Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies.
The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers.
Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel.
Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively.
S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.
Persons:
P Global Platts, —, Giovanni Staunovo, they're, David Fyfe
Organizations:
Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights
Locations:
Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S