The forecast for oil production in Russia is now characterized by a high degree of uncertainty, according to OPEC.
As a result of January, the discount for Russian export Urals oil increased by another $2.5 and exceeded $30 per barrel. This was stated in the monthly report of OPEC, published on Tuesday, February 14.
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“The price of Urals came under more pressure on the European market after the entry into force of the EU and G7 sanctions against Russian oil. Urals’ discount on Severomorskoye dated (quotation calculated by Argus based on the value of five grades of oil produced in the North Sea – ed.) rose in January by $2.5, to $30.65 per barrel,” the report said.
At the same time, according to the Ministry of Finance of the Russian Federation, the price of Urals oil in January 2023 reached $49.48 per barrel ($50.47 per barrel in December and $76.09 in January-December 2022). And the price of Brent oil, according to OPEC, for January this year reached $83.91 per barrel.
It was also reported that oil production excluding gas condensate in Russia in January 2023 fell by 88 thousand barrels per day (b/d) in December 2022, to 9.7 million b/d.
At the same time, OPEC said that the forecast for production in the Russian Federation is characterized by a high degree of uncertainty.
It was previously reported that in March Russia would voluntarily cut oil production by 500,000 barrels per day. Moscow has high hopes that such a production limit will help “restore market relations.”
It will be recalled that from December 5, 2022, the EU embargo on offshore oil supplies from the Russian Federation began. The G7 countries, the EU and Australia introduced a cap on the price of Russian offshore oil at the level of $60 per barrel for their ships and territories.
And from February 5, 2023, similar restrictions on the supply of petroleum products from Russia began to operate. The ceiling size is set at $100 and $45 per barrel, depending on the category of oil products.
As a result, in January alone, Russia lost $ 8 billion due to the oil price ceiling. Overall, the aggressor country’s oil and gas revenues dropped by about a third.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.