Russian oil exceeded the $60 price limitset by the G-7 countries, and last month its price exceeded 64 dollars per barrel.
Thanks to this, Russia received a record profit for 8 months from the export of oil – 15.3 billion dollars. This was reported by the “Bloomberg” agency.
“The price of seaborne deliveries of Russian crude last month jumped to $64.41 per barrel on a weighted average basis, “exceeding” the $60 price limitdetermined last year by the G-7 countries,” the agency recalled.
With the price ceiling exceeded, Moscow increased its oil revenues, earning $15.3 billion in July from exporting its oil and fuels, which is nearly 20% more than June. However, the country’s oil revenue fell by more than a fifth from a year earlier.
Global oil prices climbed above $80 a barrel in recent weeksafter Saudi Arabia said it would cut output in July, on top of broader cuts announced by other OPEC+ producers in April.
US: Russian oil price ceiling works
This significantly reduces Russia’s income
Earlier this year, China promised to take measures to revive economic growth, which also increased forecasts for higher prices in the coming months, as well as insufficient investment by US oil producers earlier in the year.
At the beginning of July last year, the G7 countries agreed to reduce the price of Russian oil through a “price ceiling”.
On December 3, the Council of the EU decided to set a ceiling on the price of oil exported from Russia at 60 dollars per barrel. The decision came into effect on December 5.
Cheap Russian oil has crushed OPEC imports to India
OPEC’s share of India’s oil imports fell to a 22-year low
After the EU, the G7 countries and Australia introduced a price ceiling for oil delivered by sea from Russia at the level of 60 dollars per barrel.
2023-08-11 20:28:14
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