(Oil Price) – The Biden Administration is set to slap more sanctions on Russia’s oil exports by targeting tankers hauling Russian crude and products, sources familiar with the outgoing administration’s plans have told Reuters. “It is going to be a big package,” one of Reuters’s sources said. The current Administration plans to target vessels that carry Russian oil above the $60 per
Nasdaq MOSCOW – Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow’s flagship Urals grade held below an international price cap, according to market sources and Eikon data. The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec.
Yahoo Finance MOSCOW – Russia, the world’s biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West’s “stupid” price cap on Russian oil, President Vladimir Putin said on Friday. The Group of Seven major powers, the European Union and Australia last week agreed a $60 per barrel price
Oil Price The price cap of $60 per barrel for Russian oil devised by the G7 and supported by the European Union comes into effect today, aiming to curb Russia’s revenues from oil exports while keeping flows into the international market flowing. The cap was agreed upon just before the deadline by the European Union after holdouts including Poland and
BOE Report Oil prices on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and the start of a G7 price cap on Russian crude. At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the weekend. WTI crude futures gained $2.30,
US News LONDON – Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.82, or 3.19%, to $85.54 a barrel by 1450 GMT, while U.S. West Texas Intermediate (WTI) crude
Oil Price Oil cargo could soon be stranded at sea if G7 leadership fails to get insurers details regarding the upcoming—but undefined—price cap mechanism on Russian crude oil, senior industry executives told Reuters this week. The price cap plan—although it can hardly be called a plan at this point—is set to take effect as of December 5, after Canada,
Nasdaq LONDON – Russia’s oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union. Recession is a sure-fire way to reduce Russia’s earnings from the export of crude, diesel and other refined products. If there is a global economic slowdown in 2023,
Oil Price The leaders of the European Union once again failed to reach an agreement on a cap on gas prices, ending the latest round of discussions in the small hours of Friday with a decision to keep exploring options, Reuters has reported. The idea of a price cap on gas imports was floated earlier this year and supported by
Oil Price The U.S. should set a price cap on U.S. LNG going to Europe, as American gas is being delivered to Europe at prices four times higher than the price for domestic consumption, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian state television. “We would advise our US partners to set a certain cap price for the
Oil Price Secondary sanctions will not be imposed on financial institutions or insurers providing transportation services for Russian oil, a U.S. Treasury Department official said on Monday. The G7 and its Western allies have been studying for weeks the idea of exempting Russian oil from the maritime insurance and financing ban from the EU only if that oil is sold at
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