Russia's response to the G7 price cap on oil corresponded to the promises previously voiced by state representatives, without having a major impact on global fuel supplies. But the country leaves open for a more decisive move to the EU-imposed price threshold for raw materials.

It is reported that Exxon Mobil Corp. is attempting to block the introduction of a new windfall tax against the oil industry. The company is suing the European Union.

California Gov. Gavin Newsom proposed imposing a limit on the gross gasoline refining margin. An upper limit has yet to be set in cents per gallon. According to Newsom’s proposal, oil companies would be penalized if the margin exceeds the price ceiling.

As it was stated yesterday by TC Energy representatives, the damaged part of the Keystone pipeline, where a leak had occurred this December, was cautiously separated from the line.

American lawmakers submitted a draft for 2023, making it possible to cancel most of the oil sales from the Strategic Petroleum Reserve (SPR). Earlier, the U.S. Congress mandated for releasing fuel from emergency stockpiles in order to sell it on the global market.

China’s government announced its intention to focus on supporting the country's economy in the upcoming year. In this regard, business-friendly policies are likely to be created. However, fiscal stimulus may be reduced.

The US Energy Department said that it is starting to buy oil for the Strategic Petroleum Reserve (SPR) after selling 180 million barrels earlier this year.

The Group of Seven countries (G-7) set a price cap on Russian oil. In response to this restriction, Russia is considering the possibility of setting a floor price for its oil in the global energy market.

According to information from insiders, the Venezuelan government and members of the opposition agreed to return to talks this weekend.

On Wednesday, a 3% increase in U.S. natural gas futures was registered, which was enough to cover some earlier losses.