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When the West rolled out its unprecedented price cap on Russian oil late last year, it hoped to starve Moscow of much-needed revenue while minimising the impact on other countries.Moscow had taken its own steps to soften the impact of the price cap, including before its introduction eight months ago.
Both benchmarks gained more than 4% last week to touch their highest marks since May, rising for a second straight week after the world's biggest oil exporters Saudi Arabia and Russia pledged to deepen supply cuts in August. Saudi Arabia will extend its 1 million barrels per day (bpd) output cut into August and Russia will cut crude exports by 500,000 bpd. Instead of cutting output, Russia will be using the crude to produce more fuel to meet domestic demand, a government source told Reuters on Friday.
Discover the impact of price ceilings on Russian government oil revenues and the challenges faced by Russia in the global oil market.
Holland America Line expands its Alaska Up Close onboard program across all sailings in the region this season.
/PRNewswire/ -- With Holland America Line's "Alaska Up Close," guests on Alaska cruises are deeply immersed in the local culture with informative onboard...