Reuters carried the report overnight ICYMI.

  • Goldman Sachs estimated that the gap between the average effective price paid and the quoted price has widened since last March, and reached around $25 per barrel in December.
  • "We argue that the resilience in production so far may partly reflect that the effective price paid for Russian oil appears significantly greater than the quoted price assessments"

Reuters says the GS note is dated February 10, so treat this as background information.


  • "We expect Russia production to fall by 570,000 barrels per day in the March-June period, with the risks now skewed to a more front-loaded March cut (with no significant effect on annual supply and therefore Brent)"
oil russia