As the European Union on Wednesday proceeded with an ambitious but untested plan to limit Russia’s oil revenues, Western efforts to siphon money from the president putinwas facing an obstacle from the war machine of OPEC Additionally, the group led by Saudi Arab and it includes Russia, At a meeting in Vienna on Wednesday, OPEC+ agreed to cut oil output, curbing supplies in an already tight market, leading to its biggest clash. west,
OPEC’s de facto leader Saudi Arabia said a 2 million barrel per day (bpd) cut in output – the equivalent of 2% of global supply – was needed to respond to rising interest rates in the West and a weakening global economy. This is the biggest reduction in 2020 since the height of the Covid pandemic. The move would bolster the notion that Russia and Saudi Arabia are working together to manage the oil markets. However, Saudi Arabia dismissed the criticism, saying the West was often motivated by “money arrogance” when criticizing the group. This move was sharply reprimanded by the US President Biden, who made a controversial visit to Saudi Arabia in July to lobby to boost oil production. “The President is disappointed by OPEC+’s short-sighted decision,” NSJ Sullivan and top economic adviser Brian Deez said in a statement.
If the global oil price remains high, it would complicate the EU’s effort to impose a price cap on Russian oil, which was expected to receive final approval on Thursday, part of a newly packed era of EU negotiators. After reaching an agreement on the remedy in the form. sanctions against Moscow. Under the plan, a committee consisting of representatives of the European Union, G7 countries and others who agree to the price cap will meet regularly and decide at what price Russian oil should be sold, and it will change based on the market price. Will go
Diplomats involved in EU talks said Greece, Malta and Cyprus – the maritime nations most affected by the price cap – received assurances that their commercial interests would be protected.
The European Union adopted the eighth sanctions package since the Russian invasion of Ukraine over concerns that a price cap on Russian oil exported outside the bloc would affect their shipping, insurance and other industries, diplomats said. Told. For the measure to take effect, and cut Russian revenues, the US, Europe and their allies would need to convince India and China, which buy enough Russian oil, to buy it only at an agreed-upon price. . Experts say this limit can be difficult to enforce even with willing partners.
OPEC’s de facto leader Saudi Arabia said a 2 million barrel per day (bpd) cut in output – the equivalent of 2% of global supply – was needed to respond to rising interest rates in the West and a weakening global economy. This is the biggest reduction in 2020 since the height of the Covid pandemic. The move would bolster the notion that Russia and Saudi Arabia are working together to manage the oil markets. However, Saudi Arabia dismissed the criticism, saying the West was often motivated by “money arrogance” when criticizing the group. This move was sharply reprimanded by the US President Biden, who made a controversial visit to Saudi Arabia in July to lobby to boost oil production. “The President is disappointed by OPEC+’s short-sighted decision,” NSJ Sullivan and top economic adviser Brian Deez said in a statement.
If the global oil price remains high, it would complicate the EU’s effort to impose a price cap on Russian oil, which was expected to receive final approval on Thursday, part of a newly packed era of EU negotiators. After reaching an agreement on the remedy in the form. sanctions against Moscow. Under the plan, a committee consisting of representatives of the European Union, G7 countries and others who agree to the price cap will meet regularly and decide at what price Russian oil should be sold, and it will change based on the market price. Will go
Diplomats involved in EU talks said Greece, Malta and Cyprus – the maritime nations most affected by the price cap – received assurances that their commercial interests would be protected.
The European Union adopted the eighth sanctions package since the Russian invasion of Ukraine over concerns that a price cap on Russian oil exported outside the bloc would affect their shipping, insurance and other industries, diplomats said. Told. For the measure to take effect, and cut Russian revenues, the US, Europe and their allies would need to convince India and China, which buy enough Russian oil, to buy it only at an agreed-upon price. . Experts say this limit can be difficult to enforce even with willing partners.