value-preservation strategies against potential currency debasement.

In January alone, gold prices have surged by more than 20 percent, pushing several technical indicators into extreme territory. The relative strength index for gold moved above 90, while silver’s RSI hovered around 84, far exceeding the 70 level commonly viewed as a warning sign of overheating markets. Such readings do not predict timing precisely but indicate elevated vulnerability to sharp pullbacks when sentiment shifts.

Market Psychology and Forced Selling Dynamics

According to Carsten Menke, analyst at Julius Baer Group, when enthusiasm dominates trading behavior and capital flows outweigh underlying fundamentals, even a relatively small shock can trigger a meaningful correction. This observation highlights a causal mechanism driven by positioning and psychology rather than changes in long-term supply and demand.

Further reinforcing this view, Phil Streible, chief market strategist at Blue Line Futures, noted that weakness in equity markets also contributed to widespread liquidation. As stock prices declined, investors were compelled to reduce exposure across portfolios, selling not only equities but also precious and industrial metals to manage risk and margin requirements. This reflects a chain reaction in portfolio management rather than independent reassessment of metal fundamentals.

While the broader bullish narrative for gold remains intact, the recent price action suggests that volatility is likely to persist. Elevated technical indicators, crowded positioning, and sensitivity to macro shifts such as dollar movements and equity market stress mean that sharp swings may continue to define near-term trading conditions.

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Isaac Bennett

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Political

Remarks of Officials

High-level trade talks between the United States and South Korea have hit an impasse, failing to resolve a brewing dispute sparked by President Donald Trump's threat to impose new tariffs. An initial meeting in Washington between South Korean Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick ended without a breakthrough, though discussions are set to resume Friday.

At the center of the conflict is a warning from President Trump that he could reinstate tariffs of up to 25% on key South Korean imports, including automobiles, timber, and pharmaceuticals.

The Core Dispute: Unfulfilled Investment Pledges

The White House is citing delays in Seoul's implementation of investment commitments linked to last year's trade agreement as the primary reason for the tariff threat. US officials have pointed specifically to the stalled passage of a "Special Law on Strategic Investment with the US," which was intended to formalize Korea's pledges.

In response, South Korean officials have sought to reassure Washington. Industry Minister Kim Jung-kwan reiterated his government's commitment to following through on the agreed-upon investments, including the necessary legislation. Officials in Seoul frame the US threat not as a reaction to a broken deal, but as a tactic to pressure them to accelerate implementation.

Parallel Tensions Complicate Talks

The trade friction is unfolding alongside other sensitive issues testing the relationship between the two allies.

The Coupang Investigation

South Korea is currently conducting a wide-ranging investigation into a data breach at Coupang Inc., a major e-commerce company headquartered and listed in the US. The probe has drawn criticism from some of the company's shareholders.

On Friday, Harold Rogers, Coupang's interim head of Korea operations, is scheduled to appear before police for questioning for the first time regarding the data breach. However, South Korean officials are adamant that the two issues are separate. Foreign Minister Cho Hyun stated on Thursday that the tariff dispute is unrelated to the Coupang case.

Economic and Military Oversight

Adding to the complex backdrop, Washington has released a new defense strategy that signals a potential reduction in American military support for deterring North Korea.

Simultaneously, the US Treasury Department confirmed that South Korea remains on its monitoring list for currency practices and macroeconomic policies. The Korean government stated it will maintain close communication with the Treasury to ensure mutual understanding on foreign exchange markets and promote currency stability.

A Diplomatic Push to Avert a Crisis

South Korea has dispatched senior ministers to Washington in an urgent effort to defuse the dispute. Following the initial talks, Trade Minister Yeo Han-koo is also scheduled to meet with his American counterpart, Jamieson Greer, to continue the diplomatic push and reaffirm Seoul's commitment to the trade deal.

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Context and Why This Upgrade Matters

This upgrade is essentially a political signal with practical spillovers: it formalizes that Vietnam–EU cooperation is no longer mainly trade-led, but is now framed as a broad strategic relationship spanning economics, security, technology, climate, and multilateral coordination. The text repeatedly ties the partnership to a rules-based international order grounded in international law, which matters because it positions the relationship as values-and-rules aligned while still being pragmatic and interest-based. It also builds continuity rather than “reinventing” the relationship, explicitly referencing the existing backbone of agreements and dialogue mechanisms, meaning implementation can start from an established institutional base rather than from scratch.

The statement treats economic, trade, and investment cooperation as the “core foundation” for inclusive and sustainable growth, with EVFTA as the central instrument. The tone is important: it emphasizes handling difficulties through open and constructive dialogue, which is a diplomatic way of saying both sides expect friction points, but want them resolved institutionally rather than politically. The explicit call to promote ratification and effective implementation of EVIPA is also a strong investment signal, because investment protection architecture tends to matter most when companies are deciding on long-horizon, capital-heavy projects.

