Russian oil reaching U.S. via India CanadiansInvest
The European Union finally agreed last week on a price cap of US$100 per barrel on Russian products that trade at a premium to crude, principally diesel, and US$45 per barrel for products that trade at a discount, such as fuel oil and naphtha. The price cap went effective on Sunday, Feb. 5.
There is an ongoing debate as to whether the price cap on Russian crude exports was hurting Moscow enough. Poland and the Baltic states Latvia, Lithuania and Estonia are pushing for a review of the crude oil price cap to occur now instead of as planned in mid-March, according to Reuters, quoting diplomats. They also wanted a lower price cap to curb Russia’s revenues from fuel.
The new cap on products will build on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied, insisted U.S. Treasury Secretary Janet Yellen. “The caps we have just set will now serve a critical role in our global coalition’s work to degrade Russia’s ability to prosecute its illegal war,” Yellen said in a statement after the agreement was released.
Matt Smith, lead oil analyst with Kpler, told Insider’s Phil Rosen that the price cap on Russian fuel exports “is going to be inconsequential,” adding that Russia is ‘going to play out in a very similar way to the December sanctions, in that Russian volumes are not going to drop off materially by any means, but instead be rerouted elsewhere.’
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