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Crude Rally Breaches $60/bbl G7 Price Cap

OIL

A rise in the North Sea Dated crude benchmark yesterday pushed the outright value of Russian Urals above $60/bbl – breaching the G7 price cap for the first time since it was introduced six months ago according to Argus.

  • Russia's planned exports cut is helping to narrow Urals discounts against North Sea Dated, while Opec+ output cuts in general, notably Saudi Arabia's extended 1mn bpd voluntary reduction for July and August, are supporting the value of the benchmark itself. The door has also been left open for that to be extended.
  • The impact of the rise may be muted with many using non-Western insurance and some not at all. It also comes at a point when volumes of Russian seaborne flows are slipping in signs of potential production cuts though a significant proportion is being redirected into domestic refineries which are returning from maintenance at pace.
Energy BulletsCommodities
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