Where the New Agenda Expands: Critical Materials, Supply Chains, Digital, and High-Value Investment

A notable expansion is the list of priority sectors, which reads like a modern strategic-economic toolkit: critical raw materials, low-carbon energy and technology, circular economy, logistics and transport, secure communications infrastructure, semiconductors, AI, digital transformation and cybersecurity, and supply-chain resilience and diversification, alongside sustainable agriculture, forestry, and fisheries. The logic is straightforward: these are the areas where the EU’s strategic autonomy agenda and Vietnam’s industrial upgrading ambitions can meet. The statement also frames the goal as attracting EU investment into high-tech and high value-added projects linked to technology transfer, human capital development, and participation in global production and supply chains, which is a “quality FDI” positioning rather than purely volume-seeking investment.

The statement places trade and sustainable development commitments in EVFTA at the center, including labor cooperation and references to ILO standards. Practically, this suggests the EU is keeping sustainability conditionality and compliance expectations visible. At the same time, the EU explicitly offers technical support to help Vietnam adapt to new EU policies and regulations on green and sustainable trade. That combination is important: it signals higher standards are part of the trade relationship, but there is also capacity-building support to reduce compliance shocks for Vietnamese exporters and policymakers.

Security and Defense Cooperation: From Dialogue to Capability Building

On peace, defense, and security, the statement elevates cooperation through the annual Defense–Security Dialogue and broadens it into training and operational domains, including peacekeeping, search and rescue, disaster response, fire prevention, and specialized simulation training. It also mentions cooperation around non-sensitive technology transfer and technical know-how in defense and security-related fields, framed carefully to remain consistent with each side’s laws and sensitivities. There is also a strong emphasis on tackling transnational crime, including money laundering, smuggling, trade fraud, origin fraud, cybercrime, and environmental crime, which links security cooperation directly to trade integrity and economic governance.

The statement reiterates familiar but strategically meaningful language: peace and stability in the South China Sea, disputes resolved peacefully, non-use of force, and freedom of navigation and overflight, with UNCLOS 1982 explicitly affirmed as the legal framework for maritime activities. It also welcomes progress toward an effective and substantive COC consistent with international law including UNCLOS. This section matters less for novelty and more for alignment: it positions Vietnam–EU coordination within a broader rules-based maritime order narrative and strengthens Vietnam’s multilateral diplomatic support base.

Climate, Energy Transition, and Carbon Markets: JETP, Net Zero, and Regional Connectivity

The climate and energy section is unusually dense, pointing to net zero by 2050 for both sides, alignment with Paris Agreement objectives and global assessment pathways, and the importance of decarbonizing power systems and transitioning away from fossil fuels in an orderly and equitable manner. It references JETP and Power Development Plan VIII adjustments as opportunity anchors, suggesting the EU is framing Vietnam’s energy transition as a bankable, structured pathway rather than a vague ambition. The mention of ASEAN Power Grid development also signals that the partnership sees Vietnam not only as a national market, but as part of a regional energy connectivity story. Carbon pricing and ETS-type mechanisms are also highlighted as cooperation areas, implying the EU is open to technical and institutional exchanges on carbon market design and implementation.

Digital cooperation is framed through a security lens: safe digital technology, secure and resilient digital connectivity, trusted digital services, and supply-chain security, including potential cooperation on 5G, satellite connectivity, semiconductors, AI, data governance, and cybersecurity. Transport cooperation focuses on sustainable connectivity, ports and shipping routes, aviation links under the ASEAN–EU comprehensive aviation framework, and decarbonization including sustainable aviation fuels. The subtext is that economic integration is increasingly treated as infrastructure-plus-standards, not just tariffs.

People-to-People and Skills: Education, Erasmus+, Research, and Mobility Facilitation

The statement commits to expanding education and training cooperation, including Erasmus+, student and faculty exchanges, and vocational skills initiatives related to green transition, digital transition, and smart manufacturing. It also points to research collaboration and engagement with Horizon Europe. Importantly, it flags interest in making travel and mobility easier for citizens on both sides, which can have real second-order impacts on business formation, investment scouting, academic collaboration, and tourism.

The practical meaning of this upgrade will depend on how quickly the new partnership converts into scheduled deliverables: formation and activation of the Vietnam–EU working group referenced under EVFTA implementation, concrete project pipelines under Global Gateway and JETP-linked financing, progress on EVIPA ratification, and measurable movement on “yellow card” IUU issues. The more these translate into timelines, funding envelopes, and sector-specific MOUs, the more the partnership becomes a lived economic reality rather than a diplomatic label.

