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Prices for oil and gasoline have skyrocketed. “The sanctions have led to a de facto ban on Russian oil,” Andy Lipow, president of consulting firm Lipow Oil Associates, told CNN.
The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 percent of the world’s oil supplies.
Since the outset of its war with Ukraine, Russia has sold its oil at discounted prices. As of Friday, Russian Urals crude traded at $67 per barrel -- an amount little higher than the cap.
That hinges, however, on Russia’s ability to redirect oil to other buyers. That won’t be easy. A significant portion of Russia’s oil exports to Europe travel to the bloc via pipelines.
Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its once-flailing currency has surged in value against the dollar.
Russian crude accounts for 36% of India’s imports, and nearly a fifth of China’s, making Russia both countries’ top supplier, according to Muyu Xu, a senior oil analyst at trade intelligence ...
The latest U.S. sanctions on Russian oil are rumored to be expansive, encompassing two Russian oil companies and more than 100 tankers, as well as oil traders and Russian insurance firms. The ...
Also targeted were Hong Kong and UAE-based traders of Russian oil. The Treasury said vessels chartered by Hong Kong-based Bellatrix Energy Limited, one of the traders targeted on Wednesday, have ...
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Price cap on Russian oil could shift: How system works - MSNOil prices rose by less than 1% after the EU agreed to lower the ceiling price for Russian crude oil. The price of Brent exceeded $70 per barrel, while West Texas Intermediate exceeded $68.
An explosion rocked an oil facility in Novokuybyshevsk, Russia on Saturday. Ukraine says its drones were used to attack the ...
Lower freight costs mean Russian oil companies earn more from the sales. This drop comes even after U.S. sanctions on Russian shipping group Sovcomflot cut 15 tankers from Moscow's fleet.
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