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☆ Russian economists and officials foresee a hard struggle in 2025
▼ + stars: | 2024-11-09 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Russian officials and business leaders met at an economic forum this week. Russia's main interest rate is at 21% and could be hiked further still. Officials and business leaders shared pessimistic economic outlooks for 2025 at the Russian Economic Forum, held this week in Chelyabinsk, in central Russia. Andrei Klepach, chief economist at the state-run development entity VEB.RF, predicted that economic growth would fall from an estimated 2.5% to around 2% in 2025. Some, he said, would benefit from a subsidized interest rate of 1% to 5%.

Persons: —, Andrei Klepach, Alexander Shokhin, Shokhin, Mikhail Mishustin, Alexander Novak, Kirill Tremasov Organizations: Service, Russian Economic, Central Bank of Russia, Industrialists, Russian, Russia's Locations: Chelyabinsk, Russia, Ukraine, Russian Union, Russian

☆ How Saudi Arabia could create a crisis for Russia's economy
▼ + stars: | 2024-10-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

One analyst suggests the market could see a repeat of the 2020 oil price war. AdvertisementRussia's wartime economy could face a tougher time securing needed oil revenue if Saudi Arabia tanks global crude prices. "Saudi Arabia is fed up," Simon Henderson, director of the Bernstein Program on Gulf and Energy Policy at The Washington Institute, told Business Insider. However, some kind of confrontation with Saudi Arabia may be stirring. "Unlike Saudi Arabia, its oil is not cheap to extract, making it poorly equipped to deal with low-price conditions.

Persons: —, Luke Cooper, hasn't, Simon Henderson, Bernstein, it's, Henderson, Vladimir Putin, Alexander Novak, Cooper Organizations: Service, Organization of Petroleum, Russia, London School of Economics, Financial Times, Gulf and Energy, The Washington Institute, OPEC Locations: Saudi Arabia, Russia, Riyadh, Ukraine, Gulf, Moscow, Iran, Kazakhstan

☆ Oil prices tick down on worries about Chinese demand
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 9 cents, or 0.1%, to $84.76 a barrel by 12:21 GMT, while U.S. West Texas Intermediate crude dropped 13 cents, or 0.2%, to $81.78. China's economy grew much slower than expected in the second quarter, hamstrung by a protracted property downturn and job insecurity. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. While crisis in the Middle East has not impacted supply, attacks on ships in the Red Sea has forced vessels to take longer routes, meaning oil remains on the water for longer.

Persons: Brent, Jerome Powell, Alexander Novak Organizations: U.S . Federal Reserve, U.S, West Texas, Organization of, Petroleum Locations: Yemen, Gaza, Russian, OPEC

☆ Putin vows trade and security tie-ups with North Korea beyond the West's reach
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: +3 min

Anton Vaganov | ReutersVladimir Putin promised to build trade and security systems with North Korea that are not controlled by the West and pledged his unwavering support in a letter published by North Korean state media on Tuesday ahead of his planned visit to the country. The article was published a day after the two countries announced that Putin would visit North Korea for the first time in 24 years for two days starting on Tuesday. Putin's foreign policy adviser Yuri Ushakov said Russia and North Korea may sign a partnership agreement during the visit that would include security issues. Ahead of the visit North Korea appears to have been making preparations for a possible military parade in downtown Pyongyang, commercial satellite imagery showed. He said the United States had seen Putin "get incredibly desperate over the past few months" and look to Iran and North Korea to make up for equipment lost on the battlefield.

Persons: Vladimir Putin, Anton Vaganov, Reuters Vladimir Putin, Sinmun, Putin, Yuri Ushakov, Andrei Belousov, Sergei Lavrov, Alexander Novak, Matthew Miller, Victor Cha Organizations: St ., Economic, Reuters, West, North, Workers, Party, Russia, Russian, Interfax, U.S . State Department, Center for Strategic, International Studies Locations: St, St . Petersburg, Saint Petersburg, Russia, North Korea, North Korean, North Korea's, Eurasia, Ukraine, Pyongyang, Korea, United States, Iran, Moscow, U.S

