An oil expert breaks down China's role in crude markets as a key Russian fuel sinks far below the $60-a-barrel price cap

Jan 9 2023 by Business Insider

 
Chinese President Xi Jinping and Russian President Vladimir Putin.

Reuters/Kim Kyung Hoon

Russian Urals, the nation's largest crude oil export, is trading at roughly $38 a barrel, well below the $60 price cap.  But to oil historian Gregory Brew, the price reflects a softening global market, more than the impact of sanctions.  "Softer market conditions have made the [price] cap somewhat moot," he told Insider.

Over a month after the European Union and G7 imposed a $60 price cap on Russian...

Continue Reading An oil expert breaks down China's role in crude markets as a key Russian fuel sinks far below the $60-a-barrel price cap