The Price of Russian Oil Fell Below $40 Per Barrel

Leroy Carter -

Russian oil is already selling at less than half international prices, with its price well below the cap set by the G7 countries to limit the Kremlin's revenues.

Urals crude cost $37.8 a barrel at the Baltic Sea port of Primorsk. Global benchmark Brent was selling for $78.57 on the same day.

A sharp drop in the price could prompt Moscow to cut production, Bloomberg forecasts.