Putin further condemned Europe's plan to move forward with a gas price cap too, saying it was "stupid" and could elevate prices.Įconomists estimate Russia's revenue from its oil and gas sales could hit $285 billion this year as energy prices stay high. Brent crude futures rose by 25 cents or 0.3 to 88.25 per barrel by 0033 GMT after closing at their lowest since early February in the previous session. Kremlin officials have warned Russia would cut off energy exports to any country that went along with the oil price cap. Brent crude was up 1.8% at $90.74, while WTI crude futures, the US benchmark, were up 1.8% at $85.11. Russia's benchmark crude was changing hands at around $70 at last check Friday. The factors outlined by Rosenberg suggest a price limit of about $60 a barrel for Urals crude oil, given it traded at $50-$70 a barrel two years ago, Reuters reported. In early March, the immediate aftermath of the invasion, Brent crude futures, the global benchmark, soared above $120 a barrel. Worries about the risks to global oil supply from the conflict and sanctions around it have pushed oil prices higher this year. in line or consistent with historical prices accepted by the Russian market," she added.īut it should also exclude any risk premium driven by Moscow's actions in the Ukraine war, the Treasury official said. "There are several key data points we are considering and how the prices should ultimately be set, and that includes the marginal cost of production for Russian oil," Rosenberg said, per Reuters. The allies are now working on determining the level of the price cap, according to US Treasury Department official Elizabeth Rosenberg.
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