This drama is a long ways from over.
The next shoe might be about to drop with a report that Russia is mulling an oil price floor in response to the G7 oil price cap. That cap is set at $60 and some Russian grades are selling $10 below that (though others are above).
Bloomberg reports that Russia is mulling an oil price floor. If they set it at $61 it would create a lot of tension.
"Moscow is considering either imposing a fixed price for the nation’s barrels, or stipulating maximum discounts to international benchmarks at which they can be sold, according to two officials familiar with the plan," the report says.
It says there's not visibility yet on what the price level might be but says the aim is to offer a transparent mechanism that won't antagonize neutral states. The aim is to roll it out by year end.
WTI crude oil is trading down $2.66 to $74.27 today