Russia’s announcement of an oil export ban on countries that abide by a G-7 price cap is the latest sign that we’ve entered a new era for global energy markets, according to analysts.But they also note it’s unlikely to have a short-term impact on oil prices, with markets taking their cues from data and concrete actions rather than words.related investing news an hour agoThe price cap was introduced on Dec. 5 and requires traders using Western services such as maritime routes, insurance and financing to pay no more than $60 per barrel for seaborne Russian oil. Urals crude is currently trading around $50 per barrel, according to Finnish refining firm Neste.President Vladimir Putin’s decree on Tuesday said that from Feb. 1 it would stop crude oil and oil products for five months to any nation that adhered to the cap, with a separate ban on refined oil products to come.Dan Yergin, vice chairman of S&P Global, told “CNBC Special: Taking Stock 2023” on Tuesday that despite skepticism over whether the program would work, leaders had found a way to keep oil flowing into the market while reducing Russian oil revenue.But as a result, he said, we now have a “divided, more politically charged oil market.””For the last 30 years, since the collapse of the Soviet Union, we’ve had a global market in which oil has pretty much moved around based on the economics, exceptions were Iran and Venezuela.””But now we have what I call a partitioned oil market in which Russian oil can no longer go to its largest market, which is Europe, and the markets have been divided and that oil is now flowing east.” European countries have been scrambling to find alternative sources of oil and gas and new energy security solutions following Russia’s unprovoked invasion of Ukraine in February. The EU got 14.4% of its petroleum oils from Russia in the third quarter of 2022, down 10.5 percentage points yea …
