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Russia: OPEC+ Cooperation Counters "Western Manipulation"

ENERGY SECURITY

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..."
USPolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets
USPolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets

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