The price cap on Russian oil exports that went into effect last week to much anxiety about a possible cut in shipments has so far not elicited any dramatic response in the form of export curbs.
The price cap on Russian crude exports that came into effect last week has not elicited any dramatic response from Russia.Fears about an oil market disruption following the introduction of the cap may have been premature.
What the decree will include, according to Bloomberg sources, will be a stipulation that Russia will not sell oil under contracts that feature a price cap clause. As the report notes, this should not have any effect on exports because buyers are not obliged to include such a clause in their contracts under the price cap regime.
These two reports suggest that fears about an oil market disruption following the introduction of the cap may have been premature. To begin with, the stipulation that Russia will not sell oil to countries enforcing the cap is little more than symbolic. The price cap itself is little more than a symbolic move, too. At $60 per barrel, the cap level is, right now, more than $10 higher than the price at which Russia’s flagshipis currently trading. Of course, if this changes, the price cap may—or may not—start having an actual effect on Russian oil exports, but for now, it has no real impact.
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