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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."
The [FY 2022/23] budget still include[s] a price of just $62 per barrel.
[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.
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.
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].
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.
• 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
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