The price of Russian Ural oil continues to rise, approaching $100 per barrel, despite the current price ceiling for Russian oil set by the G7 countries and their allies. The agency reports that Bloomberg.
According to Argus Media, the price of the Urals reached $85.35 per barrel in the port of Primorsk and $86 in Novorossiysk. The ceiling price of Russian oil, the sale of which uses the services of Western companies, is 60 dollars per barrel.
After the sanctions were implemented, Russian oil was trading at a discount of more than $30 compared to world prices. However, in recent months, due to production cuts by Russia and Saudi Arabia, the premium of benchmark Brent crude oil has fallen to 13 dollars.
The United States believes the price cap continues to limit Russia’s revenue, but rising oil prices suggest the effectiveness of price caps is weakening. European insurers to continue Maintaining Russian oil supplies despite exceeding the ceiling.
Russia had previously made another statement. to reduce Oil exports in September.