registered oil prices121.88 dollars per barrel for the global benchmark crude futures contract on Friday, and US West Texas Intermediate crude futures recorded 120.34 dollars per barrel.
The Wall Street Journal revealed that the United States and its allies are looking for ways to limit the further rise in global oil prices, in an attempt to find a balance between efforts to cut Russia’s revenues from energy sales, while at the same time protecting the global economy from a possible recession.
US Treasury Secretary Janet Yellen said this week that the United States is engaged in “very active” talks with European allies regarding efforts to form a cartel of buyers as well as setting a price cap on Russian oil, the newspaper reported on its website Thursday. The goal of these talks is to keep Russian oil available in global markets for buyers such as India and China, which may help stabilize prices that are already heading to nearly double levels while creating a mechanism that Western countries can use to restrict Russian revenue from sales.
US Assistant Secretary of State for South and Central Asian Affairs Donald Low stressed that the US authorities are concerned regarding India and other countries buying additional quantities of Russian oil, according to Russia Today.
And the US Assistant Secretary of State for South and Central Asian Affairs added: We are concerned regarding the increase in the quantities of Russian oil, which not only India, but many countries of the world buy.
And the “OPEC +” countries decided to redistribute the share of oil production in September, amounting to 432,000 barrels per day, equally for the months of July and August.
Thus, the volume of production in the months of July and August is 648,000 barrels per day. In addition, the countries have extended the deadline to compensate for the reduced oil volumes of debtor countries until the end of 2022, and the next OPEC + meeting will be held on June 30.