☆ Ukrainian attacks on Russian oil refineries may be proving the Biden Administration wrong, experts say
▼ + stars: | 2024-05-11 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Ukraine has been targeting Russian oil refineries in recent months. The Biden Administration has criticized the strikes, warning of global energy price rises. AdvertisementUkraine has been ramping up attacks on Russian oil refineries in recent months as it seeks to hamper Russian export revenues and curtail fuel supplies to Russian President Vladimir Putin's forces. Advertisement"Those attacks could have a knock-on effect in terms of the global energy situation," Austin said. Related storiesThe experts said that Ukrainian attacks on oil refineries would only hinder Russia's ability to turn its oil into refined products such as gasoline and would not impact the volume of oil it can extract or export.

Persons: Biden, —, Vladimir Putin's, Radiy Khabirov, Lloyd Austin, Austin, Michael Liebreich, Lauri Myllyvirta, Sam Winter, Levy, Alexander Novak Organizations: Biden Administration, Service, Reuters, Russia's, Defense, Foreign Affairs, Bloomberg New Energy Finance, Centre for Research, Energy, Clean, Princeton University, Bloomberg Locations: Ukraine, Russia's Kaluga, Russia's Republic, Bashkortostan, Russia, China, India

☆ Oil holds onto gains as investors bet on tighter supply
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. Drone attacks knocked out several Russian refineries, which is expected to reduce Russia's fuel exports. In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024. Investors are also scouring U.S. economic data for signs of when the Federal Reserve will cut interest rates this year which will support the global economy and oil demand.

Persons: Brent, Alexander Novak, Goldman Sachs Organizations: . West Texas, of, Petroleum, bbl, Federal Reserve Locations: New Mexico, U.S, OPEC, Russian, Europe, 2024Q4

☆ Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June
▼ + stars: | 2024-03-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter. Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country's Ministry of Energy. Riyadh's crude production will be approximately 9 million barrels per day until the end of June, the announcement said. Back in November, OPEC+ countries had held a formal policy of collectively reducing their output by 2 million barrels per day until the end of 2024. Unlike formal policy changes, voluntary cuts do not require the group's unanimous consent during an official meeting and bypass the need to distribute production cuts or increases among OPEC+ members.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, —, Prince Abdulaziz bin Salman Organizations: Saudi, Energy, OPEC, Organization for, Petroleum, Saudi Press Agency, country's Ministry of Energy, Tass, Moscow, Google, INA, Hamas, Saudi Energy Locations: Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, Russian, Iraq, UAE, Iran, Gaza, China, Aramco

☆ Russia boasts it is beating sanctions, but its longer-term prospects are bleak
▼ + stars: | 2024-01-29 | by ( Tim Lister | ) edition.cnn.com time to read: +14 min

Far from buckling under their weight, the Russian economy is in fact 1% larger than it was on the eve of the invasion. India and China now account for 90% of Russian oil exports, according to Deputy Prime Minister Alexander Novak. Noemi Cassanelli/CNNThere’s little sign that ordinary Russians have been drastically impacted by Western sanctions. Sanctions will have a long-term impact on the Russian economy, according to the European Commission. Nabiullina said the Russian economy was like a car trying to go too fast.

Persons: Vladimir Putin, Putin, Sergei Chemezov, ” Chemezov, Scott Peterson, Alexander Novak, Christine Abely, “, ”, SWIFT, Alexei Mordashov, Noemi Cassanelli, Geoffrey Pyatt, Rachel Lyngaas, —, Alexander Nemenov, Elvira Nabiullina, Nabiullina, Natalia Kolesnikova, ” Abely Organizations: CNN, Atlantic Council, Russia, West ., Shipping, Windward, Reuters, US Treasury Department, United Arab Emirates, Crime Agency, US Treasury, “, Bank of, European, US, Financial Times, Russian Central Bank, Getty, Producers, International Energy Agency Locations: United States, Ukraine, Russian, Russia, Western, Sviatohirsk, Donetsk region, Asia, West, West . India, China, India, Volgograd, Turkey, UAE, Bank of Finland, Hong Kong, Europe, Egypt, Thailand, Moscow, Kazakhstan, Soviet Russia, AFP, Beijing

