11:10 - 10.01.2023

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January 10, Fineko/abc.az. Oil from Russia is sold at half of world prices and much lower than the limit that was introduced by the G7 countries.

ABC.AZ reports with reference to Bloomberg that Urals grade, a far bigger export stream than any other crude that Russia sells, was $37.80 a barrel at the Baltic Sea port of Primorsk on 6 January. Global benchmark Brent settled at $78.57 on the same day.

The publication notes that the EU embargo and price cap on Russian crude have made Russia increasingly dependent on China and India. Moscow is forced to sell oil at a discount to compete with supplies from the Middle East.