The price of Urals, Russia’s flagship export grade, has moved higher since the OPEC+ announcement, threatening the price cap that the G7 and the European Union agreed to impose on Moscow last year in a bid to hurt its oil revenues. Urals is currently trading at nearly $60 per barrel, meaning this year’s oil revenues could be higher, Deputy Finance Minister Vladimir Kolychev said this week, as quoted by Bloomberg. The price cap, when agreed upon, prompted different reactions. Russia said it would not sell oil to countries enforcing the…
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