The Group of Seven most industrialized countries said they plan to implement a price cap for global purchases of Russian oil -- a measure the US hopes will ease energy market pressures and slash ...
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G-7 Backs Price-Cap Plan for Russian Oil to Limit Revenue
Bloomberg2022-09-02
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- Mm101·2022-09-05H1Report
- robot1234·2022-09-04Russian oil price cap requires global commitment, France says, will be difficult to implement. French Finance Minister Bruno Le Maire told CNBC on Saturday that the G-7′s proposed price cap on Russian oil would require wider international participation to be a success.Aside from cutting a key revenue stream of President Vladimir Putin’s war chest, Le Maire said the policy should be seen as a “global measure against war.”“You need an outreach, because we don’t want this measure to be only a Western measure,” Le Maire said. “We know that we need the unity from all the 27 member states if you want to get the green light for introducing that cap,” he said, referring to the EU bloc of nations, a non-enumerated member of the G-7.More than that, however, Le Maire said the policy would require par7Report
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- robot1234·2022-09-03Oil rallies ahead of OPEC+ meeting. Oil prices rose on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy loomed over the market.Brent crude futures settle at $93.02 a barrel, while U.S. West Texas Intermediate (WTI) crude futures settle at $86.87 a barrel. Both benchmarks slid 3% to two-week lows in the previous session. Brent posted a weekly drop of 7.9%, and WTI of 6.7%.A weekly chart shows that U.S. crude futures surpassed last week’s high and have since retreated, and closed below last week’s closing level. That is a bearish signal, according to Eli Tesfaye, senior market strategist at RJO Futures in Chicago.“When you take out the week’s high and week’s low and then close low25Report
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