the price of Urals fell below $60 due to sanctions – Kommersant
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The price of Russian Urals oil in Baltic Sea ports has fallen below the price ceiling of $60 per barrel. Reuters with reference to two traders reports that the price decline is caused by new sanctions The United States is against shipowners from the UAE and the weakening global oil price.
Freight rates for Urals oil supplies from the Russian ports of Primorsk and Ust-Luga increased from $8 million last week to $9.2-9.5 million. Brent futures increased to $78.22 per barrel (+1% compared to the price in end of last week). According to Reuters, the estimated price for Urals on FOB terms for delivery from the Baltic to India on November 17 fell to $58-$59 per barrel.
“Prices for Urals have come very close to the price ceiling and in some cases are lower, this is an obvious trend,” the Reuters source said.
In December 2022, the G7 countries, the European Union and Australia agreed on a price threshold under which international companies could transport or insure Russian oil only at prices below $60 per barrel. In September 2023, Urals oil was trading at $86.
Analytical agency Kpler predicted that Russia will increase oil supplies amid high prices. The agency expected a reduction in maritime supplies in early December.
More details in the text “Kommersant” “The tankers were rumbling at sea”.
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