The price for Russia’s Urals export blend rose in August,far exceeding the G7 price cap and prompting Russian exporters to ship morebarrels to global markets.Russia’s Finance Ministry said that the average Urals price stood at $74 per barrel in August,which was up from $64.37/bbl in July andalmost hit $74.73/bbl which was reached in August 2022.With the North Sea dated Brent price hitting $86.20/bbl last month,the Urals discount narrowed further to an offi cial $12.20/bbl,although market players say it could even be lower.The G7 price cap was imposed to reduce Russia’s ability to fi nance the war in Ukraine while still allowing Russian oil to fl ow to globalmarkets.It bans the provision of Western insurance and shipping services for Russian barrels traded above the $60/bbl cap.InJanuary–August,the average Urals price was still below the cap and stood at $56.58/bbl,down from $82.13/bbl in the same periodover 2022.
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