Nov 27, 2022
China’s crude buyers have paused purchases of some Russian oil as they wait for details of a US-led cap to see if it presents a better price.
Several cargoes of Russian ESPO crude for December-loading remain unsold and there’s hesitation among sellers and Chinese buyers to close deals before more clarity on the exact price cap level is known, according to traders with knowledge of the matter. More details on the measure are expected soon.
The price limit is set to be implemented alongside European Union sanctions on Russian crude on Dec. 5, with those adhering to the measure gaining access to insurance, banking and shipping services from the bloc. The cap is designed to keep crude flowing from the OPEC+ producer to prevent a global supply shock but crimp the Kremlin’s revenues as it wages war in Ukraine.
The European Union sets a price cap on Russian gas, and Moscow responds by ceasing all flows of gas to the EU for the foreseeable future.
A hard winter in Europe and northeast Asia drives up demand and a prolonged period of Dunkelflaute – literally a ‘dark lull’ in the conditions needed to generate wind and solar power – across north-western Europe reduces renewable power generation at a critical time. This results in an increased demand for gas and a further draw-down on storage.
With a recession looming over our heads, great times have turned into tough times in this gloomy world, trade relationships are being broken, and economies like the UK are at the brink of an economic collapse, Will the EU follow suit and be the next to have an economic collapse? Let me know down below.
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles