Russian Urals oil traded in August at an average of around $70/barrel, which was $10 higher than the price ceiling set by the G7 countries.
By the end of August, Russia’s income from oil exports increased by another $1.8 billion – to $17.1 billion – and became the highest since the fall of 2022. This was stated in a report by the International Energy Agency (IEA) , which was released on Wednesday, September 13.
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It is indicated that the increase in Russian income is due to the increase in oil prices, which compensated for the decrease in supply volumes.
In August, supplies of oil and petroleum products from Russia fell by 150 thousand barrels per day (b/d) – to 7.2 million b/d.
Russian oil supplies to India and China fell to 3.9 million b/d in August, but still exceeded 50% of total exports.
It was also noted that Russian Urals oil traded in August at an average of around $70/barrel, which is $10 higher than the “price ceiling” set by the G7 countries.
According to analysts, in the first week of September the average price of Urals was $75/barrel.
Earlier, the Russian Ministry of Finance reported that the average price for the top Urals grade rose to $74 per barrel in August, significantly exceeding the maximum limit.
In this regard, the media reported that the G7 countries and their allies postponed the review of the Russian oil price cap scheme, despite the fact that Russian crude is trading above the limit.
And in the USA in general they said that the “price ceiling” on Russian oil is working.
Source: korrespondent
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