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
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
