• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 22 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 15 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 15 hours Wind droughts
  • 2 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 8 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 14 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days Xi Is Set To Be Re-Elected As China’s Leader
  • 2 hours Australian power prices go insane
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 16 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 days Oil Prices Fall After Fed Raises Rates

U.S. Hopes For Price Cap On Russian Oil By Year-End

The United States hopes that there will be an agreement on capping the price of Russian oil by December, U.S. Deputy Treasury Secretary Wally Adeyemo said at a security forum on Wednesday.

"Our goal is to make sure that as that insurance ban is going into place, we're in a position where there's a price cap that can be joined onto that that is a global one that helps to drive down global energy prices and also allows Russian energy to flow into the market place," Adeyemo told the Aspen Security Forum in Colorado, as carried by Reuters.

For weeks, the U.S. and partners have been discussing ideas to cut Putin's revenues, including banning all services enabling Russian oil shipments unless buyers pay for Russia's oil at or below a certain price.

"A price cap on Russian oil is one of our most powerful tools to address the pain that Americans and families across the world are feeling at the gas pump and the grocery store right now," U.S. Treasury Secretary Janet Yellen said earlier this month at the Group of 20 finance ministers and central bank governors meeting in Bali, Indonesia. 

"A limit on the price of Russian oil would deny Putin revenue his war machine needs and would build on the historic sanctions we've already implemented to make it more difficult for him to wage his war or grow his economy," Secretary Yellen added.  

"It will also aid in maintaining the global supply of oil, helping put downward pressure on prices for consumers in America and globally at a time when energy prices are spiking," she noted.  

Yellen visited last week several Asian countries where she discussed a price cap on Russian oil, among other things.

After talks in Seoul, South Korea signaled earlier this week its support for the plans for a price cap on Russia's oil.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News