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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.
Over the next three days, the increase in oil prices erased the previous week's losses. WTI climbed to $68.36 and Brent to $72.25 on August 25. Fuel demand in the U.S. was the highest since before the pandemic, U.S. crude inventories were the lowest since January 2020, and China reported fewer new COVID-19 cases. [59]
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U.S. crude prices fell below $95 a barrel for the first time since April, following a decision by European Union member states to adjust sanctions to allow Russian state-owned companies to ship ...
Oil prices fell Tuesday to their lowest levels in a week, as the risk appetite associated with the relaxing of China’s COVID restriction ran its course amid uncertainty over Russia’s supply ...
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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.
Asian giants are buying 1.5 million barrels a day from Russia – each Russian oil exports back above pre-Ukraine war levels as India and China buy 90% of Moscow’s crude Skip to main content