A Russian state flag flies atop a diesel plant in the nation’s Yarakta Oil Field. A price cap of US$60 per barrel of Russian crude oil went into effect on Monday. Photo: Reuters
US-led price cap on Russian crude oil could see more of it shipped to energy-hungry China
- Volatile energy prices have moved energy security higher on Beijing’s agenda, and policymakers are looking to consolidate trade with Russia
- Even with the US$60/barrel cap, Russia still makes around US$20 per barrel, according to an energy researcher who says this incentivises the country to keep supplying global markets
A Russian state flag flies atop a diesel plant in the nation’s Yarakta Oil Field. A price cap of US$60 per barrel of Russian crude oil went into effect on Monday. Photo: Reuters
