With the current market price, the government provides astronomical subsidies, the diplomat noted.

Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a US official said, underscoring the limits of the most ambitious plan yet to curb Moscow’s wartime revenue.

Barclays lowered on Friday its Brent Crude price forecast for this year and next due to expected slowing growth in oil demand.

Only up to 2 million bpd of Russian crude and refined petroleum exports may have to be shut in from early December, when the price cap mechanism is planned to kick in.

The Organization of Oil Exporting Countries and associates, known as OPEC+, decided to cut oil production Oct. 5.

China’s oil major CNOOC expects a twofold increase in its net income for the first nine months of the year, Energy Voice has reported, citing information from a stock exchange filing.

Sanctions imposed on Russia for its invasion of Ukraine have been “melting away” Russia’s ability to fund the war, though China and Turkey are assisting Russia in evading Western sanctions.

Russia will continue supplying oil to Europe via pipelines for consumers interested in it, Deputy Prime Minister Alexander Novak said at the Russian Energy Week.

The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels.