Several Australian gas retailers have reported supply issues following the government’s implementation of the gas price cap, which prompts the consumer watchdog to keep a close eye on gas producers. In a recent gas market development, AGL–the second-largest energy retailer in Australia, confirmed that the company has been unable to secure an incremental contract supply…
Australian Gas Retailers Unable to Secure Supply Due to Government’s Gas Price Cap
Moscow to Ban Oil Exports to Nations That Impose Price Cap
December 27, 2022
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Business & Marketseconomic policieseconomyenergyEuropeMarketsoil exportsprice capRussiaRussia-Ukraine WarUSWorld
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Moscow will follow through with its threat to ban oil exports to countries that agree to impose a price cap on Russian oil. President Vladimir Putin announced his government’s long-awaited response to a Western-backed price cap on his nation’s crude exports on Dec. 27. The Russian leader signed an order banning the supply of oil and…
Labor’s New Energy Price Cap Will Drive Prices up and Alienate Investors, Opposition Leader Warns
December 14, 2022
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Adam BandtAustraliaAustralian GreensBusiness & MarketsenergyEnergy Billenergy priceinflationJim ChalmersPeter Duttonprice capWorld
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Australian Opposition Leader Peter Dutton has warned the federal Labor government’s plan to impose a cap on gas and coal price will only exacerbate energy prices and push away investors, contrary to what the centre-left government has promised. As the parliament is recalled to vote on the bill on Dec. 15, Labor’s energy relief plan…
Russia Ignores the West and Sells Oil at About 30 Percent Above Newly Imposed Price Cap
Russia’s ESPO oil blend from the port of Kozmino was selling for around $79 a barrel on Monday, nearly 32 percent higher than the $60 price cap enforced by a coalition of Western nations—a retaliatory measure to curb Moscow’s ability to finance its invasive war in Ukraine. The ESPO blend was trading in Asian markets…
European Union Agrees to $60 Russian Oil Price Cap
European Union member countries have agreed to a $60-per-barrel price cap on Russian oil in a bid to weaken the Kremlin’s ability to wage war in Ukraine, though Moscow has said the move is meaningless as it plans to keep charging buyers regular prices or cut them off. After a last-minute flurry of negotiations, the…
Russia Threatens to Ignore Oil Price Cap and Charge Buyers Regular Prices or Cut Them Off, Says Russian Foreign Minister
December 2, 2022
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Moscow threatened to ignore the oil price cap set by the West and said that Russia will continue to charge buyers regular prices, or they cut them off. The Russian government would not follow the cap level that the European Union (EU) and the G-7 has proposed on Russian oil prices since and would prefer…
The Terrible Mistake of the European Union Energy ‘Price Cap’ Proposal
Commentary Only 15 years ago, the European Union produced more natural gas than Russia exported, according to the EIA. Repeating past mistakes and maintaining a failed energetic interventionist policy would only worsen what is already a structural disaster. The prohibitive cost of electricity and gas in Europe isn’t a result of market flaws but of…
EU Gas Price Cap Could Cause Permanent Damage to Markets, Europe’s Energy Exchanges Warn
With the European Union (EU) pushing ahead with its proposal to cap gas prices, leading energy exchanges are warning that the decision could pose a serious economic threat to the region. In a Nov. 19 letter to members of the European Commission, the Association of European Energy Exchanges (“Europex”) pointed out that gas derivatives were…
Russia Plans to Boost Asian Oil Sales Following Proposed G7 Price Cap
September 6, 2022
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Moscow plans to increase its oil supply to the Asian markets in response to the G7’s proposed price caps, Russian Energy Minister Nikolai Shulginov told reporters on Sept. 6. “Any actions to impose a price cap will lead to deficit on [initiating countries’] own markets and will increase price volatility,” Shulginov said, according to Reuters….
Russia Vows to Halt All Oil Exports to Countries That Impose ‘Completely Absurd’ Price Cap: Kremlin
Russia’s Deputy Prime Minister Alexander Novak said that Moscow will ban exports of oil and other petroleum products to countries that impose a cap on the price of Russian crude. Novak made the remarks to reporters in Moscow on Sept. 1, according to Russian state media Tass, which came as Western powers were preparing to…
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