MOSCOW: Russian Urals oil prices were back below the $60 a barrel Western price cap on Friday as global benchmark Brent crude weakened, two traders said and Reuters calculations showed.
The Brent price fell this week after the OPEC+ producer group postponed its Nov. 26 meeting to Nov. 30 after producers struggled to reach a consensus on production levels. Urals is a Brent-linked oil grade, which means its price is highly dependant on the benchmark’s price moves. The price cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel.
Calculated FOB (free on board) estimates for Urals oil cargoes loading from the Primorsk and Ust-Luga Baltic ports in December were down to $58-59 a barrel on Friday, Reuters data showed. Urals oil prices were above the $60 per barrel limit on Tuesday amid high Brent prices.
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