Category: Oil (Petroleum) and Gasoline

Oil Prices Rise as the West Imposes a Cap on Russian Crude

The New York Times – Business:
Energy traders pushed crude prices higher on Monday following Europe’s embargo of seaborne Russian crude and a price cap by Group of 7 nations went into effect.
Amid Churning Oil Market, OPEC and Russia Leave Production Unchanged

The New York Times – Business:
The group, OPEC Plus, reaffirmed an output cut in October as “the right course of action” but outlined no further changes before an E.U. embargo of Russian oil begins on Monday.
Ukraine’s Allies Agree on Russian Oil Price Cap

The New York Times – Business:
The plan to impose a top price of $60 a barrel on Russian crude will most likely make a small dent in the Kremlin’s revenue, but the White House hopes it will help avert an oil shock.
E.U. agrees on Russian oil price cap of $60 per barrel after fraught talks.

The New York Times – Business:
The price cap, devised by Group of 7 countries and their allies, aims to limit Russia’s revenue while averting a global oil shock.
OPEC and Russia to Meet as Global Forces Weigh on Oil Market

The New York Times – Business:
As the West moves to intercede in oil trading, OPEC Plus, led by Saudi Arabia, is expected to protect its own interests.
David Lipton, Economic Diplomat, Will Step Down From Treasury

The New York Times – Business:
Mr. Lipton, who served in senior roles in the Clinton and Obama administrations and at the I.M.F., is retiring.
Ukraine Is Biden’s Defining Issue, and His Biggest Economic Challenge

The New York Times – Business:
The shape of the war, and its effects on global markets, in the months and years to come could determine the president’s political fate.
Chinese Unrest Over Lockdowns Upends Global Economic Outlook

The New York Times – Business:
Growing protests in the world’s biggest manufacturing nation add a new element of uncertainty atop the Ukraine war, an energy crisis and inflation.
Giant Wind Farms Arise Off Scotland, Easing the Pain of Oil’s Decline

The New York Times – Business:
Oil and gas workers, losing their jobs as fossil fuel investment wanes, find work in the wind energy business.
U.S. Allows Chevron to Expand Energy Operations in Venezuela

The New York Times – Business:
The license, limited in scope, was issued amid the resumption of talks between the Venezuelan government and opposition, and comes as President Nicolás Maduro desperately needs to improve the economy.
Ukraine’s Allies Struggle to Agree on Plan to Curb Russia’s Oil Revenue

The New York Times – Business:
The policy must be in place before an E.U. embargo on Russian oil imports kicks in on Dec. 5. The talks are set to resume next week.
Ukraine’s Allies Struggle to Agree on Plan to Curb Russia’s Oil Revenue

The New York Times – Business:
The policy must be in place before an E.U. embargo on Russian oil imports kicks in on Dec. 5. The talks are set to resume next week.