<h1 class="ql-align-center">Urals crude</h1> CONTEXT: Recently, G7 proposal to impose a price cap on Russian oil came into effect.<ul><li class="ql-align-justify">Western countries including G7 nations, the European Union(EU), and Australia have agreed to a price ceiling of $60 per barrel of seaborne Russian Urals crude oil.</li></ul> <h3 class="ql-align-justify">About </h3><ul><li class="ql-align-justify">Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. It is a mix of heavy sour oil of Urals and the Volga region with light oil of Western Siberia.</li><li class="ql-align-justify">Other reference oils are Brent, West Texas Intermediate and Dubai.</li><li class="ql-align-justify">Brent crude oil originates from oil fields in the North Sea between the Shetland Islands and Norway.</li><li class="ql-align-justify">West Texas Intermediate (WTI) is sourced from US oil fields, primarily in Texas, Louisiana, and North Dakota.</li></ul> <h1 class="ql-align-center">PRELIMS NOTES:<a href="https://www.sunyaias.com/subscription-details/prelims-2023-sunya-notes-current-affairs" rel="noopener noreferrer" target="_blank" style="color: rgb(0, 102, 204);">CLICK HERE</a></h1>