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Russia: OPEC+ Cooperation Counters "Western Manipulation"


Wires carrying comments from the Russian Foreign Ministry on OPEC+ and actions taken by the G7+Austalia to enforce a price cap on Russian crude oil.

  • Russian MFA, per Reuters: "OPEC+ cooperation is of a great significance... OPEC+ cooperation allows to stabilize oil markets despite 'western manipulation' with price caps."
  • Russian MFA: "Russia is a responsible energy supplier to global markets."
  • In late September, US Treasury Secretary Janet Yellen acknowledged that the price cap on Russia crude was failing to significantly lower the price paid for Russian oil leading the G7+Australia to unveil new measures, including sanctions against entities found selling Russian crude above the cap.
  • Reuters reported this week, "Oil freight rates from Russia's Baltic ports to India are up some 50% since last week as more shipowners quit the market after the first U.S. sanctions on shipowners carrying Russian crude priced above a G7 cap."
  • A source told Reuters: "Higher shipping rates and payment issues amid rising U.S. control over Russian oil shipments may put Moscow's plan to trim discounts for its oil on the global market on hold..."

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