Oil Updates – Crude Up; The United States has had constructive discussions with India on Russian oil; Kurdish regional government says oil trade not affected
RIYADH: Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately ignored the chief’s warnings from the US Federal Reserve regarding future economic difficulties.
Brent crude futures rose $1.65 to settle at $100.99 a barrel.
U.S. West Texas Intermediate crude futures rose 54 cents to settle at $93.06 a barrel. Both contracts went up and down $1 throughout the session.
Overall, Brent gained 4.4% on the week, while WTI was expected to rise 2.5%.
US says it had constructive talks with India over Russian oil price cap plan
The United States has held constructive talks with Indian officials on a proposed Russian oil price cap, Deputy US Treasury Secretary Wally Adeyemo said on Friday, as he seeks global support for a proposal to cut oil prices. Russian income.
“I had a very constructive conversation with my Indian counterparts on the price cap proposal, but I also had extensive discussions with private sector participants in India,” Adeyemo told reporters in New Delhi on Friday.
The richer economies of the Group of Seven aim to put in place a price cap mechanism on Russian oil exports by December 5, when EU sanctions banning maritime imports of Russian crude come into effect.
The proposal to cap Russian oil prices aims to limit the oil revenue Moscow uses to fund its invasion of Ukraine, while ensuring sufficient global supplies at affordable prices, Adeyemo said.
“We are very concerned that on December 5 … we will be in a place where access to Russian crude will decrease for the world and potentially lead to higher prices,” he said.
Asked if the United States was concerned about Indian companies using currencies other than the dollar to settle their trade with Russia, Adeyemo said the United States was “indifferent” to the currency. used to pay for energy.
Indian companies more often use currencies other than the dollar to pay for Russian coal and oil imports, with the yuan, dirham, euro and Hong Kong dollar accounting for at least 44% of all coal imports in June.
Kurdish government says oil trade unaffected by dispute with Baghdad
The government of Iraq’s semi-autonomous Kurdistan region said on Friday that its oil production and trade was unaffected by Baghdad’s recent attempts to control its oil revenues.
“Oil…in the Kurdistan region continues to be produced, shipped, sold, refined and consumed. Investment interest remains and production is expected to increase,” the Kurdistan Regional Government said in a statement on Friday.
The Kurdistan region produces around 450,000 barrels of crude per day, most of which is exported.
(Contributed by Reuters)