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Julian Lee

Russian Oil Producers Feel the Heat: Elements by Julian Lee

US price cap raises pressure on companies to offer discounted crude.

Oil storage tanks in East Siberia

Oil storage tanks in East Siberia

Photographer: Andrey Rudakov/Bloomberg

Hi, I’m Julian Lee with today’s edition of Elements, Bloomberg’s new energy and commodities newsletter. We bring you a daily mix of commentary from Bloomberg Opinion writers and the best of our market-leading news coverage. We hope you’re enjoying it, and if you haven’t yet signed up to get it direct into your inbox, you can do that here.

The US administration is pushing ahead with a plan to limit the Kremlin’s revenues from oil exports by imposing a price cap on Russia’s overseas shipments. The idea is far from garnering support from Moscow’s biggest customers in Asia, but it is focusing minds in the oil companies whose sales are at risk.