SunSirs: The Price of Ural Crude Oil in Russia has Climbed above $66 per Barrel

According to foreign news on February 15th, four traders reported that with stable freight rates and a narrowing of shipping discounts in March, the price of Russian Ural crude oil in Western ports has climbed above $66 per barrel, exceeding the price ceiling set by Western countries by about a month.

Since mid January, Ural crude oil prices have been rising, boosting Russia's energy profits despite sanctions imposed by the United States on shipping and trading companies that do not comply with price limits.

The United States, other G7 countries, and Australia will implement price caps in 2022 with the aim of reducing Russia's revenue from maritime oil exports.

According to the restriction clause, Russian oil suppliers can only use shipping and insurance services from Western countries when the crude oil price is below $60 per barrel.

According to calculations, the price of Ural crude oil loaded from ports such as Primorsk, Ust Luga, and Novorossiisk in Russia on Thursday is $66-67 per barrel (excluding shipping and insurance costs).

Traders have stated that Brent crude oil prices need to further weaken significantly in order to push Ural crude oil below $60 per barrel.

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