Russia’s budget was drawn up based on the forecast price of Urals oil in 2023 at $70.1 per barrel.
The aggressor country Russia was forced to sell its oil at deep discounts, exceeding $30 per barrel, for the third month. Interfax reported this with reference to the price agency Argus on Wednesday, March 1.
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It indicates that in February the average quotation of Russian Urals oil on a CIF basis in European ports reached $49.13 per barrel compared to $49.02 per barrel. in January and $50.15/bbl. in December 2022.
Thus, the Urals discount to Brent was $33.73 per barrel in February compared to $33.84 per barrel. in January and $30.21/bbl. December.
“Russian oil has not entered the European market since the embargo of the European Union from December 5, 2022, however, the CIF price in European ports is still used to calculate taxes in Russia. The quotation that it is calculated on the FOB quotation in Russian. ports, where the real quotations are formed,” – said the message.
According to Argus, in February FOB Primorsk Urals oil prices averaged $43.2 per barrel, compared to $42.8 in January and $43.35 per barrel in December. At the same time, the FOB discount for the Russian sort to Brent was $39.63/bbl compared to $40.05/bbl. In January.
Urals Med Aframax FOB Novorossiysk traded at $45.09/bbl versus $44.3/bbl. in January, the benchmark rate fell from $38.5/bbl. in January to $37.8/bbl. in February.
Russia’s budget was drawn up based on the Urals price forecast in 2023 at $70.1/bbl. The Ministry of Finance of the Russian Federation estimated lost oil and gas revenue for January at 54.5 billion rubles.
Recall that 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.
It was also reported that in March Russia “voluntarily” cut oil production by 500,000 barrels per day. Moscow hopes that such a restriction will help “restore market relations.”
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Source: korrespondent
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