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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.
OIL
Russian Urals prices are falling back towards the G7 price cap of $60/bbl which would allow western insurers and ships to carry Russian barrels.
- Argus prices Urals out of Primorsk at a low of $66.19/bbl last week.
- The US has sanctioned two vessels this year as part of its policing policy. The effectiveness of the price cap has been questioned as Russian oil flows surge this year.
- Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the FT reported in September, citing Kpler figures.
- Almost three-quarters of all the seaborne Russian crude flows travelled without western insurance in August according to the numbers.
- Russian crude shipments are running at close to a four-month high of 3.48mn bpd in the four weeks to November according to Bloomberg vessel tracking leaving its oil product exports to make up most of its 300kbd export cut pact with Saudi.
- The EU 12th sanctions package against Russia appears to keep getting delayed based on the latest reports. It is now expected to be presented to EU member states later this week.
Source: Argus/Bloomberg
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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