Russian Oil Falls Back Below $60 Price Cap as US Sanctions Bite
- Sellers of Urals crude face discounts of up to $16 a barrel
- Outgoing Biden administration toughened restrictions Jan. 10
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Russia’s flagship crude oil has dropped back below a price cap of $60 a barrel for the first time since December, one of several indicators that fresh US sanctions on Moscow may be biting.
Sellers of Urals, the nation’s key export grade, are having to swallow discounts of as much as $16 a barrel, according to data from Argus Media. The gap hasn’t been that wide since May. At the same time, the difference between export prices at a key Russian oil port and import prices at destinations in Asia has mushroomed.