Oil Tumble Brings Russia’s Flagship Crude Close to G-7 Cap Again
- Urals barrels trading at smaller discount to global benchmark
- Headline prices slumped on China, prospect of more OPEC supply
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This month’s mini-rout in the oil market has driven the price of Russia’s flagship crude back down toward a threshold that the Group of Seven sought to impose on Moscow as punishment for the war in Ukraine.
The nation’s Urals grade from Russia’s Baltic and Black Sea ports traded at an average price of $62.40 on Wednesday, according to data from Argus Media. It fell by almost $5 since Monday. The G-7 has forbidden its companies from providing services to Russia unless they receive written confirmation the barrels cost $60 or less.