Russia’s Urals Crude Price Drops but It’s Still Above the $60 Cap

The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was $72.84 per barrel last month, down from $81.52 a barrel in October, but higher than the $66.47 average price in November 2022, according to the data. Despite the slide in the price of Urals in November 2023 compared to the previous month, the average price is still nearly $13 per barrel…