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
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
