The Price of Russian Oil Falls Below the New EU Ceiling for the First Time 0 448

This week, the price of the main Russian export oil grade Urals at the Baltic port of Primorsk dropped to a spring low of $47.4 per barrel. This was reported by Reuters, citing trader data.

As a result, it has for the first time fallen below the new price ceiling set by the European Union, which was changed in September from $60 per barrel to $47.6.

Russian oil prices are declining amid a general drop in quotations. As of October 17, the price of the benchmark Brent crude is approaching $60 per barrel — the lowest since May of this year. The main reason for this trend has been the easing of tensions in the Middle East due to the signing of a deal between Israel and Hamas.

Against this backdrop, the market has once again turned its attention to OPEC+'s efforts to regain market share and increase production, which threatens to boost supply amid stagnant demand. In particular, the International Energy Agency (IEA) has raised its forecast for the oil market surplus in 2026 to four million barrels per day.