The decision of Saudi-led OPEC+ to stand pat on production won’t move the needle on...
“China’s COVID situation is important to watch as looser restrictions mean higher case numbers,” said Bill Weatherburn, a commodities economist at Capital Economics. “This could bring about prolonged, widespread lockdowns, denting oil consumption.”The decision of Saudi-led OPEC+ to stand pat on production won’t move the needle on crude oil prices so much as the price cap and the upcoming moratorium on Russian crude oil will, analysts say.
President Joe Biden and his fellow Democrats were worried about high oil prices and OPEC+ policy ahead of the November elections. But lackluster demand in China and concern about a potential global recession triggered significant declines in the price of oil. “But it would be interesting to watch, almost as an academic exercise, where Russian crude ends up trading in relation to the price cap and how well any review and revision mechanism keeps in step with changes in benchmark prices,” she said.
“China’s COVID situation is important to watch as looser restrictions mean higher case numbers,” he said. “This could bring about prolonged, widespread lockdowns, denting oil consumption.”
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
G7 price cap on Russian oil kicks in, Russia will only sell at market priceThe G7 price cap on Russian seaborne oil came into force as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production
Lire la suite »
Asian markets gain, oil prices rise after deal to cap Russian crude pricesAsian shares were mostly higher and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian...
Lire la suite »
All EU governments complete approval of Russian oil price capAll European Union governments completed on Saturday the written approval of a $60 per barrel price cap on Russian seaborne oil, the European Commission said, paving the way for its publication in the EU's Official Journal and entry into force on Dec. 5.
Lire la suite »
Live blog: Zelenskyy says Western price cap on Russian oil 'not serious'Ukraine says level of price cap on Russia oil isn't serious, and US expects reduced tempo in fighting to continue for months as conflict rolls into its 284th day Follow our live coverage:👇
Lire la suite »
Kremlin rejects EU oil price cap: 'Europe will live without Russian oil'The Kremlin on Saturday rejected EU efforts to hit Russia's top earner by placing a price cap on its oil and said 'Europe will live without Russian oil.'
Lire la suite »