spells success also, the european union begins embargo in russia. all deliveries by ship will have more on the impacts. and is that the public on risk or the faltering economy will go to china and find out what's behind beijing's most recent. loosening of corona virus restrictions. i'm chris kolber, welcome to the program. a western lead price cab on russian oil entered effect today drawing the ire of moscow and adding another kink to global markets. the european union and g 7 nations agreeing to a seating of $60.00 a barrel over the weekend. under the new rules, western shipping and insurance firms must abide by the price kept for future transactions. moscow again, on sunday to stop all oil sales to nations participating in the cap right for more to spring and mikayla's. quote. again, he's an independent energy analyst. welcome to the program,

macau. this price cap is meant to curve brushes, war time, revenues, will it? yes, definitely. will. we already see that the rest of the usual responded to the price gap, embargo, today with the to declare agent. and both declare reasons are absolutely meaningless for us. they said that they are not going to deliver oil to the countries. join the price get scheme. and those cancer is heavily rigid, stopped important all russ and crude oil. so it's, it doesn't make sense to make such threats. next thread is from ross ross. it is going to decrease oil production, and that's influence the global oil market in the response to the measures. well, if for us it cannot sell it's oil. oil companies in their us are already

a decrease in production without any well or special orders from the cramp. this is a natural process because one of our big time customers like india and china and turkey, would they be able to sort of jump in and just buy more of russian oil? i don't know, think it is possible for us. for china, there are transportation, the book, whole mix, china buckled bottlenecks, and china cabinets receive more oil that it has been receiving for several years before which is limited to and slightly less than $2000000.00 barrels a day. and the country is just unable to increase its intake over us an oil. as to india, it is also an different answer of possible sanctions. and the irregular suppliers of crude oil or in the iraq and other countries of the person gulf are already

promised until offer discounts, which would be about $10.00 less than the rest of the price of oil. so in the alone cannot compensate the loss of the european market. yes, torque it will take some additional oil, but the months you mentioned there any you and barbara of russian all ship by sea is coming to effect today. so how much of an impact does this have? yes, a russia has a well problems with the export of that oil, which is the european got through the united states are not going to accept. and according to summer rumors, russia is buying some obsolete. oh, very old oil tankers and provided them with insurance by russian companies store or keep transport oil to outside market. but 1st such markets. well,

i don't think that they exist in the well, in the scope that the russ hopes will sell. it's oil. and so i think there will be just occasion all attempts to buy right to well, to break the rules of the g 7, then european unit, the current again, energy analyst. thank you. i was just discussed along with a price cabin, even poor ban on russian all delivered by ship has been in effect since today, meaning new shipments will be embargoed crude that's already underway. still be accepted here is more on the likely impacts of this move. an oil tanker on its way to where your pin point a site that should become rarer in the weeks ahead. as of december, 5th, you, russian, oil shipments to europe are officially banned. the move is the latest you effort to

target russian fossil fuel revenues. more than 2 thirds of russian oil exports to the you arrive vice, but soon no more. germany will continue to import russian oil through the rouge pipeline, but only through the end of the year. hungary, slovakia and the czech republic will also continue to rely on pipelines. they argue they have no alternative to russian oil. the widespread boycott is a reaction to russia's ongoing war in ukraine. so how is it affecting the market? prostitution was already quite successful when oil is a fundable commodity. um, so basically you can sell and buy on the wall market. that's what you're of this basically, it blog oil from other sources. just as russia tried to redirect it sales um to other buyers. brent crude was trading around $40.00 per barrel at the beginning of

the cove in 19 pandemic. it saw it to a $120.00 a barrel last summer. before falling below $100.00. european reserves are bursting at the seams. new supply contracts have been signed, an oil prices are declining and that has made it basically to do with 2 banks at 1st is steady, the fair of us and euro song and recession. so, so the lower with lower economic growth which would lead to less the month. oil that's pushing prices down. and the other aspect is the chinese lot downs. the band has ripple effects. an end to russian oil flows will be a huge problem for p c. k. refinery and the eastern german town of shed, which was supplied by the drug pipeline. a replacement pipeline from the raw stock are coming to shade, however,

it only has about 50 percent of the capacity of the jewish pipeline. so this questions has yet to be answered by the german government out there. how that got to proceed to make the to key, dia, refinery running. but even if the refinery in schmidt operates at 50 percent capacity, germany's crude supply isn't at risk plans cold for gas stations to be supplied with petrol and diesel from other european countries. and now to some of the other global business stories making news, european commission president was left on the line says that you will change its state aid rules in response to a new law in the united states. brussels fears that the u. s. inflation reduction act more investment away from europe, with its $430000000000.00 in climate subsidence. you and us officials are expected to discuss the topic this left on the as pulled the 1st of for

a $380.00 aircraft out of retirement. the double decker jumbo jet will rejoin the german flag carrier sleep next summer. after maintenance has been carried out, the a 380 it was retired in 2020 and widespread lockdown, which led to the grounding of most passenger flights. across the world. markets in asia responded positively to new reports that chinese cities continue to loose and covered restrictions indexes in hong kong and tokyo along those rising on monday cities like managing and chunk ching are rolling back testing requirements, including for public transportation. those moves follow reports of widespread unrest last week due to blocked on measures. fishing has not however, however, officially reversed. it's strict 0 over policy that led to the lockdown of shanghai and other major urban centers. earlier this year for more of those journalists are being crushed. my joins me from beijing far beyond. what does this loosening of

restrictions look like? what he and beijing, the changes are remarkable. really. i give you some examples in my residential building, for example, there's a confirmed cobra case, a direct neighbor of me and until very recently that would have meant i don't have any chance i would have gotten transferred to a current teen center. but that hasn't happened. and even my neighbor who's infected he can cure his symptoms at home. this is really a remarkable change that shows us that the locked downs are not as strictly implemented as before. and also in the city, you can really see the change a p c r. testing stations are getting close. a lot of our shops have opened again. and also you don't need to show you a health coat that you have on your phone. any time you visit, for example, a supermarket, i think the implementation of those woods are really much loser now. and adding to that news agency writers is reporting that china may announce 10 new covered 19

management measures as early as wednesday. so is beijing's 0 covered strategy basically a thing of the past, what i'm expecting in the next months are really a back and forth and more like testing the waters. and i don't think begging will really radically or quickly open up. i mean, you have to also see that the vaccination rate, especially among the elderly, is really quite low and am, i think, you know, though government is also quite risk of worth what we are seeing as a lot of experimenting, how this living with the virus could look like and but i mean if i would have a guest now i would say yes, we're seeing definitely the beginning of the end of the recall of it. but how long this process will take? i think nobody knows by now. and what are the reasons. 2 that are behind this change, of course, is of the recent public unrest, or is that the slight sluggish economy where i'm speculating here,

but our main protection is that the timing suggested it really has to do with the public unrest. there was a lot of anger, a lot of you know, frustration with the locked downs. so i think the government felt the urge to am yeah. tame down that anger by using some of the restrictions. but of course, the economy, a place are also place in roller, i mean, the i m f, et cetera are they downgraded their economic forecasts for china already several times for this year. and really the economy is doing are particularly bad this year . a lot of shops have suffered, a lot of migrant workers have suffered a lot of the companies are trying to you know, move to other countries. so i think it was really a wake up call and the government has understood that it needs to do something. journalist fabi and cut my reporting from an aging. fabulous. thank you. and his reminder of the top story we are following for you at this hour. a western lead price cab on russian oil entered effect on monday, during the ire of moscow and adding another inc, global oil markets,

the european union and g $7.00 nations agreeing to assuming of $60.00 a barrow over the weekend. plus guys, well to stop all oil sales donations, participating in the cap and the reps up our show for now for more news and background information. go ahead and check out our website at d. w dot com slash business or the dublin used him to trammel. i'm chris kolber on the line for me and the entire team. thanks for watching. have a successful with with

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