The increase in oil reserves in the USA and the tightening of sanctions against the Russian Federation stopped the rise in oil prices

The US authorities adjusted the mechanism for determining the ceiling price for Russian oil, and yesterday the Office of Foreign Assets Control (OFAC) updated the relevant guidance for certain service providers.

The updated documents contain new requirements for service providers, in particular: timely receipt of confirmations for each delivery or shipment of Russian oil or petroleum products and provision or receipt of detailed information on additional costs in accordance with established requirements, - reports on the official website of OFAC.

The new guidelines will apply to U.S. service providers until February 19, 2024, inclusive, allowing continued use of the "safe harbor" procedure designed to provide safe services without risk of penalty. The purpose of the policy of limiting oil prices is to ensure the reliability of supplies of oil and oil products and to reduce the income of the Russian Federation from their sales.

According to the Bloomberg agency, six tankers with 5 million barrels of Russian oil are already off the coast of India (one of them for more than a month). The reasons for India not accepting these vessels are not specified, but it may be US sanctions against tankers carrying Russian oil in violation of the price ceiling of $60/barrel.

Amid Hussite attacks on merchant ships in the Red Sea, February Brent crude futures rose during the week to $79.7/barrel, but yesterday's EIA report halted price gains.

According to the EIA, crude oil production in the US for the week of December 9-15 increased by 1.5% to a record 13.3 million barrels/day. In addition, crude oil stocks increased by 2.91 million tons of barrels, while experts expected their reduction by 2.3 million barrels. Gasoline stocks increased by 2.91 million barrels against the forecast of growth of 1.35 million barrels. Cushing crude inventories (the benchmark for WTI futures delivery) rose by 1.686 million barrels as of Dec. 15 to a 4-month high, 0.7% below the seasonal 5-year average.

It is expected that in the near future oil prices will decrease against the background of the pause in the war between Israel and Hamas, as well as the strengthening of the fight of the coalition of Western countries against the Yemeni Houthis.