Oil prices have remained comfortably below $100/bbl over the past three months, with Brent largely trading between $80/bbl and $85/bbl, despite the imposition of the European ban on Russian crude and products imports. This relative stability is mostly attributable to the perceived success of the crude oil price cap and global coordinated SPR release last year. Urals exports have remained robust after the Dec 5th deadline, albeit traveling much longer distances to well-known buyers in third countries.
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