Bloomberg: Russian oil prices fell to $38
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Russian oil is sold at half the world price and is much cheaper than the “ceiling” set by the G7 countries in the amount of $60 per barrel. It is reported by Bloomberg with reference to the data of the independent price agency Argus.
According to the agency, on January 6, Urals oil in the port of Primorsk was trading at $37.80 per barrel. The world standard Brent was sold on the same day at a price of $78.57 per barrel.
The publication notes that the embargo and the price ceiling imposed by the European Union have made Russian oil more and more dependent on China and India. As a result, Russian producers are forced to sell raw materials at significant discounts in order to compete with the countries of the Middle East.
On December 5, 2022, the EU ban on the import of Russian oil delivered by sea came into force. From February 5, 2023, the ban will also apply to the supply of Russian oil products.
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