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OIL: Russia’s Urals Crude Falls Below G7 Price Cap

OIL
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Russia’s Urals crude has dropped back below the G7 price cap, following a recent slump in global crude prices, Bloomberg said.

  • Urals FOB loadings from the Baltic Sea port of Primorsk and the Black Sea Port of Novorossiysk were trading at $57.44/b and $57.79/b respectively Sep. 11
  • This is the first time that Urals has traded below the cap for two consecutive days since January.
  • Russia’s oil revenues had already fallen to a seven-month low as crude prices declined to multi-year lows.
  • The fall in Urals pricing below the cap is more connected to softening global prices, rather than effectiveness in enforcing the cap.

 

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Russia’s Urals crude has dropped back below the G7 price cap, following a recent slump in global crude prices, Bloomberg said.

  • Urals FOB loadings from the Baltic Sea port of Primorsk and the Black Sea Port of Novorossiysk were trading at $57.44/b and $57.79/b respectively Sep. 11
  • This is the first time that Urals has traded below the cap for two consecutive days since January.
  • Russia’s oil revenues had already fallen to a seven-month low as crude prices declined to multi-year lows.
  • The fall in Urals pricing below the cap is more connected to softening global prices, rather than effectiveness in enforcing the cap.

 

Keep reading...Show less