2023-11-19 12:00:00
Written by – Marwa Al-Ghoul Sunday, November 19, 2023 02:00 PM
Oil prices in global markets recorded weekly losses for the fourth week in a row, as Brent, the global benchmark, declined by about 1%, and US West Texas Intermediate (US) crude fell by about 1.6%.
Oil prices recorded $80.61 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $75.89 per barrel upon settlement on Friday, as prices rose by more than 4%, but recorded weekly losses for the fourth week in a row.
The US State Department announced that it is working in coordination with China on all issues related to sanctions against Russia and the price ceiling imposed on Russian oil.
US Assistant Secretary of State for Energy Affairs, Jeffrey Pyatt, said during a press conference on Thursday: “I would like to point out that we have very close coordination with the Chinese allies on all these issues about the price ceiling and the sanctions regime.”
This came in response to a question about the United States’ work in the Asia-Pacific region regarding sanctions against the Russian energy sector.
Regarding the price ceiling, Bayat pointed out that “the American authorities are working with a coalition of partners on the price ceiling, and are fully committed to implementing the price ceiling and doing everything in their power to reduce Russia’s revenues from fossil fuels.” He added that Washington considers the price ceiling mechanism “effective.”
It is noteworthy that the G7 countries, the European Union and Australia imposed a ceiling on Russian oil prices at the level of $60 per barrel in December 2022, and in February 2023 on oil derivatives at a level between $45 and $100.
Russia refused to adhere to the price ceiling imposed on it. Russian President Vladimir Putin signed a decree banning oil supplies to foreign parties that adhere to price ceilings, effective February 1.
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