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Middle East Situation

Russia-Ukraine Conflict

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Latest news on the Israeli-Palestinian conflict

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Remarks of Officials

Russian President Vladimir Putin met with UAE President Sheikh Mohammed bin Zayed Al-Nahyan in Moscow on Thursday, expressing gratitude for the Emirates' significant role in mediating the conflict in Ukraine.

The high-level meeting at the Kremlin took place as negotiators prepare for a new round of peace talks.

UAE's Central Role in Negotiations

The discussions underscored the UAE's growing diplomatic influence. Putin specifically thanked his counterpart for the UAE's efforts in hosting trilateral talks involving Russia, Ukraine, and the United States. A new round of these negotiations is scheduled to take place in Abu Dhabi this Sunday.

Sheikh Mohammed affirmed the UAE's readiness to "assist all constructive efforts" on key humanitarian issues. He also highlighted his pride in the country's successful mediation of prisoner exchanges between Russia and Ukraine.

Expanding the Agenda: Mideast and Economic Ties

Beyond the Ukraine war, the two leaders addressed pressing developments in the Middle East. On the Israeli-Palestinian conflict, they agreed on the "urgent need to intensify efforts" toward a just and comprehensive peace founded on a two-state solution.

The meeting also covered strengthening bilateral cooperation between Russia and the UAE. Key areas of focus included:

• Trade and investment

• Technology and space exploration

• Energy partnerships

This dialogue builds on a clear trend of deepening ties. Last summer, Russia and the UAE formalized their growing economic relationship by signing two major trade and partnership agreements.

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Economic

Remarks of Officials

U.S. lawmakers forged a last-minute agreement Thursday evening on a spending package designed to prevent an imminent government shutdown. However, with critical negotiations over funding for the Department of Homeland Security (DHS) unresolved, the risk of a disruption to federal operations remains.

What the New Spending Deal Covers

The bipartisan agreement bundles six spending bills to fund the majority of federal agencies. According to reports, the deal effectively separates the less contentious parts of the budget from the main point of conflict: the DHS.

To allow for further negotiation, funding for the Department of Homeland Security will be maintained at its current levels for an additional two weeks. This temporary measure pushes the most difficult part of the debate down the road while keeping most of the government open.

A Weekend Shutdown Remains Possible

Congress is now in a race against the clock. Lawmakers must approve the new funding before the midnight deadline on Friday to officially avert what would be the second government shutdown since October.

While the Senate is currently working through the legislative process, the exact timing of a final vote is still unclear.

A key logistical hurdle is that the House of Representatives is not scheduled to return to Washington until Monday. This scheduling gap creates a scenario where a brief lapse in government funding could occur over the weekend, even if the bills ultimately pass.

President Donald Trump has endorsed a bipartisan deal to stave off a shutdown, though he told reporters on Thursday that a shutdown could still happen.

Immigration Policy at the Heart of DHS Stalemate

The primary obstacle to a full funding agreement is the heated debate over the Trump administration's aggressive immigration enforcement policies.

Tensions escalated this month after immigration agents shot at least two U.S. citizens in Minneapolis. The incident has intensified calls from Senate Democrats and some Republicans for President Trump to rein in the DHS's operational oversight. This political standoff in Washington is set against a backdrop of ongoing protests against the administration's immigration policies in major U.S. cities.

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Middle East Tensions Anchor Oil Near Recent Highs

Oil prices remained elevated on Friday, consolidating close to levels last seen in mid-2025, as investors weighed the growing risk of a U.S. strike on Iran. Brent crude futures slipped slightly to around $70.50 a barrel, while U.S. West Texas Intermediate eased to roughly $65.03, after both benchmarks surged more than 3% in the previous session. Despite the marginal decline, oil remains firmly supported by geopolitical concerns, with traders reluctant to unwind long positions ahead of potential escalation.

The broader picture remains bullish on a monthly basis. Brent is up more than 16% in January, marking its biggest monthly gain since January 2022, while WTI has climbed over 14%, its strongest monthly advance since July 2023. This reflects a clear causal link between heightened geopolitical risk and energy prices, as fears of supply disruption tend to be rapidly priced into oil markets.

Trump’s Iran Stance Fuels Risk Premium

Tensions intensified after U.S. President Donald Trump warned Iran to return to negotiations over its nuclear program or face possible military action. Tehran responded with threats of retaliation, reinforcing concerns that any conflict could disrupt exports from Iran, one of the largest producers in OPEC.

According to market analysts, this rhetoric has injected a substantial risk premium into crude prices. The concern is less about immediate production losses and more about the vulnerability of critical shipping routes, particularly the Strait of Hormuz, through which a significant share of global oil supply flows. Even a limited disruption could have outsized effects on prices, given the tightness already present in some segments of the market.

