Article based on Q1 data when Urals was ~40. Urals to trading at 67 now (above cap), 10 days after OPEC+ cuts. Part of it is also took some time for systems/sha

Article based on Q1 data when Urals was ~40. Urals to trading at 67 now (above cap), 10 days after OPEC+ cuts. Part of it is also took some time for systems/shadow fleet to circumvent cap. RU oil price looks where it should be relative to OPEC price movement pre cap and decrease in global crude price. Unless something else changes, RU probably down single digit % of revenue backed stopped by increased production. Meanwhile EU as whole still has to overpay for Brent/OPEC/transhipped RU oil by ~20%. Almost everyone benefits except EU/RU losing, but arguablly EU losing relatively more right now. Biggest winner non RU producers, and Asia whose now getting discount energy instead of previously paying premium compared to EU.