Highlights, Managing Basis, Markets & Rain Days Update 11/21/22
The G7 will cap the price of Russian crude oil effective December 5th and the EU will ban Russian crude oil imports from the same date. That means the EU will lose 2.5 million barrels per day of Russian crude oil. The ban will be expanded to include oil products on February 5th, which will be tough for the already-tight diesel fuel market in Europe.
The G7 has yet to come up with its maximum price allowed under the cap, and EU regulations necessary to navigate the post-December 5 oil markets have yet to be crafted and finalized.
Brazil’s government has ordered banks to freeze the bank accounts of those who support the protests against the election results, just as Canada did last summer for the protestors. This coming week will be the end of the protests or a massive expansion.
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