1. Lets try to explain why actual price is less important than refinery margin A refinery buys crude oil and sells products. Therefore, has a natural hedge. It buys crude oil versus Dated brent and sells versus ICE Brent. (Dated Brent price is const

Dmitri Alperovitch @DAlperovitch · Jan 23, 2023

Good thread on the impact to Russian oil revenues from western price cap TLDR: Price caps almost never work

Tweet Jan 23, 2023

by Big_Orrin

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