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Prices at the Pumps - March 20, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesMOSCOW - Russia said on Thursday that the United States was unlikely to agree to a Ukrainian proposal to lower the price cap on Russian oil to $30 a barrel because it would roil global energy markets and damage the U.S. economy.
The United States has imposed sanctions on dozens of tankers suspected of carrying oil above the price cap agreed by G7, the EU and Australia. Russia has more than 5% of the world's proven oil reserves and about of quarter of the world's proven natural gas reserves while OPEC, led by Saudi Arabia, controls about 80% of the world's oil reserves, according to OPEC figures.Lavrov, Putin's foreign minister since 2004, said that the United States put immense pressure on the House of Saud in the 1980s to collapse the price of oil to weaken the Soviet Union.
Russia's Gazprom has lost most of the European market - which Moscow spent about half a century slowly building after the Soviets forged gas pipelines westwards from Siberia in the early 1970s.
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