Europe

Italy's Eni to resume purchases of Venezuelan oil after 4-month pause - Reuters

Eni received 1 million barrels of oil from Venezuela in November. The delivery marks a resumption of the oil-for-debt deal sanctioned by the U.S. government earlier this year. The deal allows Venezuela to sell oil to bypass sanctions.

Earlier in June and July, Eni received a total of 3.6 million barrels of Venezuelan DCO oil. However, the Italian giant did not have enough capacity to process heavy oil. As a result, the oil was redirected to Spain.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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