Above the Cap
With international oil prices climbing above the $80/bbl mark recently, so have the prices for Russian oil, with many indicators suggesting that levels are now above the price cap. According to Reuters calculations, Urals prices for Primorsk and Novorossiysk loadings have traded consistently above $60/bbl over the past two weeks, with the premium currently as high as $5.54/bbl. The picture is similar for clean and dirty products, with calculated prices also above the relevant price caps.
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