Oil Sanctions Never Had A Chance

[Mark Sloan + 9]

For much of the time since the cap was imposed, Russia’s oil—which does not only include Urals—has been trading above $60. Not only are Russian oil revenues not hurt enough, but Russia's overall economy has managed to shrug off most of the adverse effects of the sanctions. FT’s Alan Beattie: “The G7 and EU simply aren’t big enough parts of the global economy to strangle Russia’s oil sales.”. 

https://oilprice.com/Energy/Crude-Oil/Oil-Sanctions-Never-Had-A-Chance.html  

[Ron Wagner + 649]

Oil sanctions have had a very large effect on Russian prices. They have sold at discounted prices to China and India, their largest importers. They may be having production problems this winter due to not having enough storage for their excess production which could cause more deep discounts. They cannot shut down wells and easily restart them. They are also having great difficulty obtaining equipment they need from the West and their old Western oil company partners.