The newly announced measures contributed to a jump in global oil prices in early trading on Monday but prices retreated later in the day.
Since the outset of its war with Ukraine, Russia has sold its oil at discounted prices. As of Friday, Russian Urals crude traded at $67 per barrel -- an amount little higher than the cap. But the price cap aims to ensure that Russian oil sales remain well below global oil prices, which stand at about $80 per barrel.
The price cap was set at $60 per barrel after months of contentious negotiations between Western allies, some of whom wanted a much lower cap in hope of severely undermining Russia's war aims while others wanted a higher cap that would keep oil flowing and prices low. Such a response would preserve the current level of Russian oil sales and avert disruption of global supply, leaving oil and gasoline prices largely unchanged, he added.
The Western moves will result in an increase in U.S. gasoline prices of between 5% to 10% over the next three weeks, Krishnamoorti estimated.Global oil prices face other headwinds like an OPEC Plus decision to preserve output at current levels that could further strain supply as well as the potential lifting of COVID lockdowns in China that may boost demand.
how can ABC ignore the biggest scandal in US history? Collusion to silence a legitimate news story days before an election. The country needs to wake up.
Long way to go to reach $2.30. Biden must be impeached.
upside is a free app that gets you cash back on gas! Prices can plummet further if you use promo code VQ9NC to get an extra 15¢/gal bonus the first time you make a purchase. GoingVerde StackSats BTC
That seems to be insuficient, as 35 USD per barrel would really cripple their war effort.
Did they change the definition of “plummeted”?
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