In August, Russian Ural oil traded at an average of $70 per barrel; This is $10 higher than the $60 “price ceiling” set by the West. International Energy Agency (IEA).
According to the agency, in the first week of September the average price of the Urals reached 75 dollars per barrel. IEA analysts attribute the increase in quotations to the decline in Russian oil exports.
The IEA notes that exceeding the “price ceiling” parameters has so far had a minor impact on Urals shipping. However, due to the high cost, Indian refineries have become more active in purchasing oil from Middle Eastern countries.
IEA reminds that the “price ceiling” applies to the average three-day cost of oil during loading. Despite exceeding $60 per barrel, the US Treasury considers this mechanism effective.
The other day German publication Spiegel published Investigation into the import of Russian oil into Germany. According to the magazine, Germany increased its supplies of Russian oil almost 12-fold last year, using India as a hub. In this way, oil products were purchased for the needs of the economy.
Previously it was known where Russia was happened Supply more petroleum products.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.