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The average price for Russian crude oil in January 2023 was $49.48pb down 42% in January 2022 prices and well below the $60pb price cap. [124] Early projections by the EU estimated that the price cap on Russian oil would cost Russia around 160m euros ($175m) every day ($60b pa). [179]
2023 marked the sixth straight that the United States led the world in oil production, shale oil fracking has dramatically increased the country's oil output since 2010. The United States also became a net petroleum exporter in 2020, for the first time since at least 1949. U.S. crude oil exports reached a record high in the first half of 2023.
Prior to the beginning of the price war, oil prices had already fallen 30% since the start of 2020 due to a drop in demand. In the first few weeks of March, US oil prices [ambiguous] fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. The price war was one of the major causes and effects of the ensuing 2020 stock market crash.
For instance, North America has over 3 trillion barrels of shale oil reserves, [citation needed] and the majority of oil produced in the USA is from shale, leading to the paradoxical data below that the USA will finish all its oil at current production in 11 years, because the production is mostly from shale but the reserves cited omit all ...
Russia charged an export duty on oil products, in May 2023 Light Oil products was $4.2 per tonne (compared to $12.9 in December 2022), Naphtha duty was $7.9 and gasoline $4.3 per tonne. [19] From 1 January 2024 the export duty fell to zero as Russia changed the taxation system to add oil to the Mineral Extraction Tax regime.
Oil prices for Brent in US$ (blue) and Euro (red) From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. Then, during 2004, the price rose above $40, and then $60. A series of events led the price to exceed $60 by August 11, 2005, leading to a record-speed hike that ...
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