The price of Russia's flagship crude, Urals, posted a month-on-month decline of 5.9% in November, according to a statement by Russia’s finance ministry on Thursday.
Russian Urals crude oil traded at $66.47 per barrel in November, down from $70.62 per barrel in October and 27% lower than Brent oil, which averaged $92 per barrel in November.
Due to the Russia-Ukraine conflict, Western countries such as the US, UK, Australia, and Canada have suspended Russian crude imports, while EU countries have agreed to completely cut off Russian crude supplies beginning Dec. 5.
Several Western energy companies had also halted oil trade with Russia, prompting Russia to focus on trade in Asia, mainly India and China.
In addition to the EU's oil import ban on Russia, the G7 countries intend to impose a price cap on Russian oil imports, though opposition from some countries, such as Poland, has meant that the contentious plan may not yet be implemented.
Countries opposing the planned price cap of around $65–$70 per barrel argue that such a high price cap level is already close to discounts offered by Russia to Indian and Chinese buyers and should be significantly lower 'to hurt' Russia.
Poland wants the price cap set at around $30 per barrel, but Russia has said it will not sell crude to countries that join the price cap movement.
Reporting by Emre Gurkan Abay and Sibel Morrow
Anadolu Agency
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