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The value of Russias key Urals crude export grade has hit $60/b for the first time since the US-led G7 coalition rolled out its price cap on Moscows oil on December 5. This will pose a challenge...

The value of Russias key Urals crude export grade has hit $60/b for the first time since the US-led G7 coalition rolled out its price cap on Moscows oil on December 5. This will pose a challenge...

Reduced oil supply from Saudi Arabia and other OPEC+ producers has significantly increased sour crude oil prices globally.

Johan Sverdrup, the single largest crude stream in the North Sea, is a relatively dense and sulfur-rich type of oil —- properties that normally mean it trades below Dated. However, Saudi Arabia hiked the premiums it charges for its own barrels — which are similar to the Norwegian grade, triggering the price surge, the traders said.

The two producer countries said on Monday that they will prolong and deepen output cuts into August. Along with reductions they already made, and ongoing curbs by other nations in the OPEC+ alliance, total supply curtailments will amount on paper at least to 3.1 million barrels a day, or about 3% of global consumption.

Middlemen and oil merchants that facilitate the sale of sanctioned Russian crude are making almost a billion dollar per month in the process

The price of Russia’s flagship crude grade continues to average below the price cap set by the G7.

A glut of unsold Nigerian oil has built up again.

Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022.

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.