The “West” has seemingly done about everything they can to Russia including another round of sanctions. The new US sanctions are intended to substantially reduce export revenue for Russia’s oil sector and if implemented diligently these sanctions could significantly disrupt Russian oil supply and distribution chains. There have been many “questions” as to where these Russian ships have been going anyway.
All that said, the IEA still forecasting Russian production to rise in 2025. These sanctions allow 90 days for Russia to continue to discharge from their refining processes underway, but they are not allowed to produce anything new. The IEA is aware other OPEC nations are sitting, waiting and ready to increase their supply as much as 6M barrels per day. We have seen MANY head-fakes in the crude oil market and the converging triangle is coming to its APEX…..now is the time to be prepared for the real move.