At the beginning of this week, the Russian energy minister announced that he would reduce oil production by five to seven percent in the coming year.
(Photo: IMAGO/ITAR-TASS)
Frankfurt The reaction of the Russian President Vladimir Putin to the oil price cap of the EU and the G7 countries is not driving the oil price up for the time being. On the contrary, the price of the Brent brand fell by 1.6 percent to $83.33 a barrel on Wednesday. On Tuesday, Putin banned the sale of oil to countries that have decided to put a price cap on the raw material. The ban applies from February 1.
According to analysts, the oil price is subject to several influences in the weak trading days before the new year. These include the effects of the increasingly opening Chinese economy and speculation about the extent of an expected recession. “Most capital markets have priced in a recession, but the big question is will it be as big as 2008 and 2009 were,” said Keshav Lohiya, founder of consulting firm Oilytics.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue