The European Union is considering the possibility oil capping prices, additional restrictions on high-tech exports to Russia and additional fines against individuals in response to what the West sees as a new escalation of Moscow’s war in Ukraine.

President Vladimir Putin’s nuclear hyperbole, announcement of partial mobilization for war and support for plans to essentially annex areas of eastern Ukraine spurred the 27-nation EU bloc to action on Wednesday. At a special meeting within the United Nations negotiations in Farther York, EU foreign ministers agreed to prepare sanctions against Russia. The bloc’s top diplomat noted that they would include “economic and individual” measures.

Three EU diplomats in Brussels said the additional fines would focus on an oil price cap similar to that agreed by the most industrialized G7 nations. This group includes EU members France, Germany and Italy.

Germany, the EU’s economic superpower, ruled out additional economic measures. In contrast, Hungarian Prime Minister Viktor Orb├ín, who has close ties to Putin, said on Thursday that Europe should lift all sanctions.

Chinese oil companies contact SAIC

The largest in China oil and the gas producer formed a joint venture with SAIC Motor Corp. and battery business CATL (300750. SZ) to offer replacement batteries for electric vehicles, parent company CNPC announced on Thursday.

PetroChina does not disclose any material information. However, according to the company’s official registration website, SAIC owns 37.56% of the new joint venture Shanghai Jieneng Intelligent Power New Energy Technology Co., Ltd. Meanwhile, PetroChina and CATL each have 12.54%. Sinopec, the second largest oil and gas company in the world, owns 25%. China’s state-owned energy conglomerates are increasing their investment in low-carbon industries such as renewable energy, hydrogen and electric mobility to become carbon neutral by 2060. China’s Ministry of Industry and Information Technology (MIIT), a staunch proponent of battery replacement, hopes get more than 100,000 vehicles with replaceable batteries and 1,020 charging stations by 2023.

However, with the recent increase in freight rates, Russian oil does not look so cheap anymore. Also, the transit time from the Russian Far East, where the ESPO brand is loaded for export, to India is a month instead of a week for the cargo from the Middle East to reach India. Due to the shortage of ESPO cargo in India this month, more of this quality should be sent to China, which is closer to Russian oil export ports in the Far East.


European market of essential oils

This report is about Europe Oils Market serves business needs and provides state-of-the-art market research and analysis using the most advanced tools and methodologies. This market research classifies the market. The main market participants are discussed in the competitive analysis section.

In the forecast years 2021-2028, the market of essential oils should develop at a rate of 3.1%. The essential oil market study by Data Bridge Market Research provides analysis and understanding of the numerous factors that may be present during the forecast period and their impact on the growth of the market.

Increasing incomes, changing consumer lifestyles, increasing health consciousness, and growing demand for essential oils such as improving indoor air freshness are all driving the essential oil industry. In addition, increased demand for natural ingredients creates attractive prospects for market players from 2021 to 2028. Global wars and fluctuating fuel demand continue to affect New Mexico’s oil and gas business. At the same time, the fallout from Russia’s invasion of Ukraine has increased pressure on US oil producers, especially in the Permian Basin.

Russia’s actions have resulted in its removal from most international fossil fuel markets. It raised the price of US oil and gas, which is needed to offset future supply shortages around the world.

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