Russia’s oil exports have held firm despite the latest round of US sanctions, but it has been forced to look outside of the shadow fleet to move cut-price crude, according to the International Energy Agency (IEA).
Measures imposed by the US, European Union and UK in January and February have not “significantly disrupted loadings” but have driven down the price of crude below the $60 per barrel price cap that allows G7-linked operators to re-enter the market without breaching sanctions.
