Russian Crude Oil Prices

SOURCE www.breitbart.com
Russian crude oil is currently selling for about $75 per barrel, above the $60 cap imposed by the G7 in 2022. Despite efforts to starve Russia’s war machine of oil revenue, prices remain high, especially in markets like India. Western shipping companies may not be honestly reporting the value of the Russian oil they transport.

Key Points

  • Current Russian oil prices are above the $60 cap imposed by the G7 in 2022.
  • Prices are particularly high in markets like India, with Urals oil trading at $88 a barrel.
  • High shipping costs to customers in Asia eat into profits but are declining, benefiting Moscow.
  • Western shipping companies may not be honestly reporting the value of Russian oil they transport.

Pros

  • Russia is earning higher profits from its oil sales due to the elevated prices.

Cons

  • The G7's efforts to cap Russian oil prices at $60 per barrel seem to be failing.
  • Western shipping companies may not be complying with the attestation requirement, potentially allowing overpriced oil to be transported.