G7 has proposed implementing a price cap on Russian oil
A Russia price cap: Too clever by half
The proposed mechanism may cause Russia some pain, but its impact is likely overstated
What has been touted as Russian oil market resilience stems from the fact that—despite refiner self-sanctioning and bans in places such as the US, the UK and Australia on the import of Russian-origin feedstock—its crude production and exports from have largely held up… so far. In April, Russian production fell by c.1mn bl/d but swiftly recovered in May and June. In August, Russian production fell by c.2pc month-on-month, to 10.6mn bl/d, only c.4pc below its pre-war level output. And part of this decline in output is related to a fall in Russian gas production, which has had a knock-on effect on condensate output. As we move toward a planned EU ban on Russian crude in early December and produ
Also in this section
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
2 May 2025
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
1 May 2025
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
