Oil Price Rout Drives Russian Revenues to Seven-Month Low
Tumbling global prices push Russian crude close to $60-a-barrel cap
The shadow fleet tanker Turbo Voyager carrying a cargo of Russian crude through Denmark’s Great Belt on Aug. 15. 2024.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
Plunging oil prices helped drive Russia's revenues from crude sales to the lowest since February, highlighting the challenges Moscow faces from a weakening global market.
The price slump sent Russia’s flagship Urals crude back down toward the $60-a-barrel threshold that the Group of Seven sought to impose on the Kremlin as punishment for the Ukraine invasion. The grade from Russia’s Baltic ports traded at an average $60.12 on Friday, Argus Media data showed.