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As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
However, a large interest rate increase by the European Central Bank and China COVID restrictions kept prices down. [125] A strong dollar and the prospect of future interest rate increases caused oil to fall nearly 2 percent the next week, with Brent finishing at $91.35 and WTI at $85.11. [126]
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As part of the sanctions which have been imposed on the Russian Federation as a result of the 2022 Russian invasion of Ukraine, on 2 September 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort which was intended to reduce Russia's ability to finance its war on Ukraine and curb further increases in the 2021–2022 ...
A US Treasury report in May 2023 highlighted that Russian oil exports were continuing to rise, providing stability in the world market, as planned, whilst Russia's revenue was being restrained by the price cap to $5–6 billion per month, compared with $8–15 billion a month in 2022.
The price cap held for most of the year, but Russia is now selling oil at about $68 per barrel, the highest price for Russian crude since last fall. That could go higher if market prices for oil ...
The French oil major has said it would no longer enter into or renew the existing contracts to buy Russian crude oil and petroleum products, with the aim of halting all purchases by the end of 2022.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...