International oil prices rose on Friday (23rd).

(Midland file photo)

[Financial Channel/Comprehensive Report] Earlier this month, the Group of Seven (G7) imposed a price cap on Russian oil. The market worried about the decline in Russian exports, and international oil prices rose on Friday (23rd).

West Texas Intermediate crude for February delivery rose $2.07, or 2.6%, to settle at $79.56 a barrel.

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Brent crude for February delivery rose $2.94, or 3.6%, to settle at $83.92 a barrel.

"MarketWatch" reported that Russian Deputy Prime Minister Alexander Novak (Alexander Novak) said that Russia may cut oil production by 5% to 7% in the new year.

Tatiana Orlova, chief economist at Oxford Economics, said preliminary data showing Russia's seaborne oil exports slumped in mid-December suggested the price cap measures had achieved some success, but not so much in preventing disruptions in Russian oil supplies. success.

Bloomberg reported this week that total seaborne oil exports from Russia fell by 1.86 million barrels per day, or 54% per week, to 1.6 million barrels per day in the week ended Dec. 16.

Reuters reported that Russian crude oil exports from Baltic ports in December may have decreased by 20% from the previous month.

Tatiana Orlova said: "The plunge in exports seems to be related to maritime logistics, and we have not seen any evidence that Russia has deliberately cut crude oil exports."

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