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Russian Oil Price Cap Effectiveness Drawn Into Question

OIL

Russian Deputy PM Novak referred to the G7 $60/bbl price cap as ineffective earlier today.

  • "We see today that Brent prices have risen, the discount [to Urals oil] has declined, and our products are selling at market prices above the price cap.” Novak said.
  • Novak added that Russian companies do not supply oil within the price cap, instead adhering to the Russian presidential decree regarding not complying with the price cap.
  • Even a prior proponent of the cap, US Treasury Secretary Janet Yellen admitted last week the cap has lost its effectiveness – her first comments on the matter of that nature.
  • "It does point to some reduction in the effectiveness of the price cap," Yellen said, claiming that G7 nations were working on updates to measures without clarifying what they involved.
  • It appears G7 nations have few options left and would prefer to keep volumes on the market to avoid further price spikes rather than pursue hemming in Russian flows.
Energy BulletsCommodities
Energy BulletsCommodities

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