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Date Posted: 12:10:55 2/08/23 Wed
Author: Jasper
Subject: Energy, energy, energy

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1- Escaped Horse: European Price Caps on Refined Products
Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products. The ban come along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide.

The price cap of $100 per barrel for diesel, jet fuel and gasoline is to be enforced by barring insurance and shipping services from handling diesel priced over the limit. It follows a $60 per barrel cap on Russian crude that took effect in December and is supposed to work the same way.

The ban provides for a 55-day grace period for diesel loaded on tankers before Sunday, a step with a stated aim at avoiding ruffling markets, especially during these final cold months of winter.

“US treasury officials have two main goals: keep the market well supplied, and deprive Russia of oil revenue,” said Ben Cahill, a senior fellow with the Center for Strategic and International Studies, a Washington think tank. “They are aware that Indian and Chinese refiners can earn bigger margins by buying discounted Russian crude and exporting products at market prices. They’re fine with that.”

https://www.zerohedge.com/news/2023-02-07/weekly-why-doe-bulding-deep-inefficiency-oil

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