Oil Prices Rise as Russia Announces Hefty Output Reduction

 World oil prices soared following Russia’s announcement of its planned hefty output cuts in February.

Shipping costs for Russian oil skyrocket ahead of new sanctions — Bloomberg

 

The costs of chartering vessels to ship Russian oil are skyrocketing as more tanker owners refuse to ship it on the eve of new EU sanctions, Bloomberg reported. Owners who are still willing to load Russian crude are attempting to charge more for the risk, the publication says.

Russia will not supply oil to countries introducing price cap

 

Russia does not plan to supply oil or petroleum products to countries that will introduce the price cap, Deputy Prime Minister Alexander Novak told reporters.