President Volodymyr Zelenskiy called the $60 per barrel price cap on Russian crude a sign of weakness toward Moscow. The cap agreed on by European Union countries is higher than the price at which Russian oil has been trading recently, and the Kremlin said it’s preparing a workaround in any case. Russia’s deputy prime minister warned Russia could “somewhat reduce output” in response.
OPEC+ responded to surging volatility and growing market uncertainty by keeping its oil production unchanged.
The OPEC+ alliance decided to maintain production at current levels, pausing to take stock of a global oil market that’s roiled by uncertainty over Chinese demand and Russian supply.
Elon Musk said Apple Inc. has “fully resumed” advertising on Twitter Inc., further de-escalating a brewing war between two of the world’s most influential tech companies.
Shanghai eased some of its Covid restrictions, joining other top-tier Chinese cities as authorities accelerate a shift toward reopening the economy after thousands of demonstrators took to the streets last weekend to voice their anger at the nation’s stringent policies.
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