Ambassadors from the 27 EU countries are discussing the G7 proposal with the aim of reaching a common position by the end of the day. Views in the EU are split, with some pushing for a much lower price cap and other arguing for a higher one. The G7, including …
Read More »G-7 Commits to Helping Rebuild Ukraine’s Critical Energy Infrastructure
The Group of Seven nations said on Friday that they will help rebuild Ukraine’s critical energy and water infrastructure amid ongoing Russian air strikes. “Today we establish a G7 coordination mechanism to help Ukraine repair, restore and defend its critical energy and water infrastructure. We look forward to the 13 …
Read More »India Unlikely to Join G7 Push to Cap Russian Oil Prices to Counter Putin
India may not be the most excited member of the club planning to cap prices of Russian crude oil, reported Livemint. Recently, finance ministers of G7 countries led by the US, proposed that oil-related service providers may only be allowed to deal in Russian seaborne oil and petroleum products at …
Read More »Oil Prices under Pressure as Demand Concerns Mount
Oil prices fell early on Monday morning as bearish sentiment continued to weigh on markets amid expectations of further interest rate hikes and concerns about Chinese oil demand. Brent started the week more than a dollar down at $91.80 a barrel at the time of writing. West Texas Intermediate was …
Read More »Countering G7 Price Cap Proposal, Russia Offers Discounted Oil to India
In response to a growing clamour among the G7 nations to cap the price of crude oil imports from Russia, Moscow has told New Delhi it is willing to provide oil at lower prices than before to India, officials said. “In principle, the ask in return is that India should …
Read More »G7 Continues to Seek Ways to Limit Russia’s Oil Revenues
The G7 group of leading industrialized nations continues to explore ways of curbing Russia’s huge revenues from oil, including by considering a ban on all services enabling transportation of Russian oil unless said oil has a price cap, the G7 foreign ministers said on Tuesday. Canada, France, Germany, Italy, Japan, …
Read More »Oil Prices Rise as G7 Looks to Sanction Russian Imports
Oil prices were rising on Tuesday sparked by renewed supply fears as the G7 group of nations discussed a price cap on Russian crude imports. The front-month contract for Brent crude North Sea oil was last seen up USD 1.27 at USD 116.36/bbl, while the WTI equivalent was USD 1.07 …
Read More »US Says G7 Closing in on Russian Oil Price Caps
The United States said Monday that the G7 is closing in on a plan to force a lower price for Russian oil in what would be a major escalation of the campaign to punish the Kremlin for its invasion of Ukraine. “There is also consensus emerging… that the price cap …
Read More »G7 Leaders Likely to Discuss JCPOA, Iranian Oil Exports
According to some media sources, G7 leaders are expected to discuss a revival of the Iran nuclear deal – which might lead to more Iranian oil exports. Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come …
Read More »G7 Mulls Call for Necessary Public Gas Investments
A proposal under discussion by the G7 would call for using tax money for natural gas projects as a response to Russia’s war in Ukraine — potentially clashing with the group’s climate pledges. A draft section of the communiqué, yet to be agreed by the leaders of G7, acknowledges that …
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