Oil prices rise as cap on Russian crude looms
Oil prices have risen amid concerns that a new cap on the price of Russian crude could disrupt global supplies in the coming months.
It will stop any Russian crude sold for more than that price from being shipped using G7 and EU tankers, insurance companies and credit institutions. Many major global shipping and insurance companies are based within the G7. "Russia has been very clear that they will not sell crude [oil] to anybody signing up to the price cap," he said.
Opec+ is made up of 23 oil-exporting countries, including Russia, who regularly meet to decide how much crude oil to sell on the world market.
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