Tag: oil

The European Commission is considering setting a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

G7's price cap of $60-a-barrel on Russian seaborne oil came into force on December 5, as the West tries to limit Russia'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.

European Union tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, along with an adjustment mechanism to keep the cap at 5% below the market price.

The Biden administration approved plans from the Sea Port Oil Terminal (SPOT), to build US’s largest oil export terminal off the Gulf Coast of Texas. The new terminal would add 2 million barrels per day to the US oil export capacity.

US published a document providing guidance on the implementation of the price cap policy for crude oil of Russian Federation origin.

Transport & Environment (T&E) published a paper assessing how and to what extent the EU can reduce oil demand through short, medium and long term measures.

Libya’s state oil company suspended shipments from the key eastern port of Ras Lanuf, amid a worsening political crisis in the OPEC member.

The US is urging European capitals to ease the impact of their ban on insuring Russian oil cargoes, claiming that this measure could cause global crude prices to skyrocket.

A Greek court overturned an earlier court ruling that allowed the confiscation by the US of part of a cargo of Iranian oil on an Iranian-flagged tanker off the Greek coast.

Greece’s Shipping Ministry has made a “strong recommendation” to Greek shipping companies to avoid Iranian territorial waters when crossing the Persian Gulf, Strait of Hormuz and Gulf of Oman.