The price of Russian Urals oil for the first time since July fell below the “limit” previously set by the G7 countries.
Falling prices in oil markets saw prices of Russia’s flagship Urals crude fall below the Group of Seven (G7) limit of $60 a barrel for the first time since July. Bloomberg reported this on December 7.
It was noted that the price of Urals from the Baltic port of Primorsk fell to $56.15 per barrel, while the price for the same grade in Novorossiysk on the Black Sea fell to $56.55. per barrel. Since July, Russian crude oil has traded above $60.
The data also shows a widening difference between the export price and the import price, suggesting that most of the oil trade in Russia is moving through the hands of middlemen and transport companies. which usually remains anonymous.
Core oil prices have fallen in recent days despite pledges from OPEC+ countries, including Russia, to cut production in the first quarter of next year. This lowered the price of Urals, which were trading at a discount.
We remind you that world oil prices have fallen to their lowest levels in the past five months. Black gold prices fell on news of rising fuel reserves in the United States and lower oil prices from Saudi Arabia.
As reported, in recent weeks, three major Greek shipping companies Minerva Marine, Thenamaris and TMS Tankers stopped transporting Russian oil to avoid US sanctions.
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.