Bloomberg reported on Tuesday that some Chinese buyers have allegedly paused their import of Russian oil ahead of the West’s looming price cap on that resource, which if true would be very revealing in the context of that country exploring the parameters of a New Détente with the US. According to them, those buyers supposedly want to see if they can get better deals from Moscow after the price cap enters into effect, thus signaling opportunistic and not necessarily unfriendly intentions.
China’s Reported Pause Of Russian Oil Imports Ahead Of The West’s Price Cap Is Revealing
Tag: oil price caps
Saudis say US sought 1 month delay of OPEC+ production cuts
DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.
Saudis say US sought 1 month delay of OPEC+ production cuts
Related:
Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut
The one-month delay requested by Washington would have meant a production cut made in the days before the election, too late to have much effect on consumers’ wallets ahead of the vote.
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To entice the Saudis to delay their decision, U.S. officials told the kingdom they would buy oil on the market to replenish Washington’s strategic stockpiles if the price of Brent, the main international benchmark, fell to $75 a barrel, according to U.S. officials and people inside the Saudi government.
Quid pro quo, huh?! 🧐💭
EU Ambassadors Agree On A Russian Oil Price Cap
European Union ambassadors reached an agreement on Wednesday to impose a new package of sanctions on Russia, including banning maritime transportation for Russian oil to third-party countries unless the oil is sold below or at a certain price cap.
EU Ambassadors Agree On A Russian Oil Price Cap
They sure are gluttons for punishment! 🤦🏼♀️
Russia Confounds the West by Recapturing Its Oil Riches + Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US
Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude
Russia Confounds the West by Recapturing Its Oil Riches
Related:
US Treasury Secretary Janet Yellen has warned that a failure to place a price cap on Russian oil would hurt the global economy.
Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US
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Ms. Cat’s Chronicles 