☆ Russia Ready to Discuss Gas Supplies With EU as Ukraine Transit Deal Expires -Agencies
▼ + stars: | 2024-01-27 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

MOSCOW (Reuters) - Russia is ready to hold talks with the European Union on natural gas supplies as a transit deal with Ukraine expires at the end of 2024, Russian Deputy Prime Minister Alexander Novak was quoted as saying by several news agencies on Saturday. Under a five-year deal agreed between Moscow and Kyiv in 2019, Russia is exporting gas to Europe via Ukraine and pays Ukraine for the usage of its pipeline network. The arrangement has continued despite the start of Russia's war in Ukraine in February 2022, although Russian gas deliveries to Europe have plummeted since then. A European Union official on Friday declined to speculate on whether the Ukraine transit deal would be extended beyond the end of 2024, but said the bloc was assessing all scenarios to ensure its preparedness. But the Kremlin-controlled gas pipeline exporting monopoly Gazprom still continues shipping gas via Ukraine.

Persons: Alexander Novak, Novak, Clelia Oziel Organizations: European Union, RIA, Gazprom Locations: MOSCOW, Russia, Ukraine, Russian, Moscow, Kyiv, Europe

☆ The Red Sea attacks appear to be hurting traders and suppliers across the globe — but Russia's oil trade with India is still booming
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian oil cargoes are still sailing via the Red Sea to get to India, according to S&P Global. Iran-backed Houthi rebels have been attacking commercial ships in the Red Sea since November. Many commercial shipping lines and vessels have rerouted from the Red Sea to avoid getting caught in the attacks. It's not immediately clear why ships carrying Russian oil to India haven't rerouted to avoid potential attacks in the Red Sea. Hardeep Singh Puri, India's petroleum and natural gas minister, said recently that the country is monitoring the situation in the Red Sea.

Persons: —, Lloyd, Sumit Ritolia, It's, Alexander Novak, Hardeep Singh Puri Organizations: P Global, Service, Maersk, Hapag, P, Reuters Locations: India, Iran, Red, Asia, Europe, Cape, South Africa, Moscow, Ukraine, Russia

☆ Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official
▼ + stars: | 2023-12-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia has diverted most of its oil exports from Europe to India and China, a top official said. The EU was the largest buyer of Russian crude oil and oil products, accounting for nearly half of the exports. The bloc has banned the import of Russian crude oil and products over the war in Ukraine. AdvertisementRussia has overcome Western sanctions against its oil exports by diverting all the shipments east, a top Russian official said on Wednesday. By comparison, China's share of Russian oil and oil products accounted for up to 50% of such exports last year, he added.

Persons: —, Alexander Novak, Novak, Russia's Organizations: EU, Service, European, Rossiya, TASS, Russian Locations: Russia, Europe, India, China, Ukraine, America, Africa

☆ U.S. crude oil falls below $70 a barrel, closing at the lowest level since June
▼ + stars: | 2023-12-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season. Meanwhile, U.S. data on Wednesday sent a mixed picture on demand with crude inventories falling while gasoline stocks rose. U.S. crude inventories fell by 4.6 million barrels for the week ending Dec. 1 but gasoline inventories rose by 5.4 million barrels, according to the Energy Information Administration. Several OPEC+ members announced the voluntary cuts last week after the group failed to reach a unanimous agreement on production targets. Tamas Varga, an analyst with PVM Oil Associates, said those reassurances have "fallen to deaf ears."

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Tamas Varga Organizations: West Texas Intermediate, AAA, Hamas, Wednesday, Energy Information Administration, Saudi Energy, PVM Oil Associates Locations: Washington , DC, U.S, OPEC, Moody's, Israel, Russia, Russian

☆ Oil prices fall on China concerns, skepticism on OPEC+ cuts
▼ + stars: | 2023-12-06 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel. China will release preliminary trade data, including crude oil import data, on Thursday. Gasoline stockpiles gained by 2.8 million barrels, while distillate inventories rose nearly 1.9 million barrels.

Persons: Alexander Novak, Vladimir Putin, Moody's Organizations: Brent, Organization of, Petroleum, United Arab Emirates, American Petroleum Institute Locations: Cushing , Oklahoma, China, Russia, OPEC, Saudi, Russian, Saudi Arabia, U.S

☆ Oil prices fall, extend slide after OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. OPEC+'s output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilizing the market. The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 million bpd.

