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Russia’s crude oil revenues declined substantially in 2022 and 2023 as voluntary and formal sanctions were imposed in response to the invasion of Ukraine. The formal sanctions imposed at the end of 2022 comprised an embargo on Russian crude oil imports and a price cap that allowed countries not participating in the sanctions the use of Western maritime ...
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WTI prices remained relatively unchanged since last week’s oil report. In the current report we intend to have a look at the state of the US wti market, Iraq’s commitment to OPEC’s production cuts, and the difference in global oil demand forecasts between the IEA and OPEC. To conclude the report we will also provide a technical analysis of WTI’s daily ...