Europe

Nigerian oil stolen at "unprecedented" rate

Authorities discovered an illegal pipeline at one of the country's main oil export terminals, through which oil has been stolen for more than 9 years. The four-kilometer-long pipeline is located at the Forcados terminal.

"Oil theft in the country has been going on for more than 22 years, but the scale and pace it has taken recently is unprecedented," said an official.

The government estimates that Nigeria is losing potential oil revenue of about 600,000 barrels per day, due to the theft of petroleum products.

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

Read next