The OPEC countries are evaluating a maxi cut in production to raise oil prices. The EU approves a ceiling on the price of Russian crude oil

Opec + is preparing to cut oil production up to 2 million barrels per day (the global average daily consumption is approx 100 million barrels, ed) in the meeting called urgently and to be held today a Vienna. The scissoring is supported by the most important member of the cartel of the producing countries and the first exporter in the worldSaudi Arabia, which hopes in this way to push up the prices, later the decline of about 20% accused in the last 3 months. In favor of the production cut are also the United Arab Emirates and the Russia che participates in the organization in its extended formula. The move, however, is destined to exacerbate Riyadh’s relations with the United States and Europe. Two months ago the US president Joe Biden he went to Jeddah to meet the crown prince Mohammed bin Salman and had later claimed that Saudi Arabia would “Taken further measures” to increase supplies of oil.

The move also shows the discontent of producing countries over the hypothesis of introducing a ceiling on Russian crude oil barrel prices. Decision that could represent a precedent judged dangerous by OPEC members. The Russian energy minister should also take part in the summit Alexander Novak. Russian crude is already being sold at a discount of $ 10-20 per barrel compared to official prices as Western buyers prefer to turn to other suppliers. From next December it will gradually enter into force the European oil embargo on Moscow, already blocked by the United States and Great Britain, which consumed very modest quantities.

Today the European Union he agreed a new package of sanctions against Russia which includes support for a cap on oil sales to third countries. “We have approved a new sanctions package,” he told reporters Andrzej Sados, the Polish ambassador to the EU. “Includes a cap on the price of Russian oil shipped to third countries and mechanisms to avoid the avoidance of sanctions “. The new sanctions, which should come into effect on Thursday, would ban the shipping of Russian oil to third countries above a price ceiling, the Czech EU presidency tweeted. The new measures also extend the ban on imports of goods, including steel products, and a ban on providing IT, engineering and legal services to Russian entities, he said.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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