Persons: Alexander Novak Organizations: Brent, . West Texas, OPEC, Saudi Locations: Odessa , Texas, Saudi Arabia, Russia, UAE, Iraq, Kuwait, Kazakhstan, Algeria

☆ U.S. crude declines as skepticism mounts over OPEC+ cuts
▼ + stars: | 2023-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency. Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd. OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital. "They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.

Persons: Brent, Alexander Novak, Phil Flynn, Flynn, John Kilduff, Kilduff, CNBC's, it's Organizations: West Texas Intermediate, Energy Ministry, Saudi Press Agency, United Arab Emirates, Traders, Price Futures, U.S, OPEC, CNBC PRO Locations: OPEC, Saudi Arabia, Riyadh, Iraq, Kuwait, Kazakhstan, Algeria, Oman, Russia, Asia, China

☆ Oil kingpin Saudi Arabia extends its production cut into first quarter as OPEC+ holds policy
▼ + stars: | 2023-11-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. The OPEC+ alliance had already instituted a 2 million barrel per day cut in place until the end of 2024, with several coalition members voluntarily pledging a further 1.66 million barrel per day decline over that same period. While OPEC+ has not formally endorsed production reductions, market participants are following the possibility of further voluntary cuts announced by key participants to the coalition. Close Saudi ally Kuwait will enforce a 135,000 barrel per day reduction in the first quarter, while the Energy Ministry of OPEC member Algeria said it would trim a further 51,000 barrels per day. Oman said it will also reduce output by 42,000 barrels per day in that same period.

Persons: Alexander Novak Organizations: Organization of, Petroleum, of, OPEC, Energy Ministry Locations: Vienna, Austria, OPEC, Saudi Arabia, Nigeria, Angola, Congo, Saudi, Riyadh, Moscow, Kuwait, Algeria, Oman

OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. "The postponement of the meeting also shows there are some different views among the group participants." A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Giovanni Staunovo, Brent, Leonhard Foeger, Alexander Novak, Prince Abdulaziz bin Salman, Helima Croft, Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan, Deepa Babington Organizations: Oil, DUBAI, Organization of, Petroleum, REUTERS, Russian, Saudi Energy, OPEC, RBC Capital, Bloomberg News, Thomson Locations: LONDON, OPEC, Angola, Nigeria, Congo, Russia, Vienna, Austria, OPEC's Vienna, Saudi Arabia

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

☆ Exclusive: Russian fuel export ban to be lifted next week
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Russia, the world's top seaborne exporter of diesel, introduced a ban on fuel exports on Sept. 21 to tackle high domestic prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. Energy Minister Nikolai Shulginov on Wednesday said that Russia was considering lifting the export ban on some grades of gasoline. Another industry source said the ban would be lifted next week. "They promised to lift the exports ban next week.

Persons: Shun, Tatiana Meel, Nikolai Shulginov, Diesel, Alexander Novak, Guy Faulconbridge, David Goodman Organizations: REUTERS, Rights, Reuters, Energy, Sunday, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian

☆ Russia to continue voluntary cut of oil and oil product exports until year-end
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +1 min

Russian oil cargo Pure Point, carrying crude oil, is seen anchored at the port in Karachi, Pakistan June 13, 2023. REUTERS/Akhtar Soomro/ File Photo Acquire Licensing RightsMOSCOW, Nov 5 (Reuters) - Russia will continue the additional voluntary supply cut of 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023 as previously announced, Deputy Prime Minister Alexander Novak said on Sunday. "The additional voluntary cut is intended to strengthen the measures taken by OPEC+ countries to maintain the stability and balance of oil markets," Novak said. According to him, Russia will consider next month whether to deepen its voluntary export cuts or increase production. Saudi Arabia will continue with its voluntary output cut of 1 million barrels per day (bpd) until the end of December, an official source at the ministry of energy said on Sunday.

