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
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
