Russian oil sells for less than half the international price, but buyers remain few and far between, with the European Union all but halting seaborne crude imports from Russia.

(Reuters)

[Financial Channel/Comprehensive Report] The selling price of Russia's flagship oil is less than half of the international price and far below the upper limit set by the G7 in the West, but there are still very few buyers.

At the Baltic Sea port of Primorye, Russian Urals exported far more than any other crude Russia sells at $37.80 a barrel on Friday, while global benchmark Brent closed the day at $78.57, according to data provided by Argus Media.

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On December 5, 2022, the European Union will almost stop importing seaborne crude oil from Russia, killing Russia's largest export market in history.

At the same time, the G7 came together to cap the price of Russian supplies.

Any buyer wishing to get Western service will only be able to do so for a fee of $60 or less.

A key driver of low oil prices could be the loss of European markets, leaving Russia at the mercy of a small group of big buyers, most notably China and India.

As tankers have to sail thousands of miles to get cargo from western Russian ports to these buyers, freight rates have soared, forcing Russian oil prices to discount to compete with shipments from the Middle East.

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