Russian Urals crude oil price falls about 38% year on year

The price of Russia’s flagship crude, Urals, recorded a drop of 38% year over year, official figures showed on Thursday.

Russian Urals crude oil traded at around $51.50 per barrel in the January–May period, down from $83.40 per barrel in the same period last year, recording an annual decline of 38%, according to a statement by the finance ministry.

The price of Urals crude oil traded at $53.30 per barrel in May.

EU member states agreed to impose a ceiling price of $60 per barrel on oil transported by sea from Russia in December.

On Feb. 5, a similar ban was imposed on refined petroleum products, with a price cap of $60 per barrel.

Russia, however, announced that it would stop shipping oil to countries imposing a price cap and instead direct its exports to Asian markets, particularly China and India, at huge discounts.

Reporting from Emre Gurkan Abay in Moscow

• The price of Urals crude oil traded at $53.30 per barrel in May.