Global energy firms are carefully developing new oil and gas projects—mostly outside the United States.
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The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits Western shipping and insurance companies from handling cargoes of the crude unless it is sold at or below that price. Most Russian oil currently trades below that level, with seaborne Urals crude quoted at $49.50 a barrel on a free-on-board basis from Primorsk on Tuesday, and at $47.83 FOB from Novorossiisk.