The G7 price cap will set a flat price for Russia's export of crude oil and products. Resale of oil sold under the price cap scheme will not be allowed.

After a long lull, select “advantaged” resource access rounds are set to advance. Policy shifts in the UK and US have opened a pathway for more predictable resource access, while red-hot Latin America and Caribbean progress with planned offshore rounds. Yet, other governments have largely failed to attract investors through new resource access opportunities, limiting the outlook for licensing rounds through the end of 2022.