Russian crude oil price cap sanctions

Since March, Russia has reportedly supplied North Korea with over a million barrels of oil, according to an analysis conducted by the UK-based research group Open Source Centre in collaboration with the BBC.

A recent report by a group of Western insurers has shed light on Russia's ability to circumvent Western oil sanctions, revealing that measures aimed at capping Russian oil prices have proven ineffective and have inadvertently fueled a surge in gray zone activities.

Russian oil and products have become trapped at sea on four tankers after the United States hit the vessels with fresh Iran-related sanctions, LSEG data showed on Friday.

Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

Saudi Arabia said yesterday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilize markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.