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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
60% of Russian seaborne crude is now shipped by tankers outside the G7 price cap’s jurisdiction, further complicating enforcement, according to Platts.
- Urals has been consistently trading above $60/b since mid-July; as 40% of supply goes through western providers, enforcement is likely weak among these providers too.
- "There must be a large-scale violation of the oil price cap," Isaac Levi, an analyst at the think tank Centre for Research on Energy and Clean Air told Platts. "There is a low perceived risk of being found guilty of violating measures ... The enforcement agencies perhaps do not have the capacity."
- Treasury Secretary Janet Yellen said that the US would likely take steps to enforce the $60/b cap. However, the US is worried about excessive penalties exacerbating inflation and further restricting global supply.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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