Tag Archives: Russia

Japan implemented a price cap on Russian crude oil from Monday, but crude oil imported from the Sakhalin-2 plant will be excluded, the government said in a statement. The decision follows an agreement by the Group of Seven nations and Australia on Friday to limit the price of Russian crude …

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven …

Russia has repeatedly said it will not supply oil to countries that implement the cap – a stance reaffirmed by Mikhail Ulyanov, Moscow’s ambassador to international organizations in Vienna, in posts on social media on Saturday. “Starting from this year Europe will live without Russian oil,” he said. The G-7 …

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout …

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including Russia, …

Ukraine on Saturday welcomed a $60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would “destroy” Russia’s economy. The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an …

India said that it would continue to purchase Russian crude oil even after the embargo and price cap go into effect on December 5, an official in the Indian Oil Ministry said on Friday. India has consistently stated its intention to continue to purchase whatever crude oil makes the most …

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed …

The White House on Friday welcomed a $60 per barrel EU price cap for Russian oil exported by sea. “A price cap will help limit Mr. Putin’s ability to profiteer off the oil market so that he can continue to fund a war machine that continues to kill innocent Ukrainians,” …

G7 countries and Australia joined the EU on Friday in adopting a $60 per barrel price cap on Russian oil. A statement said the EU took a similar step earlier in the day and countries reached a consensus on a maximum price of $60 for seaborne Russian-origin crude oil. “With …