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G7 Russian Oil Price Cap Likely Breached in Asia

RUSSIA
  • Widespread breaches of the G7 oil price cap likely took place in Asia in Q1, Bloomberg report citing a team of researchers who analysed official data on Russia’s foreign trade alongside shipping information. Almost all the oil from the Pacific port of Kozmino sold for well above $60 and over half the shipments were carried out using some type of G7 service.
  • Russia has already reached the announced volumes of voluntary cuts in oil production of 500,000 barrels per day, Deputy Prime Minister Alexander Novak told reporters on Thursday according to Tass. Novak did not name the exact figure of the current level of oil production.
  • China is poised to import a record-high volume of Russian fuel oil in April, according to Kpler data. The nation’s imports of fuel oil varieties are set to reach 1.2 million tons this month, data compiled by Bloomberg show, the most in data reaching back to 2017.
  • President Erdogan and Russian President Putin are expected to speak at an opening ceremony of the Akkuyu nuclear power plant at 1130BST/1330 local. Weekly gold and FX reserve data is the only notable economic release today ahead of tomorrow’s CBR rate decision. See the full MNI Preview here: https://roar-assets-auto.rbl.ms/files/52633/MNICBRPrevApr23.pdf

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