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Russia Selling Most Oil Well Above G7 Cap: Energy Ministry Official


Russia has succeeded in selling almost all oil at prices well above the G7 price cap of 60$/bbl according to Reuters citing a Russian government official.

  • "Even unfriendly countries note that the so-called price cap has not worked. More than 99% of oil traded well above the $60 per barrel ceiling," said Energy Ministry official Vladimir Furgalsky.
  • After an initial drop in exports immediately after the introduction of the price cap, Russia has managed to export most of its oil using domestic or non-Western shippers, which do not require Western insurance.
  • Russian oil exports are seen down from 248m metric tons in 2022 to 242m metric tons (4.8mbpd) this year according to Russian state bank VEB. Russian oil exports are forecast at 241m tons in 2024.

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