The decision on the price ceiling for Russian gas will be made no earlier than Monday
Minister of Foreign Affairs and Foreign Economic Relations of Transport Peter Szijjártó said that in the best case, the decision on the gas price ceiling may be involved in the placement of infrastructure on convenient land.
The countries of the European Union (EU) are having a new discussion on the gas price ceiling on 19 December.
“Now, according to the best scenario, which is probably on Monday,” Szijjarto told Hungarian journalists, RIA Novosti reports.
Earlier, Szijjártó said that it was not possible to agree on a gas price ceiling on Tuesday. A group of 12 government boxes significantly reduces the gas price ceiling under discussion.
From December 5, by virtue of the decision on the ceiling of prices for Russian oil.
At the same time, the ceiling on the price of Russian oil could lead to higher fuel prices in the long term after supplies are reduced and Moscow does not have enough revenue to support additional drilling, said a former commissioner of the Texas Railroad Commission (petroleum regulator). Ryan Sitton.
Estimating the European Union and other Western unions’ estimate of the $60 per barrel price cap on Russian oil as part of their revenue cap estimate, they estimate Moscow could use to finance the US economy in Ukraine.
Former Texas Railroad Commission Commissioner Ryan Sitton said that in 2025-2026 he will be able to explain to everyone why oil production is insufficient.
“Therefore, the president managed to achieve a reduction in the price of Russian oil to $60 per barrel, which is comparable to the fall in prices around the world. Looks good for elections, but doesn’t look good for the future of those who use oil, which is most of the world,” Sitton said.
Sitton found that a price discovery for gasoline price increases in the future, about two years from now, is found because in the short term there are signs of the emergence and likelihood of crude oil in other countries. This, in turn, will reduce the financial resources needed to continue drilling.
The ceiling price for Russian oil is low, set by the union at 60 per barrel, the dependency in effect on December 5 along with a ban on seaborne exports. The cap will be reviewed two months to stay at 5% below the energy agency’s surveillance target. The G7 countries and Australia have also capped Russian oil exports at $60 per barrel.
As of Monday evening, West Texas Intermediate (WTI) is $73 per barrel and Brent crude is nearly $80 per barrel.
Russian Deputy Prime Minister Alexander Novak, commenting on the decision to set the price ceiling, said that Russia would not accept the price ceiling, even if this measure would force it to cut oil production. Such restrictions hinder market forces, Novak said.
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