Prices for the main Russian export grade of Urals crude oil in the port of Novorossiysk and the port of Primorsk continue to grow.
On Tuesday, July 11, the price at Novorossiysk reached $59.98 per barrel, while at Primorsk the price rose to $59.38. These levels are not yet considered a violation, but if prices continue to rise, Western companies may face restrictions on oil transportation.
The price increase is due to a general rise in oil prices and Saudi Arabia's production cuts, as well as Russia's promises to reduce exports. The price of the benchmark grade Brent has already reached the level of 80 dollars per barrel.
Earlier, Bloomberg reported that Russia's oil exports had fallen to a daily rate of 2.86 million barrels. This is more than a million barrels compared to previous periods.