Russian crude oil exports have largely rebounded in the first half of January compared to December, the first month of the EU’s oil embargo and the G7 price cap on Russian barrels. Oil production held steady in the first two weeks of the year as well, despite earlier predictions of sharp declines in the wake of the penalties imposed on Moscow for its war in Ukraine. But the discount for Russian crude has widened sharply, and the list of customers has narrowed to just three big offtakers — India, China and Turkey. Some cargoes still sail to European countries that have secured sanctions exemptions and to the ... (full story)