Global Demand for Russian Oil Surges in April
Loadings of Russia's flagship Urals crude from western ports are set to reach their highest level since 2019, with more than 2.4 million bpd expected for April, despite Moscow's 500,000 bpd output cut. The price of Urals crude is threatening to exceed the $60 per barrel price cap set by the G7, buoyed by OPEC+ production cuts. Analysts are uncertain whether Moscow's cuts have been implemented as planned since March, but a major thirst for discounted Urals crude from Asia continues to drive exports.