- Oil prices wavered between positive and negative territory Thursday morning as investors weighed supply disruptions and improving inflation
- Janet Yellen signaled that the U.S. intends to crack down on Russia’s ability to skirt sanctions
- On the supply side, crude production in Canada continues to be impacted by wildfires, and Iraq is still waiting for Turkey to restart exports through Ceyhan port
- Treasury Secretary Janet Yellen outlined plans for tougher sanctions enforcement in 2023 at G-7 gathering (BBG)
- Yellen said Washington intends to crackdown on Russia’s ability to circumvent sanctions imposed by the U.S. and its allies
- “Because these sanctions are having an impact, Russia is trying to get around them,” Yellen said at the conference
- “This year, a central piece of our strategy is to take further actions to disrupt Russia’s attempts to evade our sanctions.”
- AEGIS notes that Russia’s ability to find homes for its crude oil in the face of sanctions has helped keep the global crude market well supplied
- Russian production is supposed to be reduced by 500 MBbl/d as part of the OPEC+ deal agreed to back in April