Average gas prices have fallen for U.S. drivers in recent days to $3.41 per gallon, according to motoring club federation AAA.
To prevent a sudden loss of Russian crude, the price cap allows shipping and insurance companies to transport Russian oil to non-Western nations at or below that threshold. Most of the globe’s tanker fleet is covered by insurers in the G-7 or EU.Russia would likely try to evade the cap by organizing its own insurance and using the world’s shadowy fleet of off-the-books tankers, as Iran and Venezuela have done, but that would be costly and cumbersome, analysts say.
Facing those uncertainties for the global oil market, OPEC oil ministers led by Saudi Arabia could leave production levels unchanged or cut output again to keep prices from declining further. Low prices mean less revenue for governments of producing nations. Maintaining OPEC production targets makes sense because “right now I think they see the market as adequately priced, adequately supplied, and there’s no reason to rock the boat,” said Gary Peach, oil markets analyst with Energy Intelligence.The G-7 price cap could prompt Russia to retaliate and take oil off the market. But the cap of $60 a barrel is near the current price of Russian oil, meaning Moscow could continue to sell while rejecting the cap in principle.
“If Russia ends up taking off more oil than about a million barrels per day, then the world becomes short on oil, and there would need to be an offset somewhere, whether that’s from OPEC or not,” said Jacques Rousseau, managing director at Clearview Energy Partners. “That’s going to be the key factor — is to figure out how much Russian oil is really leaving the market.”
...if the U.S. can keep relying on China for rare earth (among other things)... this matter is moot.
Mmmmh starting new labels ehhh? Your next terror attack will be in the name of stopping 'Oil cartels'. Welcome to the world of homosexuals
OPEC will not tailor its policies to NATO demands. OPEC makes decisions that are good for OPEC alone.
Twitter is an one of exemples that confirms that The Left spreads chaos, disorder and disorientation to the people to segregate them. Fakenews, desinformation, HIDDEN MENSAGES, Left-pseudo-specialists' commentaries, robots, tons of filters, millions of algorithms, etc.
The Associated Press who are part of the Western Media Cartel!
But the west wants green energy, Me thinks OPEC is helping them but alas the west are annoyed
Looks like the OPEC oil cartel and their Russian allies are unphased by Western sanctions - they're still going full steam ahead with their plan for global oil domination. Who needs democracy and human rights when you've got black gold?
OPEC should act independently and not be bullied and harassed by US and its western european allies.
This is forcing people who were against energy independence change their mind and they'll be hurting when the US no longer buys oil. I actually don't think our oil can meet our needs because it's the wrong kind of oil but you get my point.
The buyers think that they can set the price. It's as delusional as if i go into the store and tell them that i have set a price cap of 50% of their price. It would be as successful as this will be.
Hmmm the term ' Oil Cartel' though
The Saudis are not our friends.
IMPORTANTE Morality police hasn’t been abolished in Iran. This is a lie to deceive protester and to divide them just before nationwide calls for protests in the next coming days. MahsaAmini
Right. The current policy assumes reduction by 2 mln barrels starting November December is coming soon…
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