Oil Prices 

Oil Prices: WASHINGTON — The top economic officials of the world’s leading advanced economies agreed on Friday to forge ahead with a plan to form an international buyers’ cartel to cap the price of Russian oil, accelerating an ambitious effort to avoid a price shock while draining President Vladimir V. Putin’s war chest.

Finance ministers from the Group of 7 nations said after a virtual meeting that they were finalizing details of a price cap, which they had already agreed to explore at a formal meeting earlier this year. The plan needs to be put in place by early December, ahead of a European Union embargo on Russian oil imports and a ban on the insurance and financing of Russian oil shipments. The Biden administration has been fearful that these moves could send energy prices skyrocketing and potentially tip the global economy into a recession.

Plan, but don’t panic over heating oil prices, officials say

Oil prices rose on Friday, with West Texas Intermediate crude, the U.S. benchmark, gaining more than 3 percent, to just over $89 per barrel. Still, prices are down for the week, and well off the highs of around $120 a barrel in mid-June.

In recent months, Treasury Secretary Janet L. Yellen and her team have been traveling the globe to solidify support for the price cap idea, an untested proposal that aims to stabilize volatile energy markets that have been roiled since Russia invaded Ukraine earlier this year. A central component of those discussions has been how the price would be set, and how it would be enforced.

An Iran nuclear deal revival could dramatically alter oil prices — if it happens

The price cap would create an exception in European sanctions by permitting insurers to grant coverage for oil cargo only if it was being sold at or below a certain price. Britain and the European Union are global hubs for the maritime insurance industry, and bans on insuring or financing transactions involving Russian oil could cause broad disruptions to shipments of Russian oil around the world.

“We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” the finance ministers wrote in a joint statement. “The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price determined by the broad coalition of countries adhering to and implementing the price cap.’

Oil prices drop as hawkish central banks spark fears of a downturn

The finance ministers have not yet agreed on the price at which Russian oil can be sold, but said that it would be “set at a level based on a range of technical inputs and will be decided by the full coalition in advance of implementation in each jurisdiction.”

Ms. Yellen, in a statement on Friday, said that a price cap would be a critical tool for fighting inflation and protecting Americans from future energy price spikes.

“By committing to finalize and implement a price cap, the G7 will significantly reduce Russia’s main source of funding for its illegal war, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices,” she said. “While we’ve seen energy prices ease in the United States, energy costs remain a concern for Americans and continue to be elevated globally.”

Nvidia and tech stocks are weighed down by tensions with China, and oil prices decline

The proposal still faces considerable obstacles.

The European Union will have to amend a package of sanctions that are set to take effect on Dec. 5 to incorporate the price cap; that will require the unanimous agreement of all 27 member states.

Biden administration officials are growing increasingly confident that they will be able to galvanize an international effort to impose the price cap, in part because of the progress at the G7. But they say bringing all member countries of the European Union on board for the plan will be more difficult. The G7 had already agreed to explore the concept of a price cap at a leaders’ summit in the German Alps in June. But European countries like Hungary — which previously pushed for the oil they buy from Russia via pipeline to be exempted from Europe’s import ban — have not yet agreed on such a plan.

Will a Renewed Iran Nuclear Deal Mean Cheaper Energy?

Energy analysts have been skeptical that a price cap can corral oil prices. The maritime insurance industry, which would be responsible for making sure that buyers and sellers were honoring the price cap, has warned that insurers cannot police the transactions.

In addition, while the United States and Europe have moved to cut themselves off from Russian oil, nations such as China and India have been buying it at heavily discounted prices. That has allowed Mr. Putin to support his economy despite global sanctions that have been imposed on its central bank, financial sector, and military industry.

Top stories

Price Cap on Russian Oil Wins Backing of G7 Ministers

The Hill

G-7 agrees to price cap on Russian oil

News about Gas, labor day weekend

Gas price declines spell relief for many Labor Day drivers

WTOP

Gas prices continue on the longest downward trend since 2018

Also in the news

Wall Street Journal

Oil Prices Rebound, With OPEC+ Meeting in Focus

Oil firms on bets OPEC+ will talk up output cuts to stem sinking prices

Energy – Bloomberg.com

https://www.bloomberg.com › energy

Get updated data about energy and oil prices. Find natural gas, emissions, and crude oil price changes.

‎HO1:COM Heating Oil (Nymex) · ‎CP1:COM Crude Oil (Tokyo) · ‎New Energy

Crude Oil Prices Today | OilPrice.com

https://oilprice.com

Crude oil prices & gas price charts. Oil price charts for Brent Crude, WTI & oil futures. Energy news covering oil, petroleum, natural gas and investment 

Oil rallies ahead of OPEC+ meeting – Reuters

https://www.reuters.com › business › energy › oil-firms-b

2 hours ago — LONDON, Sept 2 (Reuters) – Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept.

