Russian Oil Freight Rates Drop Amid EU Price Cap Debate

  Published 1 year ago

Russian oil freight rates to India fell in May-June due to high tanker availability, but risks rise from the EU's proposed $45 price cap.

  • Freight costs from Baltic ports to India dropped to $5.5 M-5.7M from $6M in April-May.
  • Urals crude prices stabilized below $60, enabling Western tankers to re-enter the market.
  • EU's $45 price cap proposal could reverse current rate declines and increase shipping costs.

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