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OIL
The price of Urals surpassed the $60/bbl price cap for the first time last month, highlighting the role of Greek tanker operators, who control well over one-third of tankers which have lifted Russian crude post-ban according to Vortexa.
- Russian crude volumes (excl. Russia Far East) lifted by Greek operators in July decreased by around 482 kbd m/m to a level equivalent to around 35% of all cargoes.
- In comparison, Greek operators lifted around 45% of June cargoes, when Urals was still under the price cap.
- Chinese buyers have also been pushed away from Russian crude as its discount has narrowed, while Russia has focussed on higher value products.
- Russian oil product exports were just shy of their record pace in July.
- Clean petroleum product prices have also broken price caps which may further push away Greek ships.
source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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