Russian oil smashes through the G7 price cap as crude exports in July hit the highest level of 2023
Russian oil was sold above the Group of Seven's price cap throughout July, helping Russia pull in its highest oil revenue in eight months, according to a new report from theGlobal crude prices moved higher in July and into August with Saudi Arabia's production cut. That pushed Russia's seaborne crude shipments to $64.41 a barrel on a weighted average, the IEA said, above the $60 cap agreed upon by G7.
Researchers also noted that higher crude prices, combined with narrowing discounts for Russian grades, boosted Russia's export revenues up by $2.5 billion to $15.3 billion in the month. Last year, Western nations imposed the price cap in an attempt to keep Russian supplies on the market while curbing Russia's ability to fund its war in Ukraine.
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