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Peter Davis

An writer at FOMOdrive

  • Jul 13, 2023
  • 2 min read

Bloomberg: Russia beat the G7 price ceiling - Urals exceeded $60

oil pumps with US dollar banknotes

The price of Russian Urals oil has gone above the $60 limit set by the G7 nations.

Russia is getting ready to proclaim its triumph over the maximum price set by the G7.

Oil prices have been increasing as OPEC+ nations strive to stabilize the market. On Wednesday, Brent oil prices rose above $80 per barrel for the first time since May 1, and on Thursday they went even higher, surpassing $81.

The US Department of Energy has increased its prediction for oil demand growth this year, leading to a resurgence in commodity prices as worries about a decrease in fuel demand have been alleviated.

The Energy Information Administration at the US Department of Energy (EIA) has predicted that in 2023, the global demand for oil will be 100,000 barrels per day (b/d) more than the supply, and in 2024, the gap will widen to 200,000 b/d.

IG Asia expects that if the cost of Brent rises above the key $80 level, it could open the door for a retest of the yearly highs that were seen at the end of January, when the price briefly reached $89 per barrel.

Bloomberg reports that, in light of this, prices for Russian Urals oil have gone beyond the $60 per barrel limit that was established by the G7 nations at the end of last year, as reported by Argus Media.

This is seen as a major setback for the West's sanctions policy and a probable win for Russia in the economic conflict. The Russian Federation was able to assemble a sizable "shadow fleet" to transport oil without the assistance of firms from the G7 nations.

Bloomberg has already reported a decrease in Russian oil production to 2.86 million barrels per day (bpd), the lowest it has been since February of this year. This decrease in Russian supplies to the global market has been credited with supporting oil prices.

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