U.S. Defense Secretary Hegseth thanked U.S. President Trump for his support.

At a Q3 2026 earnings briefing, Wang Li, acting general manager, said Kweichow Moutai is shifting to a consumer‑centred, demand‑driven distribution model and abandoning channel stockpiling via prepayments. Self‑operated channels now reach consumers directly and some social‑channel SKUs are sold on consignment (ownership not transferred), both of which do not generate advance receipts. The company has implemented a dynamic allocation model that assigns product by region and dealer based on sell‑through and inventory, and collects payment only immediately before allocation to preserve channel health. As market‑driven operations deepen, industry prepayment practices no longer reflect end‑consumer demand; advance‑receipt balances should not be treated as a primary supply‑demand indicator.

Following Saudi price cuts, Abu Dhabi state oil firm ADNOC cut the premium on December-loading Murban crude by more than 60% to $4/bbl above the Dubai benchmark, traders said. Official selling prices for other major UAE grades were also lowered versus November. The Murban reduction exceeds ARAMCO’s cut announced last week. Middle East crude exports are recovering toward pre-war levels as flows resume via tankers through the Strait of Hormuz and pipelines that bypass it, a development weighing on global oil prices.