Norway has introduced a price cap of USD 60 per barrel for crude oil originating in or exported from Russia, and has incorporated this into the sanctions legislation. This corresponds to the price cap adopted by the EU and the G7 countries. The oil price cap is intended to reduce Russia’s revenues from the sale of crude oil to third countries.
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector.
RIYADH — Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said on Sunday that the OPEC+ alliance decision to cut oil production by two million barrels per day was proven to be the correct one when recent developments are taken into consideration.
Oil prices rose as much as more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.
RIYADH: Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures “did not bring clear results yet” and its implementation was still unclear.
New data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have shown that crude production increased by 177,000 barrels per day in November.
Winter is settling across Europe, bringing freezing temperatures that are leading to higher energy consumption, and the EU is still wrangling about the gas price cap that 15 members insisted the bloc implemented to shield them from more price excess. Time is running out for the EU. The 27 members of the EU are currently discussing the cap proposed by the European Commission last month, which did not win unanimous support when it was presented to everyone. On the contrary, the level that the Commission had set for the cap was widely considered to be too high and combined with such conditions as to effectively make the cap impossible to implement.
WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales.