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Russian Urals Nearing $60/bbl Price Cap Level

OIL

Russian Urals prices have risen beyond the $60/bbl EU/G7 price cap level and are likely to be sold just below the price cap level, following the surprise OPEC+ announcement to cut output by 1.66mbpd according to Reuters.

  • Russian Urals are likely to be sold just under the price cap, even though prices rose above $60/bbl because there is a period of time during which cargoes are priced, it is still possible to close below $60/bbl, depending on deal timing, sources told Reuters.
  • The Russian Finance Ministry’s price for February crude was $49.56/bbl, with March set at $47.85/bbl. This is down from March 2022, when Urals crude prices were set at $88.95, according to Reuters.
Energy BulletsCommodities
Energy BulletsCommodities

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