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EU And G7 Discuss Russian Oil Product Price Caps


Numbers Report – January 27, 2023

In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. G7 and EU Start Discussing Product Price Caps

• A week before the Russian product price cap is set to come into effect, the European Union proposed setting the price limit of high-value products such as diesel at $100 per barrel.
• As was the case with crude, EU countries will be forbidden from purchasing Russian oil products and the price cap is there to facilitate flows into third-party countries.
• Since the onset of the Russia-Ukraine war, there has not been a single instance when European diesel prices have been below $100 per barrel, currently trending around $130 per barrel.
• With Russia expected to reroute its diesel flows towards Latin America and Africa, with more US and Middle Eastern middle distillates moving in the other direction, shipping costs for products are set to increase.

2. Norway Tax Cuts Pave the Way for Last Gas Hurrah

• According to Rystad research, Norway has become one of the most actively growing upstream areas recently with 35 projects greenlighted in the post-pandemic era since 2020.
• With the onset of COVID, Norway introduced…

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