The Kuwait National Petroleum Company says the Gulf country sent 66,000 tonnes of diesel fuel to Europe amid the harsh winter.
-
Kuwaiti oil refinery (AFP)
To face the harsh winter, Kuwait has sent its first batch of diesel fuel to the EU, reported the country’s news agency KUNA on Sunday, according to a statement by the Kuwait National Petroleum Company (KNPC).
The shipment consisted of 66,000 tonnes of the energy commodity, which was specially produced to meet the union’s required standards and the EU market.
A refinery at the Port of Mina Abdullah conducted research to match the fuel’s standards with those of the European demands.
Read more: US worried EU resolve on Ukraine diminishes over energy crisis – CNN
Within the same context, the European Union reached a punitive agreement to set a price cap on Russian oil at $60 a barrel, keeping a review mechanism to keep the price cap at 5% under market value.
Later, EU energy ministers agreed on setting a price cap for natural gas with Malta’s minister announcing that the threshold was 180 euros per megawatt hour.
Moscow has previously stated that it will not comply, instead exporting its crude to nations that are not subject to the quota.
When the price cap was being further developed in October, the Russian Foreign Ministry called out the EU’s decision on Russian oil exports to third countries, namely Cyprus, Malta, and Greece, and pledged to sell oil to countries that honor free market principles.
Read more: Experts: price cap on Russian oil to further aggravate energy crisis
In light of the price cap, Russian President Vladimir Putin commented that “the proposed cap corresponds to the prices at which we sell today. In this sense, this decision does not affect us in any way. To be honest, it is not important for us.”
Several unidentified G7 officials earlier disclosed to Reuters that they doubted the ban would be successful if just the group’s members – the United States, United Kingdom, Canada, France, Germany, Italy, and Japan – enforced it. They noted that in order for the measure to have a tangible impact on Russia’s oil profits, the G7 would need the support of large oil consumers like China and India.
Starting from February 5, 2023, the European Union will be introducing a price cap for Russian refined products as well.
Infograph: EU to cut electricity usage in 2023
