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World Business Report: First broadcast 05/12/2022 15:32 GMT : Russian oil exports: G7 sanctions take effect

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Russian oil exports: G7 sanctions take effect

First broadcast 05/12/2022 15:32 GMT 

First broadcast 05/12/2022 15:32 GMT : Russian oil exports: G7 sanctions take effect

BBC World Service - World Business Report, Russian oil exports: G7 sanctions take effect

Oil prices slightly higher as G7 price cap sets in

The G7 $60 price cap on Russian oil has come into force today.

Oil prices are up today as the Group of Seven's $60 cap takes effect. Meanwhile, oil producers' group Opec+ said at the weekend it would stick to its policy of reducing output.

Also weighing on oil prices is China's signal of a broader relaxation of Covid restrictions after another small protest in the country, this time from students. They are calling for a more transparent process in the formulation of pandemic rules. (Picture: A tanker ship moving on the sea. Credit: Getty Images.)

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First broadcast 05/12/2022 15:32 GMT : Russian oil exports: G7 sanctions take effect

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