Prices for Russian oil fall below the proposed price caps.

Prices for Russian oil fall below the proposed price caps.

Tuesday, November 29, 2022

According to Bloomberg, prices for Urals oil at the end of last week fell to $51.96 per barrel in the port of Primorsk on the Baltic Sea. The oil price in Novorossiysk in the Black Sea also fell to a similar level. At the end of last week, EU diplomats discussed restrictions on the sale price of Russian oil in the range of $65-$70 per barrel. However, some EU countries, including Poland, are pushing for a lower cap to punish the Kremlin for its war in Ukraine. In contrast, Greece, the world’s largest owner of oil tankers, prefers a higher cap. The agency noted significant uncertainty surrounding Russian oil prices, as trade in Russian petroleum products has become less transparent since the war began.

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