Following the sanctions on its oil and oil products, Russia announced it will cut production by 500,000 bpd in March, and despite a small hike in crude prices, markets remain relatively unperturbed
shows that Russia seaborne crude exports have already fallen to a six-week low, but the markets remain relatively unperturbed.
Beyond the output cut, Western sanctions are forcing Moscow to perform various oil market acrobatics, from output cuts and the creation of new pricing mechanisms for its flagship Urals crude to selling its crude to China and India at massive discounts. For now, Russia is using Rotterdam and Augusta ports prices for its flagship Urals. And as of last week, the price of Urals was set to be fixed at $20 below Brent for tax purposes.On Friday, when Russian Deputy Prime Minister Alexander Novak announced theADVERTISEMENT
The $60 per barrel price cap introduced by the European Union, G7 nations and Australia allows non-EU countries to import seaborne Russian crude oil, but prohibits shipping, insurance and reinsurance companies from handling cargoes of Russian crude unless it is sold for under $60.
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