Russia’s Urals oil averaged $57.49/bbl in past month, below price cap

MOSCOW (Reuters) – The average price for Russia’s Urals oil blend was $57.49 per barrel between Nov. 15 and Dec. 14, Russia’s Finance Ministry said late on Thursday, below the Western cap of $60. That means Western shippers and insurers in countries that have imposed sanctions on Russia over the Ukraine conflict would still be able to provide services to cover shipments of Russian crude without fear of being sanctioned. The drop from the average Urals price of $71.10 in the previous month was not because the country observed the price cap – which Moscow has said is illegal and threatened to cu…

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