The price of Russian Urals crude oil fell below the G7 ceiling of $60 per barrel for the first time since July due to the collapse in global oil prices. The agency reports that Bloomberg.
Despite the recent decision of OPEC+, including Russia, to cut production in the first quarter of 2024, the value of the Urals continues to decline due to the discount compared to reference grades.
Meanwhile, Western countries have stepped up the implementation of sanctions by imposing restrictions on eight tankers and one oil trader in Dubai. Since July, all major shipments of Russian oil have traded above $60, despite efforts by the United States and the G7 to limit Russian oil revenues.
According to Argus, the gap between export and import prices is widening, indicating that an increasing share of profits is going to anonymous middlemen and forwarders.
It was learned that Russia’s income from oil sales in October was announced the other day. reached $11.3 billion, according to Bloomberg. This amount accounted for 31% of all federal budget revenues and exceeded the indicators of the pre-sanctions period.
The agency called such consequences a “hole” in the Western oil embargo, since the Russian Federation managed to maintain exports and increase prices. For example, oil was being supplied to India at $72 per barrel, $12 above the G7 price ceiling.
The USA had previously called on the G7. border Russia’s oil export potential.
Source: Gazeta
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