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Is There a Buyers Cartel or a Price Cap on Russian Exports?
We're in this period of exceptionally high and exceptionally volatile refining capacity constraints that have been pushed into further overdrive by things like the russia shock. China is normally a fairly large exporter of refined products, but they've actually been running their refineries less hot and basically banning exports. Or you can o reduced pressure on the overall global price system while also still depriving moscow of n war revenue.