Putin attempts to undermine the oil price cap

Dec. 5 introduced a price cap, which requires that traders who use Western services like insurance, maritime routes, financing and insurance to pay $60 per barrel of Russian oil. According to Neste, the price of Urals crude oil currently trades at around $50 per barrel. On Tuesday, President Vladimir Putin issued a decree stating that crude oil and other oil products would be stopped for five months from February 1. There will also be a ban on refined oils products.

Russia has announced an oil export ban against countries that don’t adhere to the G-7. price cap Analysts believe that this is the latest indication that we are entering a new era in global energy markets.

They also noted that it is unlikely to have any short-term effect on oil prices. Markets will take their cues more from concrete actions and data than from words.

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Dec. 5 was the date that the price cap was implemented. It requires Western service providers such as insurance, maritime routes, and financing to not pay more than $60 per barrel for seaborne Russian oil. According to Neste, the price of Urals crude oil currently trades at $50 per barrel.

President Vladimir Putin’s decree on Tuesday said It will stop oil products and crude oil for five months from February 1st to any country that adheres to the cap. There will also be a ban on refined oils products.

Dan Yergin is vice chairman of S&P Global. “CNBC Special: Taking Stock 2023” Tuesday was a day of optimism, despite some skepticism