It will be months before the real impact of Europe's price cap on Russian oil will become clear, and where oil ends up depends on three things, a top PIMCO commodities strategist has said.
"There's significant uncertainty, admittedly, because not only do we have to have companies and countries self-attest that they're buying oil under 60, they also have to accept Russian insurance," the PIMCO commodities and portfolio manager said Monday. But under the price cap agreed Saturday, EU and G7 member countries will still allow tankers carrying Russian barrels access to insurance and services if they sell the crude at or below the set level.
"Where we'll be in several months will be a function of how many ships Russia can procure, how many loaders are willing to abide by the rules and regulations that are specified in the agreement over this weekend," Sharenow said, spelling out two factors., where authorities are demanding proof of full insurance. amid sweeping sanctions, and Middle East and Asian buyers are opportunistically snapping up aging oil tankers to ship Russian fuel.
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