Oil from Russia sells at half the world price, which is much cheaper than the ceiling previously imposed by the G7. This was reported by Bloomberg, citing the independent pricing agency Argus.
The publication informs that on January 6, Urals oil was traded at $37.80 per barrel at Primorsk port. At the same time, Brent oil was trading at $78.57 per barrel.
Bloomberg experts explain that the reason for such situation in the market was the embargo imposed by the EU on oil deliveries from Russia by sea (in force since December 5). Also the limitation of prices for Russian oil ($60 a barrel) due to which Russia was more dependent on China and India played its role.
As a result, according to Bloomberg, Moscow is faced with the need to trade oil at a lower price, which will allow it to maintain competition with supplies from the Middle East.