Washington Diplomacy Signals Caution, Not Escalation

Senior defense and intelligence officials from Israel and Saudi Arabia are reportedly visiting Washington this week to discuss Iran, underscoring the seriousness of the situation. U.S. officials have indicated that Trump is reviewing options but has not yet made a final decision on military action.

Major banks remain cautious about assuming a worst-case scenario. Analysts at JPMorgan said they do not expect prolonged oil supply disruptions, citing elevated inflation concerns and the political sensitivity of high energy prices ahead of U.S. midterm elections. They argue that even if military action were to occur, it would likely be targeted and designed to avoid Iran’s oil production and export infrastructure. Citi echoed this view, assigning a 70% probability to restrained actions such as limited strikes or tanker seizures rather than a broad conflict.

This suggests that the current price strength is driven more by expectations and precautionary positioning than by confirmed supply losses, highlighting a correlation between geopolitical headlines and oil prices rather than a realized disruption.

Supply Side Factors Add To Market Tightness

Beyond geopolitics, several supply-side issues have tightened the market in January. Disruptions in Kazakhstan, Russia, and Venezuela have collectively affected about 1.5 million barrels per day of supply. In Kazakhstan, the massive Tengiz oilfield is being restarted in stages after electrical fires earlier this month temporarily hit output, with authorities aiming for full production within a week.

Weather-related disruptions have also weighed on Russian exports, while Venezuela’s production was curtailed earlier this month following political upheaval. That situation may now be turning, however, as Venezuela’s interim government approved sweeping reforms to its main oil law, and the Trump administration moved to broadly ease U.S. sanctions on the country’s oil industry. These steps could eventually support higher Venezuelan output and attract new investment, partially offsetting other supply risks over time.

Outlook Balances Risk And Restraint

Oil’s ability to hold near multi-month highs reflects a market caught between two forces. On one side, geopolitical risk and recent supply disruptions are pushing prices higher and sustaining a strong monthly performance. On the other, expectations of restrained military action and the potential for increased output from countries like Venezuela are limiting upside momentum.

For now, traders appear content to maintain a risk premium rather than aggressively chase prices higher. The result is a market hovering near recent peaks, sensitive to headlines and vulnerable to sharp moves should diplomatic signals shift decisively in either direction.

Source: Reuters

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Indonesia Ends All Electric Vehicle Incentives: A Strategic Policy Pivot, Not a Retreat

From Subsidy-Driven Growth to Structural Policy Design

The End of Fiscal Incentives and What Replaces Them

Assessing the Readiness of Indonesia’s EV Ecosystem

Shifting Focus to Domestic Production and Local Content

Post-Incentive Tools for Sustaining Energy Transition Momentum

Fuel Subsidy Reform and EV Policy Must Move Together

Building Long-Term, Non-Fiscal Incentives

Gold Market Sees Sharp Whipsaw as Prices Swing Around the 5,100 USD/oz Zone

Violent Price Swings Dominate Overnight Trading

Silver Under Heavier Liquidation Pressure

Stronger Dollar Reduces Short-Term Appeal of Precious Metals

Market Psychology and Forced Selling Dynamics

Seoul Scrambles as US Tariff Threat Tests Alliance

The Core Dispute: Unfulfilled Investment Pledges

Parallel Tensions Complicate Talks

A Diplomatic Push to Avert a Crisis

Vietnam and the EU Elevate Ties to a Comprehensive Strategic Partnership

Context and Why This Upgrade Matters

Where the New Agenda Expands: Critical Materials, Supply Chains, Digital, and High-Value Investment

Security and Defense Cooperation: From Dialogue to Capability Building

Climate, Energy Transition, and Carbon Markets: JETP, Net Zero, and Regional Connectivity

People-to-People and Skills: Education, Erasmus+, Research, and Mobility Facilitation

Putin Praises UAE's Mediation in Ukraine Conflict

UAE's Central Role in Negotiations

Expanding the Agenda: Mideast and Economic Ties

US Shutdown Looms as Lawmakers Strike Partial Spending Deal

What the New Spending Deal Covers

A Weekend Shutdown Remains Possible

Immigration Policy at the Heart of DHS Stalemate

Oil Prices Hold Near Multi-Month Peaks as Geopolitical Risk Premium Builds

Middle East Tensions Anchor Oil Near Recent Highs

Trump’s Iran Stance Fuels Risk Premium

Washington Diplomacy Signals Caution, Not Escalation

Supply Side Factors Add To Market Tightness

Outlook Balances Risk And Restraint

Source: Reuters

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