Insight
As OPEC+ cut output, Russia Urals rises above price cap
Report summary
OPEC+’s fall in production this summer has had a side effect of an increase in the price of Russia's crude oil exports. Its Urals crude is now nudging above the price cap set last December 2022 as a form of sanction on Russia's oil exports. Highlights of this brief Insight follow: • The latest Vessel Tracker data on Russia’s waterborne crude exports • Our forecast through 2024 of OPEC production • The impact of Saudi Arabia’s 1 million b/d cut on OPEC output • Our forecast for Russia Urals prices
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