Economy 2024-06-15T05:26:03+03:00
Ukrainian news
Russia Refuses To Sell Oil For USD 60 And Sells For USD 43 Per Barrel - Bloomberg

Russia Refuses To Sell Oil For USD 60 And Sells For USD 43 Per Barrel - Bloomberg

Russian oil, Russian crude oil

The grade of Russian crude Urals was trading at USD 43.73 a barrel on Wednesday. At the same time, the European Union agreed to set the price of Russian oil at USD 60 per barrel. Bloomberg reported this on Friday, December 9 with reference to Argus Media.

The publication notes that four days after setting a price cap on Russian oil, most of it trades well below the threshold set by Moscow. The Urals variety accounted for about 60% of the national maritime exports of the Russian Federation last year.

“The key thing depressing Urals is likely the loss of European buying, rather than the cap. Urals now has no customers on its doorstep, so prices have to be cut to attract long-haul buyers. That is down to sanctions, and previous self-sanctioning by Europe’s refiners, rather than the price cap,” said Michael Carolan, ead of EMEA crude pricing at Argus.

Russia's loss of its historical European markets due to sanctions, a sharp increase in freight costs and an increase in dependence on a small group of distant Urals buyers, especially China and India, means that the Russian Federation has to reduce the price in order to compete with more local suppliers in Asia, reports Bloomberg.

As Ukrainian News Agency earlier reported, on December 5, the decision of the EU Council came into force on the limit of the price of Russian oil and the prohibition of maritime transportation of Russian oil to third countries.

The European Union agreed to set the price of Russian oil at USD 60.

Nevertheless, President Volodymyr Zelenskyy considers the price of Russian oil at USD 30 per barrel more appropriate.

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