3 minute readJanuary 31, 20238:03 PM CSTLast Updated 14 hours ago
Western tankers ramp up Russian oil shipments under price cap
Reuters
MOSCOW, Jan 31 (Reuters) - Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow's flagship Urals grade held below an international price cap, according to market sources and Eikon data.
The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5.
Most Russian oil currently trades below that level, with seaborne Urals crude quoted at $49.50 a barrel on a free-on-board basis from Primorsk on Tuesday, and at $47.83 FOB from Novorossiisk .