Bloomberg: Russian oil selling at $37.80

Russia’s flagship oil is selling at less than half international prices — and way below a Group of Seven imposed cap — following sanctions targeting the Kremlin’s revenue from petroleum sales.

Report informs via Bloomberg that the nation’s Urals grade, a far bigger export stream than any other crude that Russia sells, was $37.80 a barrel at the Baltic Sea port of Primorsk on Friday, according to data provided by Argus Media. Global benchmark Brent settled at $78.57 on the same day.

The publication notes that the EU embargo and price cap on Russian crude have made Russia increasingly dependent on China and India. Moscow is forced to sell oil at a discount to compete with supplies from the Middle East.