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US Sees Russia Oil Price Cap Working Despite Price Rises

OIL

The US remains confident that the G7 price cap on Russian oil is working to squeeze Russian oil revenues, despite the recent rise in prices for Russian oil, acting Assistant Secretary for Economic Policy at the US Treasury Official Eric Van Nostrand said Aug. 3.

  • Van Nostrand said Russian data showed federal government oil revenues had declined by 50% in H1 2023 on the previous year, with Russian oil trading at "a significant discount" to Dated Brent.
  • Russia's Finance Ministry this week said Urals crude oil blend prices averaged $64.37/b in July, up from $55.28/b in June, but still well below global oil prices which have been trading above $80/b.
  • Van Nostrand said the cap continues to restrict Russian revenues, while also giving "non-coalition buyers additional leverage to negotiate prices down."
Energy BulletsCommodities
Energy BulletsCommodities

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