The G-7, EU and Australia decided late last year to impose a cap of $60 a barrel on Russian oil in an effort to ratchet up the pressure on Moscow.
The G-7, alongside the European Union and Australia, decided late last year to impose a cap of $60 a barrel on Russian oil in an effort to ratchet up the pressure on Moscow.However, despite calls from some countries in Europe, the threshold was not revised and is not expected to be updated in the coming weeks.Anton Petrus | Moment | Getty Images
However, despite calls to do so from several countries in Europe, the threshold was not revised last month even as oil prices fell from the levels seen in the two months prior to mid-March. If a revision had taken place, the $60 barrel level would likely have been reduced. There are two main reasons for this. Firstly, the G-7 seems to believe the current cap is effective in reducing oil revenues for Russia. Secondly, oil producer group OPEC+ announced on April 2 surprise cuts to production, which pushed up prices and limited the argument for a downward revision to the $60 threshold.
"The price of Urals crude declined from the trade range of $65-70 barrel at the end of November 2022 to well below the $60 cap in January and February 2023." While it does seem to be hurting Russia's oil revenues, it is also diminishing the power that Western nations had in the insurance space, he added. This is because, in the wake of sanctions, Russia managed to circumvent some of the restrictions imposed by the G-7 and others by amassing a fleet of older tankers.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ConocoPhillips targets more than $115 bln of free cash flow for shareholder distributions by 2033ConocoPhillips stock rose 0.4% in premarket trades after the oil company aired a new ten-year plan based on a $60 per barrel mid-cycle price ahead of its...
Read more »
Video shows enormous Russian volcano eruption in far eastShiveluch, one of Russia's most active volcanoes, began erupting shortly after midnight on Tuesday, spewing ash that has now reached 12 miles into the sky.
Read more »
Monster Russian Volcano Erupts, Spewing Historic Ash Cloud Over VillagesResidents have been ordered to stay inside and warned of dangerous mudflows.
Read more »
Volcano erupts in Russian far east, carpeting villages in ashOne of Russia's most active volcanoes erupted on Tuesday shooting a vast cloud of ash far up into the sky and smothering villages in drifts of grey volcanic dust, triggering an aviation warning around Russia's far eastern Kamchatka Peninsula.
Read more »
Russian Doll Season 3 Gets Morbidly Hilarious Yet Hopeful Update From StarRussian Doll star and co-creator Natasha Lyonne strikes a hopeful, yet morbid tone when asked if the Netflix series will return for season 3.
Read more »