Persons: Akhtar Soomro, Alexander Novak, Novak, Olesya, Guy Faulconbridge, Maxim Rodionov Organizations: REUTERS, Rights, OPEC, Thomson Locations: Karachi, Pakistan, Russia, Saudi Arabia

☆ A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +8 min

For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. The U.K. Treasury says it is "actively undertaking a number of investigations into suspected breaches of the oil price cap." "And there's a reason why the shippers haven't really complained or haven't flagged any issues with the oil price cap — because it's very easily circumvented."

Persons: —, Hilgenstock, P Global Platts, It's, Benjamin Hilgenstock, Vladimir Putin, They're, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval Organizations: Salym Petroleum, U.S . Treasury Department, Stanford University, Research, Energy, Clean, P Global, Kyiv School of Economics, International Monetary Fund, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard's Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: Salym, Russia, Ukraine, Israel, U.S, Moscow, Helsinki, Saudi Arabia, Ukrainian, Europe, Kozmino, Turkey, India, Russian, Asia

FRANKFURT, Germany (AP) — For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. They're accused of carrying Russian oil priced at $75 and $80 per barrel while relying on U.S.-connected service providers. “The price cap is working,” says Nataliia Shapoval, vice president for policy research at the Kyiv school.

Persons: —, Benjamin Hilgenstock, Vladimir Putin, ” Hilgenstock, P Global Platts, It's, They're, “, ”, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval, Josh Boak Organizations: Kyiv School of Economics, International Monetary Fund, U.S . Treasury Department, Stanford University, ”, Russia ”, Research, Energy, Clean, P Global, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard’s Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: FRANKFURT, Germany, Ukraine, Israel, Russia, Ukrainian, U.S, Moscow, Helsinki, Saudi Arabia, Europe, Kozmino, Turkey, India, Russian, Asia, Washington, russia, ukraine

[1/3] Russian President Vladimir Putin is welcomed by Chinese President Xi Jinping during a ceremony at the Belt and Road Forum in Beijing, China, October 17, 2023. Sputnik/Sergei Savostyanov/Pool via REUTERS Acquire Licensing RightsSummary Putin praises 'dear friend' Xi, thanks for invitePutin heaps praise on BRIPutin says Northern Sea route is open for businessSome European delegates walk out as Putin speaksBEIJING, Oct 18 (Reuters) - President Vladimir Putin on Wednesday praised Chinese President Xi Jinping for the Belt and Road Initiative (BRI) and invited global investment in the Northern Sea route which he said could deepen trade between east and west. Putin called Xi his "dear friend" and heaped praise on the Belt and Road Initiative for bringing the world together. "Starting next year, navigation for ice-class cargo ships along the entire length of the Northern Sea Route will become year-round." Reporting by Vladimir Soldatkin in Moscow and Laurie Chen in Beijing; Editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Xi Jinping, Sergei Savostyanov, Putin, Xi, BRI Putin, Jean, Pierre Raffarin, Sergei Lavrov, Alexander Novak, Dmitry Chernyshenko, Dmitry Peskov, Maxim Oreshkin, Yuri Ushakov, Maxim Reshetnikov, Igor Morgulov, Vladimir Soldatkin, Laurie Chen, Guy Faulconbridge Organizations: Forum, Sputnik, REUTERS Acquire, Wednesday, Initiative, Soviet Union, French, Kremlin, Thomson Locations: Beijing, China, Northern, BEIJING, Ukraine, Russia, Murmansk, Russia's, Norway, Bering, Alaska, Moscow, North Korea

☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

☆ Russia's western sea port oil exports seen falling as refinery runs rise -sources
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Russia has pledged to preserve an oil export cut of 300,000 bpd until the end of the year. Most recently Deputy Prime Minister Alexander Novak said that cut includes both oil and oil products. Russia banned oil product exports in the end of September resulting in higher oil exports in October. Still, the November refinery throughput plan could be adjusted, traders said, depending on the length of the oil product export ban and on domestic fuel prices. "Fundamentally we expect a decline in November Urals exports, though the oil product ban was something no one expected, so it is difficult to predict exports given such sudden government decisions," a source in Russian oil market said.

Persons: Alexey Malgavko, Alexander Novak, Jason Neely Organizations: REUTERS, Rights, Reuters, Thomson Locations: Siberian, Omsk, Russia, Primorsk, Ust

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