The USA Treasury Secretary Janet Yellen said she was in talks with Canada and other allies about imposing a cap on Russia's oil prices in order to limit Russia's energy revenues without affecting low-income countries.
Speaking to reporters in Toronto, Canada, Yellen said that they are negotiating on price limits or exemptions that will reinforce energy sanctions of Europe, the USA, the UK and other countries in order to suppress Putin's revenues and bring down the price of Russian oil. Yellen emphasized that while doing this, it will also allow more oil supplies to global markets.
Oil revenues increased in the first 4 months of the year
The International Energy Agency (UEA) stated that after the Ukrainian invasion, the refineries stayed away from Russian oil, and despite the sanctions and restrictions, Russia's oil revenues increased by 50 percent.
In its monthly report, the agency noted that in 2022, Russia earned $20 billion monthly from oil and its derivatives.
Despite the sanctions, Russia's exports continued. It is stated that Asia has strengthened its critical buyer position as India and China aspire to unwanted cargoes in Europe.
The IEA pointed out that the decrease in the supply of refined products such as diesel, fuel oils and naphthazine, which are procured in significant quantities from Russia, increased the tightening in global markets.
The report underlined that stocks fell for seven weeks in a row and reserves, defined as medium distilleries, fell to the lowest level since 2008.
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