China Considers Proposed Price Cap On Russian Oil

Related stories

TotalEnergies Warns of Looming Oil Glut

TotalEnergies (NYSE: TTE) reported on Thursday its weakest adjusted...

Olamide vs Charly Boy: Why Naming, Renaming Streets in Lagos May Violate the Law – Falana

By Abiola Olawale A frontline human rights lawyer and Senior...

Furious Obasanjo Lashes Sam Jonah, Debunks Claim of Allocating 501-Hectare of Land for Estate in Abuja

By Abiola Olawale Former Nigerian President Olusegun Obasanjo has denied...

Haunting Images In A World Of Criminalities By OWEI LAKEMFA

BY OWEI LAKEMFA Dogs, no matter how we view them,...

Senate Speaks on Rumors of Discord Between Akpabio, Bamidele

By Hamilton Nwosu The Nigerian Senate has debunked spreading reports...

The United States pitched to China the idea of capping the price of Russian oil during a virtual meeting last week, U.S. Treasury Secretary Janet Yellen told The Wall Street Journal in an interview published on Wednesday.

Secretary Yellen is on a tour of Asia with stops in Japan, South Korea, and Indonesia this week to seek support for the U.S. idea of capping Russian export crude oil prices.

Yellen first discussed the idea of a price cap on Russian oil with China during an online meeting with Chinese Vice Premier Liu He last week, the secretary told the WSJ.

“They listened and were prepared to have further discussions with us about it,” Secretary Yellen told the Journal.

China, the world’s largest crude oil importer, is a major importer of Russian oil, too.

Last week, tanker-tracking data showed that China likely imported another 2 million barrels per day (bpd) of discounted Russian crude oil in June after bringing in around the same record amount in May. This kept Russia as China’s top oil supplier ahead of Saudi Arabia for a second consecutive month.

After their summit in Germany last month, the leaders of the G7 group of the world’s leading industrial nations invited all importing countries to consider a cap on the price of Russian oil.

“We will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners,” the G7 leaders said in their final communique.

The countries are still considering the possibility of a price cap on Russia’s oil, but they face a difficult balancing act between trying to limit the Kremlin’s oil revenues, the most significant contribution to Vladimir Putin’s war chest, and not driving international crude prices higher still.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskova
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
TotalEnergies Warns of Looming Oil GlutOlamide vs Charly Boy: Why Naming, Renaming Streets in Lagos May Violate the Law – FalanaFurious Obasanjo Lashes Sam Jonah, Debunks Claim of Allocating 501-Hectare of Land for Estate in AbujaHaunting Images In A World Of Criminalities By OWEI LAKEMFASenate Speaks on Rumors of Discord Between Akpabio, BamideleHunger and Food Crisis: Shettima Heads to Ethiopia for UN Food Summit(VIDEO) Tinubu Celebrates Super Falcons’ Historic WAFCON Victory via Video Call (VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate ConfermentRanked: Southeast Asian Countries by Wealth, Spending & SizeIntimate Affairs: When a woman padlocks her honey jar, By Funke EgbemodeWhat To Expect From Monday’s OPEC+ MeetingGarba Shehu Speaks on Buhari’s Medical Trips AbroadThai-Cambodian conflict pits a well-equipped US ally against a weaker adversary with strong China links2027 : Why Kwankwaso is Mulling Presidential Run, Triggers Conflicting SignalsAGF Fagbemi Warns Gov Adeleke: Refund 7 Months LGA Funds in line with Supreme Court Order
X whatsapp