Russian Oil Price Cap: America and western countries will impose a price cap on Russian oil, which may be announced soon


Posted on 29th Nov 2022 03:09 pm by rohit kumar

During the ongoing Russia-Ukraine war since February 2022, Western countries are imposing various economic sanctions on Russia. Meanwhile, Russia is providing petroleum products to India at cheap rates. Now, to crack down on Russia selling oil to India, the US and its allies are planning to cap oil prices at $65 to $70 per barrel.

 

The G-7 group and the European Union may soon announce a price cap to crack down on Russia selling oil to India at cheap prices. If this happens, it may affect India's purchase of oil from Russia. Ambassadors of all countries involved in the European Union met on Wednesday to approve the imposition of a price cap on Russian oil and have proposed a price cap level. As soon as this proposal is approved, the price cap can be announced. If there is an announcement to impose a price cap on Russian oil, a fall in the prices of crude oil can be recorded in the international market.

 

 

Meanwhile, Tetsu Emory, CEO of Emory Fund Management Inc., has said that demand-related concerns have increased due to the ongoing lockdown in China under the zero corona policy and the deterioration of the environment due to it. On the other hand, a meeting of OPEC countries is going to be held on December 4. Tetsu Emory said oil prices could remain subdued until OPEC countries agree on further cuts in production quotas or the US takes steps to rebuild its strategic petroleum reserves. In October 2022, OPEC countries decided to cut their production target by 2 million barrels per day by 2023.

 

India has been buying large quantities of oil from Russia since the Ukraine war. India is getting an exemption on the purchase of oil from Russia. Oil transactions between India and Russia are going on despite opposition from America and Western countries. According to media reports, if a price cap is imposed on Russian oil, then India will also be affected by it.

 

Also Read: Petrol Diesel Price Today: Oil companies have released the prices of petrol and diesel, know how much the prices are in your city

1 Like 0 Dislike
Previous news Next news
Other news

395th birth anniversary of Maratha Empire founder Shivaji Maharaj: PM Modi, Amit Shah and many other leaders paid tribute

Today is the 395th birth anniversary of Chhatrapati Shivaji Maharaj, the founder of the Maratha E

Son Of Sardaar 2: The film's troubles increased even before its release. Did 'Saiyaara' and 'Mahavatar Narasimha' spoil the game?

Bollywood actor Ajay Devgan's much-awaited film 'Son of Sardar 2' is going to hit the theatres on

NZ Vs SA: Kane Williamson's bat roared fiercely against South Africa, scored a powerful century, and Ricky Ponting was left behind

Kane Williamson scored a hundred against SA in 2nd innings: Kane Williamson has once again scored

Akhilesh Yadav's MLA praised Aurangzeb, now he is in trouble; FIR registered.

Samajwadi Party MLA Abu Azmi in Maharashtra has given a controversial statement, after which he s

IND vs AUS: Jasprit Bumrah benefited from Mohammed Siraj's trick; Kangaroo team was stunned

It is very difficult for a match to take place between India and Australia and nothing unusual ha

Avatar 3 Poster Out: New villain will set the screen on fire in Avatar-Fire and Ash. when will it be released in India?

Hollywood director James Cameron's film 'Avatar' is a craze all over the world. This film is one

People forgot Corona in 2022: now people are searching for more ways to stay fit and improve mental health

Along with Google, people have now forgotten to search for Covid in other search engines all over

Bihar Election 2024: Low voting in Bihar increased the tension of Election Commission, made this plan to increase the voting percentage

Lok Sabha Election 2024: The Election Commission of India has taken a special init

President Biden will join G-20, Jean Pierre said – We are ready to support India's presidency

White House Press Secretary Karine Jean Pierre said that President Joe Biden will attend the G-20

Kanguva Teaser: Sit tight, the teaser of Surya's film 'Kanguva' will come today at this time, the poster increased the excitement.

Suriya starrer 'Kanguva', being directed by Siruthai Siva, has been in the news since its announc

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash