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China Crude Buyers Pause Purchase of Russian Oil Ahead of Price Cap

RUSSIA
  • The EU watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions, Bloomberg report. Allies had previously discussed setting the cap somewhere between $40 and $60 per barrel but people familiar with recent discussions said it would likely be slightly above that. EU ambassadors are scheduled to meet today with the aim of approving the cap, and if an agreement is made, the EU and G7 could announce the cap as early as this evening.
  • China’s crude buyers have paused purchases of some Russian oil as they wait for details of a US-led cap to see if it presents a better price, Bloomberg report. Several cargoes of Russian ESPO crude for December-loading remain unsold and there’s hesitation among sellers and Chinese buyers to close deals before more clarity on the exact price cap level is known, according to traders with knowledge of the matter.
  • President Putin will travel to Yerevan for summit of the Collective Security Treaty Organization, where he will meet with Armenian prime minister Nikol Pashinyan. Data-wise, industrial production is on the docket today where a further -3.9% contraction is expected from a prior -3.1%. PPI and weekly CPI figures are also scheduled for release, with all data crossing at 1600GMT/1900 local time.
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