Russia could regain its spot as the world's premier oil exporter despite sanctions, Bank of America says
Larger-than-expected Russian petroleum exports could help the Kremlin reclaim the top spot as the premier global oil exporter, according to Bank of America.
First, BofA noted that the Western and European price cap was above the market price for the country's benchmark crude product, allowing Russia to continue to rake in profit from buyers looking for cheap energy supplies. The price cap was deliberately set up that way in order to keep Russian oil on the market with the broader intention of avoiding an energy shock.
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