Russia’s Huge Oil Cuts Help Drive Up Physical Crude Prices
- Nation’s seaborne Urals exports set at 880k b/d in early July
- Crude prices in Europe have surged broadly with exports curbed
Photographer: Andrey Rudakov/Bloomberg
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To understand why physical crude oil prices are rising across Europe, look to Russia.
The country, one of the world’s largest producers, is curbing its exports to multi-year lows. That’s helped to increase demand for other European grades and recently boosted their values in the market where actual barrels of oil are traded.