Many European and American countries have imposed price ceilings and imposed embargo measures on Russian crude oil.

(Reuters file photo)

[Financial Channel/Comprehensive Report] After many countries in Europe and the United States imposed price caps and embargo measures on Russian crude oil, according to calculations, the export volume of Russian Urals crude oil (Urals) from the Baltic Sea ports may drop by up to one-fifth in December.

Russia has been unable to fully divert exports of Urals crude from Europe to other markets, notably India and China, and Russia has been looking for enough and suitable vessels, traders said.

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Shipments of Urals crude from Baltic ports could fall to around 5 million tonnes in December from 6 million tonnes in November, and could even drop as low as 4.7 million tonnes, according to traders and Reuters calculations.

The European Union (EU), the Group of Seven Large Industrial Countries (G7) and Australia jointly set the price ceiling of Russian oil at US$60 per barrel on December 5. At the same time, the EU also imposed an embargo on Russian crude oil shipping. , the United Kingdom also made similar commitments.

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