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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
US is pushing for the Russian oil cap to remain at 60$/bbl resisting pressure from some European countries to lower the price according to Bloomberg sources.
- Under the original G7 agreement which came into effect on 5 Dec the price cap will be reviewed every two months. The first review was set to start in mid January with the aim to keep the threshold at least 5% below the average market price.
- The EU review discussion is expected to begin next week. Countries such as Poland and Estonia have previously pushed for a lower cap price.
- The US is waiting for the yet to be agreed refined product cap to be implemented next month before re-evaluating the crude cap price according to Bloomberg sources.
- Unanimity is required to change the cap price so at this stage a change seems unlikely.
- Urals crude from Primorsk was at 45.55$/bbl on Wednesday according to Argus data.
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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