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Russian Oil Discount Narrowing

In April 2024, the price of Russian Urals crude oil exceeded $84, surpassing the peak observed in 2023. At the same time, the discount between Brent and Urals crude oil prices has narrowed significantly and currently only stands at around 8%. This represents a significant reduction from the maximum discount of 39% observed in January 2023. This development might call for a critical assessment of the effectiveness of the much-discussed price cap on Russian oil.

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