The value of Russia’s crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg has estimated. Higher export volumes were unable to offset the slump in oil prices in recent weeks and Russia’s flagship Urals crude is now trading below the $60 per barrel cap imposed by the EU and the U.
S. if Russia is to use Western shippers, insurers, and financiers for moving the crude. The decline in oil prices, with Brent Crude…Russia’s Oil Revenues Have Dropped by 30% Since June
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