Russian oil prices have risen to the cusp of the price cap set by G7 in a boost to Vladimir Putin in his energy war.
Moscow’s flagship Urals crude rose to $59.98 a barrel at the Black Sea port of Novorossiysk this week, putting it within a whisker of the sanctions imposed in an effort to cut the Kremlin’s funding for the war in Ukraine.
If Russia’s top export grade surpasses the $60 threshold, it would allow Moscow to claim a win of sorts by showing Russia can get its barrels to buyers around the world without help from Western firms.
The price cap allows Russian oil to be transported with Western ships and insurance only if it is priced below the $60 threshold.
US officials have long argued that the price cap is there to give buyers leverage while ensuring that, if Russia cannot transport its own barrels, there is no consequent oil supply shock.
Meanwhile, Brent crude, the international benchmark, has risen toward $80 a barrel today amid signs that supply cuts pledged by Russia and Saudi Arabia are taking effect.
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2023-07-12 10:43:07Z
CBMiaWh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzA3LzEyL2Z0c2UtMTAwLW1hcmtldC1uZXdzLWJhbmstb2YtZW5nbGFuZC1maW5hbmNpYWwtYmFzZS1yYXRlL9IBAA
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