The price of russian oil has reached its lowest level since the beginning of the full-scale invasion of Ukraine by the aggressor country russia. The reason for this was the impact of sanctions, which forces moscow to sell oil at a great discount.
It was reported by Bloomberg on Tuesday, December 16.
According to Argus Media, russian oil exporters receive an average of just over USD 40 per barrel for crude shipped from ports on the Baltic and Black Seas. This is 28% less than in the last three months.
Change in the price of russian oil since the beginning of 2022. Photo: Bloomberg.
Bloomberg notes that the latest US sanctions against russian oil companies Rosneft and Lukoil have worsened the situation and led to an even greater decline in prices.
The fall in the cost of russian oil was also affected by the decline in world prices for black gold. At today's auction, they fell below USD 60 per barrel for the first time. The last time oil was traded at such prices was in May of this year.
As the Ukrainian News agency earlier reported, in early December, Reuters wrote that in November, Chinese oil refiners increased purchases of oil produced in Iran and Saudi Arabia. Imports of russian oil decreased.
We also wrote that refiners from India placed January orders for oil from russia, which is sold at a great discount. It is planned to buy it from suppliers that are not under sanctions.
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