Core Viewpoint - The European Union is proposing a floating price cap on Russian oil as part of new sanctions to address opposition from some member states [1] Group 1: Proposed Measures - The European Commission plans to propose a mechanism for adjusting the price cap on Russian oil based on fluctuations in global oil prices [1] - This proposal follows a previous suggestion to lower the G7-imposed price cap from $60 per barrel to $45 per barrel, aimed at reducing Russia's funding for the conflict in Ukraine [1] Group 2: Context and Rationale - The initiative to lower the price cap is driven by the recent decline in global oil prices, which has rendered the current cap ineffective [1] - The proposal is still under revision, with plans to establish a more automated price review process to align with international oil prices [1]

Core Viewpoint - The European Union has abandoned the proposal to lower the price cap on Russian oil exports to $45 per barrel due to concerns that the United States would not support stricter sanctions amid rising oil prices [1] Group 1: Price Cap Proposal - The EU previously proposed to reduce the oil price cap from the current $60 per barrel to $45 per barrel [1] - The proposal faced complications following a spike in oil prices after an Israeli attack on Iran [1] Group 2: US Support and Sanctions - Several EU countries believe that lowering the price cap would only be effective with U.S. support [1] - It became clear after the recent G7 summit that the U.S. is unwilling to support stricter sanctions against Russia [1]

Core Viewpoint - The European Union will not unilaterally lower the price cap on Russian oil from $60 to $45 without support from the G7 group [1] Group 1 - The EU's 18th round of sanctions against Russia includes a proposal to lower the price cap on Russian oil [1] - European Commission President Ursula von der Leyen stated that any decision to lower the price cap must be made in cooperation with G7 partners [1] - Discussions regarding the price cap will take place at the upcoming G7 summit in Canada [1]

Group 1 - The G7 is experiencing internal divisions regarding the adjustment of the price cap on Russian oil, with the US not planning to lower the cap from the current $60 per barrel, maintaining its earlier stance from the G7 finance ministers' meeting [2] - The EU and the UK are advocating for a reduction of the price cap to $45 per barrel to exert greater pressure on Russia's oil revenues, which are crucial for its military actions in Ukraine [2] - There are indications that the EU and the UK may consider unilaterally lowering the price cap without US involvement, although a G7-wide agreement would have a more significant impact due to US enforcement [2] Group 2 - The EU has proposed its 18th round of sanctions against Russia, which includes lowering the oil price cap to $45 per barrel and measures against Russia's "shadow fleet" [3] - Ukrainian President Zelensky has stated that while a $45 cap is better than $60, a cap of $30 would be more effective in compelling Russia to seek peace rather than military solutions [3] - Recent global oil price increases, driven by geopolitical tensions, may enhance Russia's energy revenues, thereby affecting its military capabilities in Ukraine, highlighting the significance of the G7's negotiations on the oil price cap [3]

Group 1 - The EU, Canada, and the UK are reportedly in support of lowering the price cap on Russian oil [1]

Core Viewpoint - The European Union is planning to impose new sanctions targeting the "Nord Stream" pipeline and the price cap on Russian oil [1] Group 1 - The new sanctions are part of the EU's ongoing efforts to respond to geopolitical tensions and energy security concerns [1] - The focus on the "Nord Stream" pipeline indicates a strategic move to limit Russia's energy export capabilities [1] - The price cap on Russian oil aims to reduce revenue for Russia while maintaining global oil supply stability [1]

Group 1 - The Russian Deputy Prime Minister Novak stated that the G7 and EU's efforts to tighten the price cap on Russian oil are unacceptable [1]

Energy - The EU is considering implementing zero quotas on Russian gas imports, allowing European buyers to terminate agreements with Russian suppliers due to force majeure [2] - Kazakhstan's oil production increased by 2% this month, reaching 1.86 million barrels per day, with the Tengiz oil field contributing 932,000 barrels per day [2] - The Kazakh Energy Ministry expects no further increase in Tengiz oil field production this year, as the country is taking measures to comply with OPEC+ obligations [2] - Qatar's Energy Minister stated that Indian LNG buyers are negotiating to increase procurement from Qatar, with capital expenditures for LNG expansion requiring oil prices to reach $70 or $80 [2] Other Commodities - International gold prices have returned to $3,300 per ounce, while domestic gold jewelry prices have surpassed 1,000 yuan [2] - The International Tin Association announced that Myanmar's Wa State has been granted permission to fully resume tin mining production by late April 2025, and production is gradually recovering [2] - Argentina's Economy Minister announced an extension of tax exemptions on wheat and barley exports until March 31, 2026, excluding soybeans, corn, sunflowers, sorghum, or by-products [2] Geopolitical Developments - U.S. officials indicated that intelligence suggests Israel may be preparing to strike Iranian nuclear facilities, although a final decision has not been made [3] - Iran's Deputy Foreign Minister stated that Iran has received proposals for the next round of U.S.-Iran nuclear negotiations and is currently reviewing them [3] - Iran's Supreme Leader Khamenei expressed skepticism about the success of nuclear negotiations with the U.S. [3] - The Ukrainian Foreign Minister suggested that the price cap on Russian oil should be lowered to $30 per barrel [3] - India plans to spend $10 billion by 2040 to purchase 112 crude oil tankers [3] - The U.S. is preparing to extend Chevron's exemption in Venezuela for another 60 days [3] - Qatar Energy Company's CEO announced that the North Field East expansion project is expected to commence production by mid-2026 [3] - Poland's oil company discovered a new smaller oil field during drilling, with reserves estimated at 2 million barrels of oil [3]