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Russia’s Urals crude oil fell to $51.96 a barrel at the Baltic Sea port of Primorsk, Bloomberg reported, citing data provided by Argus Media Ltd., a publisher of commodity prices.
Earlier in November EU diplomats discussed a price cap on Russian oil in the range of $65-70 per barrel.
Bloomberg reported earlier that Russia had already lost most of its oil market in the European Union’s northern countries even before an EU embargo on Russian oil is set to take effect on Dec. 5.
Russian oil shipments to northern Europe have fallen below 100,000 barrels a day, compared to 1.2 million barrels a day sent to the region’s ports each day in early February, according to Bloomberg.
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