The European Union is considering imposing an outright maritime ban on services needed to ship Russian oil, such as insurance and transportation, as part of a new sanctions package marking four years of Russia's war.
Crude oil prices remained close to the levels seen during the last few days. Markets could continue to consolidate while hopes of the US government reopening helped stabilize demand prospects. Additionally, expectations of a pause in production increases from OPEC countries next year could help limit downside risks. US sanctions on Russian oil majors could also continue to support prices as they could disrupt crude volumes and tighten supply to a certain extent.
As the leaders met, Trump promised to consider a waiver for Hungary on Russian oil sanctions. "We are looking at it because it is very difficult for him to get the oil and gas from other areas. As you know they don't have the advantage of having sea," he said. Meanwhile, Orban said he would explain to Trump "what would be the consequences for the Hungarian people and for the Hungarian economy not to get oil and gas from Russia." "Because we are supplied by pipelines. Pipeline is not an ideological or political issue. It's a physical reality because we don't have port(s)," Orban said.