June Oil Price Cap: Largely Unchanged

Brent has languished in the mid-$70s since early May, notwithstanding Saudi production cuts.  China's economy looks increasingly suspect, and the world has plenty of excess crude inventories at present.  The Urals oil price, the price Russia receives for its exports to the west, has similarly languished in the mid-$50s / barrel, latest at $56.35 / barrel and under the $60 cap threshold.

The Urals discount, the difference between the Urals and Brent oil prices, has also remained largely unchanged, latest at just under $20 / barrel.  The discount, as before, remains smaller than before either the EU oil embargo or the price cap took effect.