The price of Brent oil fell below $89 per barrel
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The cost of the November futures for Brent crude on the London ICE exchange for the first time since the beginning of February 2022 fell below $89 per barrel, should from market data.
During trading, the price of Brent oil fell by 3.9% to $88.36 per barrel. WTI oil futures became cheaper to $83.06 per barrel – by 4.38%.
On September 2, the finance ministers of the G7 countries (USA, UK, Canada, Japan, Italy, France and Germany) announced their intention to introduce a ceiling on prices for Russian oil. To do this, they want to create a “broad international coalition” that will set a price limit for Russian oil. According to US Deputy Treasury Secretary Wally Adeyemo, the introduction of such a measure will ensure the supply of Russian oil regardless of new sanctions, as well as avoid sharp jumps in gas prices.
According to the plan, a ban will be introduced on financing and insurance of Russian oil supplies if they are carried out at a price higher than the agreed one. According to the Financial Times, the restriction on oil supplies will come into effect on December 5, when the EU embargo on Russian oil supplies comes into force, and on oil products on February 5, 2023. In this way, European officials want to keep the supply of products from Russia, reducing this is its oil revenues.
In response to such a decision, the press secretary of the President of Russia Dmitry Peskov said that when a price limit for Russian gas, oil and oil products is set, these energy resources will be supplied in other directions – to countries that work on market conditions.
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