A US official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent broader pricing in a very opaque market.
The US Treasury has remained silent over the past week as European Union diplomats have struggled to reach consensus on a price cap level initially proposed in the $65-70 a barrel range. At issue are recent prices quoted by Argus Media and S&P Platt’s in the past week of around $52 at key Black Sea and Baltic export terminals and cited by Bloomberg.
The Treasury has been promoting the price cap idea to European allies since the spring of 2022, as they considered and agreed on their phased ban on Russian oil imports to punish Moscow for its invasion of Ukraine.
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