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$60-barrel price cap. Tougher monitoring may weigh on India’s purchases of Russian barrels.
Ship tracking data indicate that the United Arab Emirates (UAE) is importing millions of barrels of Russian crude oil, despite pressure from the United States to isolate Russia, Reuters reported on March 6. Russian exports of oil to the UAE has been occasional and the exact date of the UAE's initial imports of Russian crude is unknown, however, the volumes have grown significantly in the last year, according to tanker tracking data seen by Reuters. Since November 2022, about 1.5mn barrels of Russian crude have been shipped to the UAE, with volumes increasing or remaining steady since early 2022. The UAE is a major oil producer in its own right. the Kingdom of Saudi Arabia (KSA) is also a major producer but has been importing Russian oil to burn in its power stations, leaving more crude free to export. Although the first shipment of Russian crude to the UAE occurred in 2019, shipments have increased notably after April 2022, with a brief pause between July and October of that year. Previously, only one shipment of Russian crude to the UAE had been reported. The UAE is emerging as a major hub for Russia and its exiled businessmen. It continues to cooperate with Russia as part of the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and its allies.
The G7 states have set a price ceiling for Russian oil, but judging by the prices on the market the ceiling does not exist, presidential spokesman Dmitry Peskov said March 8. "On the one hand, they have set the ceiling, but on the other hand, there is no ceiling in place taking into account the existing price level in practice," Peskov said.
Nord Stream gas pipelines can be repaired after the blast but this will require time, money and new technologies, Russian President Vladimir Putin said on Tuesday. "This is not a simple matter. The global practice does not even have examples of repairing the like systems after such accidents," the head of state said. "In theory, everything is possible in terms of technology," Putin noted. "This will require time, money, and certain new technologies. Nevertheless, everything is possible, everything can be done," the Russian leader said.
9.1.1c Gas sector news
Russian gas supplies to China over the Power of Siberia gas pipeline will stand at 22bn cubic metres in 2023 from the current 15bcm, Deputy Prime Minister Alexander Novak said in an interview. Russia exported record high 15.5bn cubic metres of gas to China over the Power of Siberia gas pipeline as of 2022 year-end.
Putin announced that almost all parametres of gas pipeline Power of Siberia 2 (Sila Sibiri 2) have been agreed during Chinese President Xi
160 RUSSIA Country Report Russia April 2023 www.intellinews.com