Price cap more than $4/b above the current Ural crude oil price

Market still uncertain about implementation, potential for circumvention

Price cap/EU embargo diverting about 2 million barrels of oil per day

The EU reached agreement on December 2nd on a price cap of $60/b for Russian crude, paving the way for the G7-led initiative to start on December 5th, a move expected to see global sea oil trade as Russian crude and oil will continue to shake Products are struggling to find new ones…

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