Two tankers are heading to Russia expecting to be filled with oil as a price cap on exports from a coalition of Western countries goes into affect.
Two tankers were heading to Russia on Monday expecting to be filled with Russian crude as a price cap on its oil exports from a coalition of Western countries went into affect., aiming to limit Moscow's revenues and curb its ability to finance its invasion of Ukraine.
But while Russia is moving forward on its vow to not sell its oil to countries that implement the price cap, it is not being deterred in finding buyers for its oil. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it has to be sold for less than the price cap.
Jacques Rousseau, managing director of global oil and gas at ClearView Energy Partners, told CNBC there is a disconnect between the U.S. Energy Information Administration and OPEC Russian oil production forecasts. "This is likely due to supply issues and the start of the European winter, " William said. "There was a drop in exports due to the start of the Russia-Ukraine conflict, which also coincided with the European transition into spring."
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