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OIL: September Urals Price $7-8/b Above Price Cap: Reuters

OIL

Prices for Urals crude on a FOB basis loading Baltic and Black Sea ports stand at around $67-68/b, well above the G7 price cap of $60/b, Reuters said.

  • Reuters’ calculation is based on DES Urals prices into India and freight costs 
  • The cap was imposed last year to restrict Russia’s oil revenues without hampering global supply.
  • Under the terms of the cap, only cargoes sold below the cap can access western service providers.
  • Traders told Reuters that Urals prices have reached an equilibrium as sellers are not ready to widen the discount, while buyers will not pay more.
  • Firmer Brent prices have also pushed Urals flat prices above the $60/b level, given the grade is sold as a differential to Brent.
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