let s now get down to business. we start with energy as more eu caps on russian oil have come into effect. the price of premium products, primarily diesel, is being capped at $100 a barrel, while low end products, including fuel oil, will be capped at $45. other oil product imports are banned completely from today. the price cap is designed to limit moscow s ability to fund its war in ukraine. enforcement relies on prohibiting insurance and shipping companies from dealing with russian cargo, unless it was bought at or below the set price. i have not got viyella davis to talk about this instead i do have another guest. joining me now is spencer welch, oil analyst with s&p global. we have been talking about eu caps and bounce, what has changed today? changed today? there is essentially changed today? there is essentially three - changed today? there is. essentially three different mechanisms that have been put in place in the last two months. on the fifth of december, the eu
if gas prices keep rising. fuelling controversy. opec slashes production to boost oil prices, sparking an angry reaction from president biden. plus too broke for beauty? women around the world say they are cutting back on cosmetics so how is the industry responding? we ll hear from a top entrepreneur. we start here in the uk, where as you ve been hearing, prime minister liz truss has been presenting her plans to boost the economy in her keynote speech to the conservative party conference in birmingham. she re stated her commitment to lowering taxes just two days after being forced to abandon a pledge to cut income tax for the highest earners. markets remain nervous about the outlook for the uk s finances under ms truss s government after the mini budget statement on september 23rd that sent the pound to a record low and borrowing costs soaring. but she argues the disruption will be worth it. whenever there is change, there is disruption. and not everybody will be in f
let s now get down to business. we start with energy as more eu caps on russian oil have come into effect. the price of premium products, primarily diesel, is being capped at $100 a barrel, while low end products, including fuel oil, will be capped at $45. other oil product imports are banned completely from today. the price cap is designed to limit moscow s ability to fund its war in ukraine. enforcement relies on prohibiting insurance and shipping companies from dealing with russian cargo, unless it was bought at or below the set price. i have not got viyella davis to talk about this instead i do have another guest. joining me now is spencer welch, oil analyst with s&p global.
$90 a barrel from $120 in the past few months. all of this on fears that a slowing global economy will drive down demand. the decision could also undermine a plan by the g7 wealthy nations to price of russian oil as part of its efforts to limit moscow s ability to fund its invasion of ukraine. president biden s response was sharp calling the decision by opec+ shortsighted and ordered the release of 10 million more barrels from the strategic reserve of the us next month to try and offset the cuts. high petrol prices have hurt mr biden at the polls and while american drivers have enjoyed a recent welcome break from record prices this move could affect what motorists pay at the pump right before the us mid term elections. finally, as the cost of living soars are women around the world feeling too broke for beauty? a global survey by cosmetics giant avon found a quarter of women have given up buying
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