Comment on Russian oil smashes through the G7 price cap as crude exports in July hit the highest level of 2023

Russian oil smashes through the G7 price cap as crude exports in July hit the highest level of 2023

papa1266/Getty Images The IEA reported Russia's revenue from oil exports hit the highest level in 2023. The price of Russian seaborne crude moved above the $60 price cap on average for the month, the group said. The surge in price for Russia's Urals crude points to supply tensions for other oil benchmarks as OPEC+ cuts supply. 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 the International Energy Agency.

 

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