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G7 Opposed to Moving Russian Oil Cap Lower

OIL

G7 nations want to keep the price cap on Russian oil at $60/bbl according to WSJ sources.

  • It dents any plans next month to tighten restrictions.
  • US President Biden told European Commission President Ursula von der Leyen in the Oval Office of the White House last week that the US does not support lowering the price cap level according to the reports.
  • A handful of European nations have called for the price to be tightened below $60/bbl.
  • Vessel tracking indicates that Russian oil and oil product flows continue to surge in March, indicating the price cap is having its desired effect of keeping volumes on the market to avoid any market tightness while denting Kremlin revenues.
  • The IEA reported in its latest monthly report that the country earned $11.6 billion from its oil exports last month own from $14.3 billion in January and a 42% drop from $20 billion in February last year.
Energy BulletsCommodities
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