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UK.gov | G7 Foreign Ministers' Statement on Energy Security, 2 Aug free trade
... We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners. In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure ["]the most vulnerable["] and impacted countries maintain access to energy markets including from Russia.

We will further reduce our reliance on civil nuclear and related goods from Russia, and assist countries seeking to diversify their supplies. ...

by Cat on Tue Aug 2nd, 2022 at 04:55:22 PM EST
[ Parent ]
Let's recap
• Ban G7 member Urals imports ("embargo" Urals)
• Fix G7 $/bbl Urals below cost, inexplicably
• Penalize unauthorized ROW Ural contracts, shipping, insurance, and imports
• Sell G7 Urals prix fixe sanction waivers to world
• Assume OPEC "excess capacity" exports, becaus obligation to balance demand
• Watch RF production collapse, benchmark $/bbl explode
• Profit!

Actual 1YR trend (ex ROW "discounts", bi-lateral currency settlement)

yahoo! Bloomberg | Russia Floating Long-Term Oil Contracts ahead of G7 racketeering, 24 Aug

"We are working very hard to implement this joint project," Scholz told reporters earlier this month. "However, it will not work if only the G-7 countries agree on it. There are others who are needed as partners."
and even then, ya gits. Slava Ukraini!
readovka | It is in Russia's interests to conclude long-term oil contracts with Asians as soon as possible, 24 Aug
The [FY 2022/23] budget still include[s] a price of just $62 per barrel.

by Cat on Fri Aug 26th, 2022 at 03:16:21 AM EST
[ Parent ]
Reuters | Oil prices rise on signals OPEC might cut output, ahead of G7 racketeering?
nahhh. US and ECB interest rate hike, yanno, to squeeze the *flation out of energy demand. worldwide.
by Cat on Fri Aug 26th, 2022 at 11:34:16 PM EST
[ Parent ]
APsplainin | Yellen warns of failure to agree on Russia oil price cap, 1 Sep
[CAPTION: [US] Treasury Secretary Yellen, right, gestures to the United Kingdom's Chancellor of the Exchequer Nahhim Zahawi during their meeting at the Treasury Department, Wednesday, Aug. 31, 2022, in Washington]
Yellen said a price cap also would limit the impact of higher oil prices on inflation in consuming countries, with the cost of gasoline and diesel still squeezing consumers and businesses hard, especially in Europe. To be effective, participating countries would have to collectively agree to purchase the oil at a lower-than-market price.
G7 "effective" scenario

volDemoRT | Russia issues oil supply warning to G7, again, 1 Sep embargo fu

"In my opinion, this ["price cap"] is a complete absurdity... To those companies or countries that will impose restrictions, we will not supply our oil and oil products, because we are not going to work under non-market conditions," he told reporters, commenting on a plan to limit prices on Russian oil currently being discussed by the Group of Seven (G7) countries.
so go ahead. Pay more for less "free market" oil and gas. OPEC+ Norway+ Seven Sisters thank you.
by Cat on Thu Sep 1st, 2022 at 09:20:12 PM EST
[ Parent ]
wut: "Maximising the gas price is one of the proposals that the Czech Republic wants to put on the table, Sikela said."
by Cat on Thu Sep 1st, 2022 at 09:27:44 PM EST
[ Parent ]
restraint of trade (*-English)
and disturbances in the antitrust farce
by Cat on Thu Sep 1st, 2022 at 09:34:41 PM EST
[ Parent ]
euractiv | 10 heads of the G7 splainin, 2 Sep
Western G7 leaders agreed in June to explore a cap to limit how much [G7] refiners and traders can pay for Russian crude - a move Moscow says it will not abide by and can thwart [G7 racketeering] by shipping oil to states wholesale buyers not obeying the price ceiling [G7 law enforcement].
< wipes tears >
The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States. The G7 meetings also include < wipes tears > EU officials, representing the [European] Commission and the [European] Council. Some officials in the bloc have said that the cap needs broader backing [international producers'agreement?] and have questioned whether [bid-rigging] can be successful without the participation of major oil consumers China and India, which are unlikely to endorse the plan. But other G7 officials [EU High Representative?] have said that China and India have expressed interest in buying Russian oil [from WHOM?] at an even lower price in line [sic] with the cap than G7 MSRP.
[...]
Another G7 official said that the bloc has "a desire to show there's momentum on this" ahead of the European Union's planned imposition of a regional embargo on prohibition of member licensed or illicit purchases of Russian crude on 5 December.
S&P Global Commodity Insights (price discovery)

• Platts excludes Russian-origin material from European LPG assessments effective Sept 1

• Platts excludes Russian-origin material from European gasoline assessments effective Sept 1

• Platts excludes Russian-origin material from European jet fuel assessments effective Sep 1, 2022

• Platts excludes Russian-origin product from European 1%S FO and 0.5%S MF assessments from Sept. 1

• Platts discontinues nine Asia clean tanker assessments, from Sept 1

• Platts to discontinue Indonesia's Handil Mix, Australia's Gippsland crude assessments from Jan 1, 2023

• Platts to discontinue assessments of Abu Dhabi crudes differentials to OSP from Jan 1, 2023

• Discontinued USDA third party grains and biofuels symbols

• Platts discontinues some third-party grains data, August 31

• Platts discontinues publishing assessments for Eagle Ford Postings Average, August 22

• Discontinued CEC carbon credit symbols, August 16

by Cat on Fri Sep 2nd, 2022 at 03:15:11 PM EST
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