Russia Oil Passes Price Cap as Export Revenue Hits 2023 High
- Nation’s crude topped G-7 price cap of $60 a barrel, IEA says
- Moscow earned $15.3 billion from July crude, products exports
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Russia’s crude breached the price cap set by the Group of Seven nations, while revenue from oil exports soared to an eight-month high, according to the International Energy Agency.
The price of the country’s seaborne crude shipments last month jumped to $64.41 a barrel on a weighted average, “smashing” the $60 price limit set last year by the G-7, the IEA said in latest monthly report.