Russian Oil Sanctions Lead to Lower Prices

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Adi Ahdiat 06/12/2022 12:40 WIB

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The price of Russian crude oil has fallen since Western countries implemented a price cap sanction.

Average Monthly Price of World and Russian Oil (January 2021-November 2022)

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Average Monthly Price of World and Russian Oil (January 2021-November 2022)

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To curb Russia's war budget, several Western countries imposed sanctions limiting the price of Russian crude oil to a maximum of US$60/barrel starting December 5, 2022.

This price cap applies to countries wishing to purchase Russian crude oil using shipping and insurance services from Western companies.

The sanctions were imposed by the G7 group of nations—the United States, the United Kingdom, Italy, Japan, Germany, Canada, and France—plus Australia and the 27 member states of the European Union.

Furthermore, the price of Russian oil had already weakened since November 2022, before the sanctions were imposed.

According to Trading Economics data, throughout November 2022, the average price of Russian Urals crude oil was US$66.54/barrel, significantly down from the previous month's US$75.04/barrel.

After the sanctions were implemented, the price of Russian oil fell further to US$61.94/barrel on December 5, 2022. This was the lowest price since the beginning of the Russian aggression against Ukraine.

Concurrently, global oil prices also showed a downward trend. According to World Bank data, the average price of Brent and West Texas Intermediate (WTI) crude oil weakened in November 2022 compared to the previous month, as shown in the graph.

On December 5, 2022, Brent crude oil was traded at US$82.68/barrel and WTI at US$76.93/barrel, cheaper than their average prices in November 2022 and reaching their lowest levels since the beginning of the Russo-Ukrainian war.

Despite the decline in global crude oil prices, several countries appear likely to continue purchasing Russian oil due to its lower price. This was stated, among others, by the Indian government.

"The sanctions imposed on Russian oil do not apply to India because we intend to use non-Western shipping and insurance services for oil shipments," said an official from the Indian Ministry of Energy, as quoted by Attaqa on Monday (December 5, 2022).

According to data from the Centre for Research on Energy and Clean Air (CREA), since the beginning of the war, Russian oil has been purchased extensively by countries in Asia. Some of its customers include China, India, the United Arab Emirates, Malaysia, South Korea, Singapore, Japan, and Taiwan.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Russian Oil Sanctions Lead to Lower Prices

Russian Oil Sanctions Lead to Lower Prices

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