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Good morning all,Jakers and meoryou:)

https://www.livecharts.co.uk/MarketCharts/brent.php

11,549.69 -237.11 (2.01%

34.37 USD -0.63 (1.80%)

The G7’s oil price cap may have went into effect on Monday, but Russia’s response is to consider putting a “price floor” under its crude oil exports, two officials familiar with Moscow’s plan told Bloomberg on Tuesday.

Russia had already said it would not ship crude oil to anyone playing along with the G7 oil price cap, and that it could even possibly respond by cutting oil production rather than ship its oil at too severe a discount, as dictated by the price cap.

The G7 price cap landed on $60 per barrel—above the level where Russian crude is currently shipping today. But that hasn’t stopped Russia from threatening to cut its oil production and creating a floor for its crude oil prices, or limiting the discount that Russian crude is trading to Brent.

The G7 price cap was created ostensibly to restrict Russia’s revenue from its crude oil sales, although capping its oil at $60 per barrel would surely fail in its mission. And if Russia were to restrict output in response to the price cap like it said it would, oil prices could climb higher, blunting even more any efforts to restrict Russia’s revenue as it continues what Russia refers to as its special military operation in Ukraine.

Russia has promised it would refuse to sell crude except at market price. What’s more, it said it would keep to that promise even if it means cutting production.

The EU and the G7 said they would review the cap every two months, with the first review in mid-January.

The current cap on crude prices will be followed in February by a price cap on Russia’s petroleum products, although that price has yet to be set.

Many oil tankers have dropped anchor near the key Turkish straits connecting the Black Sea with the Mediterranean, waiting for clearance from Turkish authorities who now demand new proof of insurance cover for tankers as the EU embargo and the EU-G7 price cap on Russian crude came into effect.

Some 20 tankers, most carrying Kazakhstani – not Russian – crude were waiting offshore Turkey on Monday, the Financial Times reported, quoting shipbrokers, tanker-tracking services, and oil traders.

Turkey now demands new proof of insurance cover for tankers passing through the Bosphorus and Dardanelles straits, the main waterways linking the Black Sea with the Mediterranean. Most of the oil now sitting on tankers off Turkey is from Kazakhstan, shipbrokers told FT.

Kazakhstan ships its crude from Russian ports on the Black Sea and oil from Kazakhstan is not subject to the EU embargo or price cap.

According to the International Group of P&I Clubs, which provides protection and indemnity cover to about 90% of global shipping trade, the new Turkish request of proof goes “well beyond” the information that is usually necessary, FT noted.

While the demand from Turkey for proof of insurance could potentially create another bottleneck for global oil trade, the Turkish rules are not unreasonable, considering the aging tankers of the ‘dark fleet,’ which is now thought to be servicing a growing part of Russian crude flows.

Russia and entities willing to capitalize on trade with Russian oil have amassed in recent months a ‘shadow fleet’ of possibly hundreds of tankers whose new owners are unknown or little known, analysts and ship brokers say. Russia, which has rejected the price cap and has said it would not sell its crude to countries that have joined the mechanism, is looking at various ways to circumvent the sanctions by using its own fleet and insurance and ships of owners that are less scrupulous than the major West-based tanker owners and charterers.

Haha Clones I have another name for him

Deutsche Bank raises BP price target to 549 (527) pence - 'buy'
I agree with affmaead Opec will just cut to protect their price per barrel
Someone on here is short
I am definitely holding onto these .
Patience and bumps on the way are to be expected

OSLO, Dec 6 (Reuters) - The Norwegian government plans to make its first awards in an offshore wind power tender by the summer or autumn of 2023, it said on Tuesday as it published long-awaited criteria for companies to take part in the bidding.

The Nordic country, a major producer of oil and gas as well as hydropower, plans to commission up to 30 GW of offshore wind capacity by 2040.

A wide range of utilities, oil and gas producers and engineering companies have lined up to develop offshore power projects in Norway, including Equinor, Shell, BP, Orsted, Statkraft and Eni.

In a first step, Norway will develop Soerlige Nordsjoe II phase 1, covering 605 square kilometres (235 square miles) of a wider, pre-chosen area bordering the Danish sector of the North Sea that is suitable for bottom-fixed wind-power turbines.

As part of a compromise over rising domestic power prices and a looming power deficit, the first phase comprising 1.5 gigawatt of capacity will

connect to the Norwegian market only

.

The auction for Soerlige Nordsjoe II will open at the end of the first quarter of 2023, with awards given "towards summer/autumn", the government said.

Those vying for acreage at Soerlige Nordsjoe II must pre-qualify for participation by fulfilling criteria judging sustainability, a positive impact on local business development and the ability to complete the project, the government said. (Editing by Terje Solsvik)

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https://www.usnews.com/news/world/articles/2022-12-05/oil-tanker-jam-forms-off-turkey-after-start-of-russian-oil-price-cap-ft

Dec 5 (Reuters) - The main U.S. benchmarks dropped on Monday as investors fretted that better-than-expected service-sector activity could point to the Federal Reserve hiking interest rates for longer, while shares of Tesla slid on reports of a production cut in China.

NEW YORK, Dec 5 (Reuters) - Oil prices fell nearly 3% on Monday, following U.S. stock markets lower, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.

Sorry it’s stopping me posting it

****stan

Russia To Sell Crude Oil And Oil Products To ****stan At A Discount

£5 this week.:)

https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Amassing-A-Shadow-Fleet-Of-Oil-Tankers.html

Good afternoon
SeedyG what is your view on Saga as an employee?
Much appreciated
Thankyou

87.46$