Oil prices will hold steady but ‘more bullish’ factors ahead

https://www.cnbc.com › 2022/09/01 › oil-prices-will-h

1 day ago — Oil prices will hold steady for the rest of the year but decline marginally in 2023, according to a group of analysts who spoke to CNBC.

Crude Oil WTI (NYM $/bbl) Front Month Overview – MarketWatch

https://www.marketwatch.com Futures › CL.1

CL.1 | A complete Crude Oil WTI (NYM $/bbl) Front Month futures overview by MarketWatch. View the futures and commodity market news, futures pricing and 

1 Month: -0.37%

1 Year: 27.64%

3 Month: -26.66%

YTD: 16.90%

Crude Oil Price, Oil, Energy, Petroleum, Oil Price, WTI & Brent 

https://www.oil-price.net

Crude Oil Prices Charts. Latest News on Oil, Energy and Petroleum Prices. Articles, Analysis and Market Intelligence on the Oil, Gas, Petroleum and Energy 

Crude oil – 2022 Data – 1983-2021 Historical – 2023 Forecast

https://tradingeconomics.com › Commodity

Oil prices jumped almost 3% to above $89 per barrel on Friday, after slipping over 3% in the prior session, on hopes that OPEC+ will discuss output cuts at 

Oil Price Charts | Oilprice.com

https://oilprice.com › oil-price-charts

International PricesLastChange% ChangeLast Updated

Das 93.13 ‑0.98 ‑1.04%(9 Hours Delay) (9 Hours Delay)

Umm Lulu 94.43 ‑0.98 ‑1.03%(9 Hours Delay) (9 Hours Delay)

Upper Zakum 93.89 ‑1.03 ‑1.09%(9 Hours Delay) (9 Hours Delay)

Ukraine war: G-7 nations back plan to cap Russian oil prices

https://www.cnbc.com › 2022/09/02 › g-7-nations-back

3 hours ago — The Group of Seven wealthy nations on Friday agreed to implement a price-capping mechanism on Russian oil exports.

Spot Prices for Crude Oil and Petroleum Products – EIA

https://www.eia.gov › dnav › pet › pet_pri_spt_s1_d

08/22/2208/23/2208/24/2208/25/2208/26/2208/29/22View; History

93.42 96.46 95.52 93.33 93.63 97.40 1986‑2022

95.06 99.49 99.87 98.81 101.13 1987‑2022

2.920 2.958 2.847 2.842 2.874 2.912 1986‑2022

Crude Oil Price Today – Markets Insider

https://markets.businessinsider.com › commodities › oil

NameExpirationPrice%Date

MCL OCT22 9/19/2022 88.59 2.58 9/2/2022

CL OCT22 9/20/2022 88.67 2.66 9/2/2022

MCL NOV22 10/19/2022 88.11 2.53 9/2/2022

Crude Oil Prices – 70 Year Historical Chart | MacroTrends

https://www.macrotrends.net › crude-oil-price-history-c

YearAverage; Closing PriceYear OpenYear HighYear LowYear CloseAnnual; % Chan

2022 $100.22 $76.08 $123.70 $76.08 $89.55 19.07%

2021 $68.17 $47.62 $84.65 $47.62 $75.21 55.01%

2020 $39.68 $61.17 $63.27 $11.26 $48.52 ‑20.64%

Commodities – Oil, Silver and Gold Prices – CNN Business

https://www.cnn.com › business › markets › commodities

Get the latest commodity trading prices for oil, gold, silver, copper and more on the U.S. commodities market and exchange at CNN Business.

Crude Oil Prices: West Texas Intermediate (WTI) – Cushing 

https://fred.stlouisfed.org › series › DCOILWTICO

View the daily price of the crude stream traded at Cushing, Oklahoma, which is used as a benchmark in oil pricing.

2022-08-29: 97.40

2022-08-23: 96.46

2022-08-26: 93.63

2022-08-24: 95.52

AAA Gas Prices

https://gasprices.aaa.com

National average gas prices highest recorded average price. Price, Date. Regular Unleaded, $5.016, 6/14/22. Diesel, $5.816, 6/19/22. State Gas Prices.

Crude Oil Oct 22 (CL=F) Stock Price, News, Quote & History

https://finance.yahoo.com › quote

With oil prices remaining relatively strong despite minor hiccups, energy companies like Occidental Petroleum (OXY), Coterra Energy (CTRA) and Hess Corporation 

 

 

 

 

SOURCE URL

 

 

 

Leave a Reply

Your email address will not be published.