Report: Russian Oil Finds Bigger Buyers and Higher Prices in China

Russian oil shipments have been holding their value well despite the new G7 price cap mechanism, and an increasing interest from Asian buyers appears to be supporting a further rise, traders told Bloomberg this week. 

In September, the G7 nations agreed to put a price cap on seagoing shipments of Russian oil, hoping to restrict the amount of money flowing to Moscow without an outright ban on its crude. The mechanism works by limiting G7 / EU-based maritime “service providers” to serving only cargoes priced below $60 per barrel. Shipping companies located in other jurisdictions are exempt. 

View entirety: The Maritime Executive