Russian oil
C: https://www.telegraphindia.com/

G7 sets a price cap on Russian oil, $60 a barrel. The goal is to cut off profit margins for Russia without disturbing the global order of supplies. On the other hand, Volodymyr Zelensky (Ukraine’s President) commented on the step, saying it’s a “weak cap”.

G7 is a group of seven large economies, namely France, Italy, Canada, Japan, the UK, Germany, and the United States. As the winter approaches, western countries are suffering hardship due to the Russian-Ukraine war.

The oil prices are off the roof; Brent crude is at $86 a barrel with a 0.6% rise. The G7 put a cap of $60 on Russian oil, whereas Russia refuses to accept the terms. Opec+ is still holding its production rates to what they are. The aftermath is raising oil prices beyond expectations.

Putting a cap is a term used for restrictions. It means that Russia can transport Russian oil using EU or G7 vessels only if Russia sells it for under $60 a barrel. As most of the transportation comes under G7 and EU, it can make it difficult for Russia to sell oil.

Opec+ is a group of 23 oil-producing countries; they together decide the rate of oil production per quarter. And according to the latest reports, Opec+ announced not to increase production rates.

Furthermore, major states in China are removing the covid restrictions, further fueling the shortage of oil. Experts predict a rise in oil prices even more than what we have seen so far.

Zelensky says that the cap on Russian oil is weak and isn’t enough to stop Russia. Certainly, the restrictions will take their toll, but it’s enough to achieve the prerequisite goals. Even after the EU stops buying oil from Russia, markets in India and China continue to buy oil from Russia.

Oil prices continue to rise as the winter approaches. Russia is the second-largest oil producer and accounts for one-third of European needs. It all depends on how long each side will persist.

Credits: BBC

153 comments
  1. Pingback: Reba Fleurantin
  2. Pingback: Leandro Farland
  3. Pingback: domain-portfolio
  4. Pingback: baby stop crying
  5. Pingback: Click Here
  6. Pingback: Click Here
  7. Pingback: Click Here
  8. Pingback: Click Here
  9. Pingback: Click Here
  10. Pingback: Click Here
  11. Pingback: Click Here
  12. Pingback: Click Here
  13. Pingback: Click Here
  14. Pingback: Click Here
  15. Pingback: Click Here
  16. Pingback: Click Here
  17. Pingback: Click Here
  18. Pingback: Click Here
  19. Pingback: Click Here
  20. Pingback: Click Here
  21. Pingback: Click Here
  22. Pingback: Click Here
  23. Pingback: Click Here
  24. Pingback: Space ROS
  25. Pingback: spaceros
  26. Pingback: Click Here
  27. Pingback: Click Here
  28. Pingback: Click Here
  29. Pingback: Click Here
  30. Pingback: Click Here
  31. Pingback: Click Here
  32. Pingback: Click Here
  33. Pingback: Click Here
  34. Pingback: Click Here
  35. Pingback: Click Here
  36. Pingback: Click Here
  37. Pingback: Click Here
  38. Pingback: Click Here
  39. Pingback: Click Here
  40. Pingback: Click Here
  41. Pingback: Click Here
  42. Pingback: Click Here
  43. Pingback: Click Here
  44. Pingback: Click Here
  45. Pingback: Click Here
  46. Pingback: Click Here
  47. Pingback: Click Here
  48. Pingback: Click Here
  49. Pingback: Click Here
  50. Pingback: Click Here
  51. Pingback: Click Here
  52. Pingback: Click Here
  53. Pingback: Click Here
  54. Pingback: Click Here
  55. Pingback: Click Here
  56. Pingback: Click Here
  57. Pingback: Click Here
  58. Pingback: Click Here
  59. Pingback: invite and earn
  60. Pingback: Click Here
  61. Pingback: Click Here
  62. Pingback: Click Here
  63. Pingback: Click Here
  64. Pingback: Click Here
  65. Pingback: Click Here
  66. Pingback: Click Here
  67. Pingback: Click Here
  68. Pingback: Click Here
  69. Pingback: Click Here
  70. Pingback: Click Here
  71. Pingback: Click Here
  72. Pingback: premium-domains
  73. Pingback: Google reviews
  74. Pingback: 2023 Books
  75. Pingback: family member
  76. Pingback: obituary
  77. Pingback: obituaries
  78. Pingback: IRA Empire
  79. Pingback: Chirurgie Tunisie
  80. Pingback: fue
  81. Pingback: fue
  82. Pingback: اقتصاد
  83. Pingback: fue
  84. Pingback: ????? ??????
  85. Pingback: Cultural diversity
  86. Pingback: GPA Calculation
  87. Pingback: led camera
  88. Pingback: pec deck

Comments are closed.

You May Also Like

Taiwan to Impose Health Declaration Forms on All Visitors

Those failing to accurately do so face a fine of up to NT$150,000

Despite Trade War, Taiwan Raises Economic Forecast For 2020

The ongoing US-China trade war seems to be impacting everyone, except perhaps

In Taiwan, Southeast Asians Find Roots In A Bookstore

Humans often tend to create and sustain differences between each other. In

Fitness Club Shut Due To Coronavirus Fears

despite a requirement (for) self-quarantine … club member chose to visit the Yawei fitness club