Oil prices fell 2 percent on Friday on tight market liquidity, ending a week marked by concerns over Chinese demand and haggling over a western price cap for Russian oil. a barrel after reversing some earlier gains. US West Texas Intermediate crude oil futures are down $1.
66 or 2.1 percent to $76.28 a barrel. Ukraine wants a lower cap on Russian oil of $30-$40 a barrel. proposed the Group of Seven countries, said Ukrainian President Volodymyr Zelenskyy on Saturday.
EU governments, trying to limit Moscow’s ability to finance the Ukraine war without shocking oil shipments, are at odds with the G7’s push to set the cap at $65-$70 a barrel. It is scheduled to come into force in December. “The limit that is being considered today, around $60, I think is an artificial limit,” said Zelensky, who has consistently urged allies to impose tougher sanctions of all kinds on Russia. “We want the sanctions to be very effective. in this fight so
that the limit is 30-40 dollars, so Russia is feeling them (the sanctions),” he told a news conference. Shipments of Russian crude oil anywhere in the world, unless it sells for less than the price set by the G7 and their allies.
Poland, Estonia and Lithuania are pushing for a cap much lower than $65-70 per barrel, while Greece, Cyprus and Malta want a higher cap. OPEC+ meeting to consider market conditions: The meeting of Iraq’s Petroleum Exporters Organization The countries and their allies known as OPEC+ will take into account the state and balance of the market in December, said the state agency, which carried the Iraqi news Saadoun Mohsen quoted. a senior official at the country’s state-owned oil trading company SOMO said on Saturday
. OPEC+’s decision in October to cut production by two million barrels a day bpd played a major role in stabilizing global markets, said Saadoun, who works as an Iraqi delegate acts OPEC. He said the cut did not reduce Iraqi exports.
Iraq’s current production accounts for 11 percent of the group’s total production of 43 million bpd, he said, adding that Iraq expects a crude oil price range of at least $85-$95 next year. OPEC+, which includes the Russia-led OPEC+ members, will hold its next meeting in Vienna in December. Oil markets are experiencing “serious volatility” due to the fallout from the pandemic, a slowdown in the global economy and the war in Ukraine, the Iraqi official said, making it difficult to ensure price stability for
