The EU Is Considering a Ceiling on Oil Prices

The European Union is considering an oil price cap, more restrictions on high-tech exports to Russia, and additional penalties against individuals in response to what the West regards as a fresh escalation in Moscow’s war in Ukraine.

President Vladimir Putin’s nuclear hyperbole, the announcement of a partial mobilization for the war, and support for plans to essentially annex areas of east Ukraine pushed the EU’s 27-nation bloc into action on Wednesday. At an ad hoc meeting on the fringes of United Nations negotiations in Further York, EU foreign ministers agreed to prepare sanctions against Russia. The bloc’s top diplomat indicated they would include “economic and individual” measures.

Three EU diplomats in Brussels said additional penalties would center on an oil price restriction similar to that negotiated by the G7’s most industrialized nations. This group includes EU members France, Germany, and Italy.

Germany, the EU’s economic superpower, has ruled out additional economic measures. In contrast, Hungarian Prime Minister Viktor Orban, who has close links with Putin, stated on Thursday that Europe should lift all sanctions.

Chinese Oil Companies Link Together With SAIC

China’s largest oil and gas producer has formed a joint venture with SAIC Motor Corp. and battery business CATL (300750. SZ) to offer swappable batteries for electric vehicles, parent company CNPC announced on Thursday.

PetroChina did not disclose any material information. However, according to the company’s official registration website, SAIC owns 37.56% of the new joint venture, Shanghai Jieneng Intelligent Power New Energy Technology Co., Ltd. Meanwhile, PetroChina and CATL each share 12.54%. Sinopec, the world’s second-largest oil and gas company, owns 25%. China’s state energy conglomerates are increasing their investments in low-carbon industries such as renewables, hydrogen, and electric mobility to become carbon neutral by 2060. China’s Ministry of Industry and Information Technology (MIIT), a strong supporter of battery replacement, hopes to have more than 100,000 vehicles with replaceable batteries and 1,020 recharge stations by 2023.

However, with the recent increase in freight prices, Russian oil no longer appears to be so inexpensive. Furthermore, the transit time from Russia’s the Far East, where the ESPO grade is loading for exports, to India is a month instead of a week for a Middle Eastern shipment to reach India. With a shortage of ESPO cargoes in India this month, more of this quality should be sent to China, which is closer to Russia’s oil export ports in the Far East.


Europe’s Essential Oils Market

This report on the Europe Essential Oils Market caters to business needs and provides up-to-date market research and analysis using the most advanced tools and methodologies. This market research study categorizes the market. Major market players are discussed in the competition analysis section.

In the projected 2021 to 2028, the essential oils market should develop at a pace of 3.1%. The Data Bridge Market Research research on the essential oils market provides analysis and insights into the numerous factors likely to be present during the forecast period and their effects on market growth.

Increased income, a shift in consumer lifestyle, an increase in health consciousness, and an increase in demand for essential oils, such as boosting air freshness at home, all benefit the essential oils industry. Furthermore, the increased demand for natural ingredients creates attractive prospects for market participants from 2021 to 2028. Global wars and variable fuel demand continue to impact the New Mexico oil and gas business. At the same time, the consequences of Russia’s invasion of Ukraine increased pressure on US oil producers, notably those in the Permian Basin.

Russia’s actions caused it to be removed from most international fossil fuel markets. It heightened the American oil and gas value required to compensate for future supply gaps worldwide.

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