Analysis: Russian oil revenues could weather EU ban, G7 price cap

Russian oil output could fall by 500,000 to 1 million barrels per day (bpd) early in 2023. EU imposes a ban on seaborne imports from Monday, two sources at major Russian producers said. The estimate is at the lower end of market analysts’ forecasts of the combined impact of the ban and a proposed price cap on Russian oil. The West wants to squeeze Russia’s finances to reduce its ability to fund the conflict in Ukraine. Russia’s budget revenues from oil and gas jumped by over a third in the first 10 months of the year. The more Russian oil that is lost to world markets, the greater the likely impact on prices. That could benefit Moscow and other major exporters and penalise consumers in the West. . . .