the price of Russian Urals for the first time exceeded the ceiling set by the G7 at $60 per barrel – Kommersant

The cost of the Russian grade of Urals oil exceeded the price ceiling of $60 per barrel, which was set by the G7 countries. On Wednesday, July 12, the price of oil was $60.78 per barrel in the port of Novorossiysk, the Bloomberg with reference to the data of the pricing agency Argus.

According to Argus, by June 1, the cost of Urals in the port of Novorossiysk was $52 per barrel, by June 21 it rose to $55.1 per barrel, after which it fell again to $52 per barrel. The price of the energy carrier began to grow on June 30 – on that day it reached $54.1 per barrel. By July 12, a barrel of Urals began to cost $60.78.

“The significant expansion of the shady tanker fleet and alternatives to Western insurers and payment methods creates alternatives that are likely to allow Russian crude oil to continue shipping,” Richard Bronze, head of geopolitics at consultancy Energy Aspects Ltd., said.

In December 2022, the European Union and the G7 countries introduced a price limit for oil from Russia – it cannot be sold above $60 per barrel. From February 5, 2023, there is a ceiling of $100 and $45 per barrel (for products that are traded at a premium and a discount to oil, respectively). In February, Bloomberg wrote that Russia had been selling oil above the price ceiling for at least four weeks. At that time, a barrel of Russian oil cost about $74 on average. The International Energy Agency reported an increase in the supply of Russian oil and petroleum products abroad in April.

Details – in the material “Kommersant” “Russian oil has broken through the ceiling”.

Olesya Pavlenko