Russian oil smashes through the G7 price cap as crude exports in July hit the highest level of 2023

• The IEA reported Russia's revenue from oil exports hit the highest level in 2023. 
• The price of Russian seaborne crude moved above the $60 price cap on average for the month, the group said.
• The surge in price for Russia's Urals crude points to supply tensions for other oil benchmarks as OPEC+ cuts supply.

Russian oil was sold above the Group of Seven's price cap throughout July, helping Russia pull in its highest oil revenue in eight months, according to a new report from the International Energy Agency. 

Global crude prices moved higher in July and into August with Saudi Arabia's production cut. That pushed Russia's seaborne crude shipments to $64.41 a barrel on a weighted average, the IEA said, above the $60 cap agreed upon by G7.