Right now WTI is $20 higher than Urals crude. Last July the gap was only $15. Pootin is having trouble unloading his Ural’s crude?
It could be higher shipping costs getting into the equation, also. But my guess (guess) is that this currencies kerfuffle may be significant...
It will be interesting to see if the attacks on the railways to China have further effect, even if indirectly.
BTW, people need to look at at least the 5 yr trend of the ruble, instead of cherry picking particular dates. Moreover, it’s the moves Russia has had to make to try to prop up the ruble that are likely more important than its absolute level.
If nothing else, this is easy to find: