Prices for oil and gasoline have skyrocketed. “The sanctions have led to a de facto ban on Russian oil,” Andy Lipow, president of consulting firm Lipow Oil Associates, told CNN.

Since the outset of its war with Ukraine, Russia has sold its oil at discounted prices. As of Friday, Russian Urals crude traded at $67 per barrel -- an amount little higher than the cap.

Russia may cut oil output by 5%-7% in early 2023, as it responds to price caps on its crude and refined products, and halt sales to the countries that support them, Deputy Prime Minister Alexander ...

Russian crude accounts for 36% of India’s imports, and nearly a fifth of China’s, making Russia both countries’ top supplier, according to Muyu Xu, a senior oil analyst at trade intelligence ...

Worse, limiting shipments of oil would endanger Russia’s petro-central economy. Oil and natural gas made up about 43%, on average, of the Russian government’s annual revenue between 2011 and 2020.

In May, Russian output of crude oil and related liquids rose marginally, by about 130,000 barrels per day from April to 10.55 million barrels a day, according to the International Energy Agency.

Facing sanctions on its exports, Russia could continue selling oil profitably under a cap, the U.S. Treasury secretary said, while global strains on supply and pressure on prices would reduce.

Oil prices rose by less than 1% after the EU agreed to lower the ceiling price for Russian crude oil. The price of Brent exceeded $70 per barrel, while West Texas Intermediate exceeded $68.

Russian oil is continuing to rise, defying an increasingly redundant price cap put in place by the Group of Seven and its allies. Crude from the country’s western ports has rallied along with ...

Russian crude accounts for 36% of India’s imports, and nearly a fifth of China’s, making Russia both countries’ top supplier, according to Muyu Xu, a senior oil analyst at trade intelligence ...