Sinds 5 december 2022 is de ‘$60 Price Cap’ en het 'embargo’ op Russische ruwe olie van kracht, als onderdeel van een inmiddels 10e ronde van economische sancties tegen Rusland.
In January 2023, the price of Russia’s flagship Urals grade averaged 42% lower than in the same month of 2022, as its discount to Brent Crude grew wider following the EU embargo and the G7 price cap, which came into effect on December 5. The average price of Urals in January, at $49.48 per barrel, was 1.7 times lower than in January 2022, when it averaged $85.64 per barrel, Russia’s Finance Ministry said earlier this week.
Russia calculates the export duty due to the budget based on the price of Urals. This has been reducing its revenues due to the wide discount of Urals to Brent, which has swelled to nearly $40 per barrel at times.
Brent Crude was trading at around $82 a barrel early on Friday, while Urals, per Reuters estimates, was at around $53.60 per barrel.
update 4 feb 2023
In January 2023, the price of Russia’s flagship Urals grade averaged 42% lower than in the same month of 2022, as its discount to Brent Crude grew wider following the EU embargo and the G7 price cap, which came into effect on December 5. The average price of Urals in January, at $49.48 per barrel, was 1.7 times lower than in January 2022, when it averaged $85.64 per barrel, Russia’s Finance Ministry said earlier this week.
Russia calculates the export duty due to the budget based on the price of Urals. This has been reducing its revenues due to the wide discount of Urals to Brent, which has swelled to nearly $40 per barrel at times.
Brent Crude was trading at around $82 a barrel early on Friday, while Urals, per Reuters estimates, was at around $53.60 per barrel.