Oil Markets

Russian Crude Exports Drop, Discounts Narrow

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Russian crude oil exports to countries outside the former Soviet Union (FSU) plummeted by some 400,000 barrels per day on the month in July, shortly ahead of August when Moscow said it would cut shipments to global markets by 500,000 b/d as an additional measure to help stabilize the market. A decline in Russian crude exports coincided with a further narrowing of the discount for the country’s Urals blend, which also started trading above the G7 price cap.

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