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Japan To Buy Russian Oil Above $60/bbl

OIL

Japan got the US to agree to an exception that Japan can purchase Russian crude oil above the $60/bbl price cap according to Wallstreet Journal.

  • Japan said it needed the exception to ensure access to Russian energy, showing Japan’s reliance on Russian fossil fuels.
  • In the first two months of this year, Japan bought about 748,000 barrels of Russian oil for a total of ¥6.9 billion, according to official trade statistics. At the current exchange rate, that translates to $52 million, or just under $70/bbl.

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