Russia Threatens to Slash Oil Output, Unleashes Panic in Oil Markets

Russia threatens to cut oil output, panicking oil markets . Russia has been preparing G7 and EU countermeasures.

G7 nations and the EU have imposed a ceiling on oil prices to reduce Russia’s oil sales income. Russia has threatened the West with retaliation for weeks over this market intervention. The oil market is nervous. See video.

“As a result of the threatened reductions and rising expectations of a decline in crude supply, oil prices increased globally by more than $1. By 7:15 GMT, Brent crude had increased by 73 cents, or 0.9 percent, to $81.71 per barrel, while US West Texas Intermediate (WTI) crude had increased by 91 cents, or 1.2 percent, to $78.40 per barrel.” (Russia Threatens to Slash Oil Supplies in 2023, Spooks Markets, 202223)

““As energy traders pay attention to Moscow’s response to the price cap placed on Russian oil, crude prices have increased, according to Edward Moya, a senior market analyst at OANDA, a foreign exchange company with offices in New York, according to the Reuters news agency.” (Russia Threatens to Slash Oil Supplies in 2023, Spooks Markets, 202223) 

“However, Friday’s announcement marks the first time the Kremlin has specified how much it is prepared to reduce output in response and how it will respond to any request to modify existing oil supply contracts. Russia has repeatedly threatened to reduce oil production and forbid sales to countries participating in such a price cap.” (Russia Threatens to Block Oil Sales to Countries Participating in Price Cap, 2022)

“Due to the lack of current EU sanctions, this could have an impact on Russian oil pipeline deliveries to Poland, Germany, Hungary, Slovakia, and the Czech Republic..” (Russia Threatens to Block Oil Sales to Countries Participating in Price Cap, 2022) 

see also : Russia’s first response to oil price cap

ussia threatens to slash oil supplies in 2023, spooks markets. (202223, December 23). Russia Threatens to Slash Oil Supplies in 2023, Spooks Markets | Russia-Ukraine War News | Al Jazeera. Retrieved December 27, 2022, from https://www.aljazeera.com/news/2022/12/23/russia-threatens-to-slash-oil-output-in-response-to-price-caps

Russia threatens to block oil sales to countries participating in price cap. (2022, December 23). POLITICO. Retrieved December 27, 2022, from https://www.politico.eu/article/russia-threaten-block-oil-sales-europe-g7-price-cap-embargo-war-ukraine/

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