{"id":1442924,"date":"2023-12-08T19:20:00","date_gmt":"2023-12-09T00:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1442924"},"modified":"2023-12-08T19:20:00","modified_gmt":"2023-12-09T00:20:00","slug":"russias-flagship-crude-oil-falls-below-the-60-price-cap-but","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/russias-flagship-crude-oil-falls-below-the-60-price-cap-but\/1442924\/","title":{"rendered":"Russia’s Flagship Crude Oil Falls Below The $60 Price-Cap, But…"},"content":{"rendered":"

Russia’s Flagship Crude Oil Falls Below The $60 Price-Cap, But…<\/span><\/p>\n

\n

Authored by Tsvetana Paraskova via OilPrice.com,<\/em><\/a><\/p>\n

The price of Russia\u2019s flagship crude, Urals, has dropped below the $60 per barrel price cap for the first time in months amid plunging international benchmarks.<\/strong><\/p>\n

<\/a><\/p>\n

The price of\u00a0Urals crude<\/a>\u00a0loaded from Russia\u2019s Baltic Sea port of Primorsk fell to $56.15 a barrel, while the price of Urals at the Novorossiysk port in the Black Sea slumped to $56.55, Bloomberg\u00a0reported<\/a>\u00a0on Thursday citing data from Argus Media.<\/p>\n

The data is used to inform G-7 policy on the price cap.\u00a0<\/p>\n

<\/a><\/p>\n

Brent Crude<\/a>\u00a0prices fell below $75 per barrel on Wednesday, settling at the lowest level since June, amid rising U.S. oil production and inventories, concerns about the Chinese economy, and underwhelming OPEC+ cuts.<\/p>\n

Urals crude has been trading above the price cap since July, and reports have emerged that the West is considering\u00a0toughening up the sanction enforcement<\/a>\u00a0on evaders of the price cap on Russian oil, almost none of which has recently traded below the ceiling of $60 per barrel.\u00a0<\/p>\n

The recent rout in the oil market has driven Urals below the price cap, for now.<\/p>\n

The average price of Urals dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia\u2019s Finance Ministry\u00a0showed<\/a>\u00a0last week.<\/p>\n

The average price of the\u00a0Urals\u00a0grade was $72.84 per barrel last month, down from\u00a0$81.52 a barrel<\/a>\u00a0in October, but higher than the $66.47 average price in November 2022, according to the data.<\/strong><\/p>\n

Despite the Urals prices holding above the price cap, Russia\u2019s largest oil and gas exporters saw their total revenues\u00a0plunge by 41%<\/a>\u00a0between January and September compared to the same period last year, due to lower commodity prices and lower exports, Russia\u2019s central bank said in a financial stability review on Thursday.\u00a0<\/p>\n

Over the first nine months of the year, the share of Chinese yuan in payments for Russia\u2019s oil and gas exports jumped from 13% in January to 35% in September. The share of the exports in Russian rubles remains significant \u2013 at 39% in September 2023, the Bank of Russia\u00a0said<\/a>.<\/strong><\/p>\n

<\/a><\/p>\n

But…<\/strong><\/em><\/p>\n

As the price of Russia\u2019s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told\u00a0Reuters<\/a>\u00a0on Friday.<\/strong><\/p>\n

The Indian official, who spoke on condition of anonymity, said there would not be any impact on India’s intake of Russian oil due to Western sanctions<\/strong> on ships as enough vessels were available in the market.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 12\/08\/2023 – 14:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/russias-flagship-crude-oil-falls-below-60-price-cap<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Russia’s Flagship Crude Oil Falls Below The $60 Price-Cap, But… Authored by Tsvetana Paraskova via OilPrice.com, The price of Russia\u2019s flagship crude, Urals, has dropped…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1442924","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1442924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1442924"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1442924\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1442924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1442924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1442924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}