ICYMI – Six EU nations name for decreasing of G7 worth cap on Russian oil

Information through Reuters in a single day, story is right here.

In abstract:

The well-supplied international oil market minimizes the chance of market disruption from a decreased worth cap.

• Six EU nations, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia, advocate for decreasing the $60 oil worth cap to weaken Russia’s struggle funding.
• G7 worth caps haven’t modified since their implementation, whereas Russian oil costs have stayed under the cap.
• Ukrainian officers spotlight a robust hyperlink between oil revenues and Russia’s navy aggression.
• The six EU nations famous that the worldwide oil market is presently well-supplied, lowering the chance of a provide shock from a decrease cap. Moreover, they argued that Russia’s restricted storage capability and reliance on vitality exports imply it might proceed promoting oil even at decrease costs.

Brent replace, hole increased to start the week:

I posted on Monday concerning the transfer increased:

• US and UK tighten sanctions on Russian oil trade

The information broke on Friday:

• US will impose sanctions on 180 vessels transporting Russian crude, dozens of merchants and two main oil corporations

This text was written by Aaron Cutchburt at www.ubaidahsan.com.



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