Turkish demand for Russian oil is pushing prices upwards and threatening to “wreak havoc” on efforts by the G7 countries to limit Moscow’s revenues to wage war in Ukraine, said the BRS Group.
The French shipbroker said competition for Urals crude from Turkey, China and India is driving up prices towards the $60-per-barrel crude price cap introduced in December.
Cut-price Urals crude has allowed European operators to haul Russian oil to destinations outside of Europe without breaching sanctions introduced by the European Union and G7 nations.
