The Group of Seven nations and Australia agreed Friday to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.
The price cap, which was led by the Group of Seven wealthy democracies, aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices and further fuel inflation. There is a big risk to the global oil market of losing large amounts of crude from the world's No. 2 producer. It could drive up gasoline prices for drivers worldwide, which has stirred political turmoil for U.S. President Joe Biden and leaders in other nations. Europe is already mired in an energy crisis, with governments facing protests over the soaring cost of living, while developing nations are even more vulnerable to shifts in energy costs.
OPEC's move competes with the EU embargo that could take more oil supplies off the market, raising fears of a supply squeeze and higher prices. Russia exports roughly 5 million barrels of oil a day.
The Chinese are beginning relationships with Cuba.
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European Union officials set Russian oil price cap at $60 a barrelThe European Union on Friday agreed to cap Russian oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level. How about they find alternatives to Putin’s oil. Russia should be isolated as much as possible. Unfortunately for them, there are plenty of buyers that are willing to pay more than that. Well, i guess they will buy Russian oil and gas through a third country with a much higher price 😂. I guess they gotta please those people in charge of them. lol
Source: CNBC - 🏆 12. / 72 Read more »
G-7 joins European Union on $60-per-barrel price cap on Russian oilThe European Union reached a deal Friday for a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. they know RU can sell the oil to India, China, etc etc Price controls literally never work. EU is just going to welcoming shortages or pay more for oil elsewhere lmfao BaddCompani A key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine.
Source: CBSNews - 🏆 87. / 68 Read more »
European Union agrees to a $60-per-barrel price cap on Russian oilEU tentatively agrees to a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Putin of funding for his war in Ukraine. Or… they could just stop using all Russian oil?
Source: NBCNews - 🏆 10. / 86 Read more »
Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week. That’s basically bullying 🤔
Source: washingtonpost - 🏆 95. / 72 Read more »
EU Backs Russian Oil Price Cap of $60 Per BarrelThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said. Moscow has clearly stated it will not sell oil to price cap countries lol I will stop selling to unfriendly countries?! What will happen? Now the only thing left is for Russia to say agree to the price cap. 😆 I don't understand... The EU, the West, are basically at war w/ Russia, sanctioned them to ruin their economy... Didn't work. Now it's 'sell us oil at the price we set' Weird world, weird war.
Source: WSJ - 🏆 98. / 63 Read more »