The Russian Baltic oil exports could fall 20% in December compared to the previous month after the European Union and the G7 countries imposed sanctions and a price cap to Russian crude from December 5, according to traders and Reuters calculations.
Russia could cut its oil production by between 5% and 7% at the beginning of 2023 What reply to price limitationthe RIA news agency quoted Deputy Prime Minister Alexander Novak as saying on Friday.
“Crude prices are rising because energy traders are focused on Moscow’s response to the Russian oil price cap and not so much on the thousands of flight cancellations that will disrupt holiday travel,” he said. Edward MoiaOANDA analyst.
More of 4,400 US flights have been canceled in a period of two days due to the winter storm, coinciding with a season of christmas trips what some predict could be the busiest in history.
The Thursdaythe oil prices on both sides of the Atlantic dropped due to flight cancellation. The blizzard could also affect motorists’ Christmas and New Year travel plans, curbing gasoline consumption.
However, the demand for heating oil could be boostedas extreme weather is expected to cause power outages.
Source: Ambito
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