The U.S., EU and UK are pressuring Liberia, the Marshall Islands and Panama to increase oversight of ships carrying their flags to ensure they do not transport Russian oil sold above the price cap, a source who has seen the communications to the countries said on Friday. The move marks another escalation in the West's efforts to enforce the $60 price cap on seaborne shipments of Russian oil it imposed to punish Moscow for its war in Ukraine. The cap, which aims to reduce Russia's export revenues while maintaining flows of oil around the world, was imposed in late 2022 but has only recently been enforced.
(Bloomberg) -- Hedge funds raised gross bearish bets on Brent and West Texas Intermediate crude in the lead-up to a highly anticipated OPEC+ meeting that ultimately failed to assuage concerns that the market is oversupplied.Most Read from BloombergPutin Seizes Rights to St. Petersburg Airport From Foreign InvestorsIsrael Says Hamas Violated Terms of Cease-Fire as Truce LapsesBanking Escapees Make Billions From Private Credit BoomBonds Up as Powell Pushback Lasts ‘A Few Seconds’: Markets WrapSant
Seven OPEC+ countries announced plans for additional voluntary production cuts in the first quarter, the sum of which amount to “paper cut” of 896,000 barrels per day, Goldman Sachs said in a note, as the recent upside surprise in the global crude supplies could weigh on oil prices.