The average price of Urals is $47.85 per barrel, which is almost two times lower than in March last year.
The average price of Russian Urals oil in March was $47.85 per barrel. Compared to March 2022, the price has almost halved (it was $89.05 per barrel), the Ministry of Finance of the Russian Federation reported.
According to the agency, the average price of Urals oil in January-March 2023 was $48.92 per barrel, in January-March 2022 – $88.95 per barrel.
In March, the discount for Urals continued to decrease relative to the international benchmark – Brent oil. According to price agency Argus, the difference is $29.6 per barrel, while in February it was $33.2 per barrel.
Recall that in December 2022, the EU countries imposed an embargo on the import of Russian oil, and the G7 countries – a price ceiling of $60 per barrel. In turn, the Russian Federation redirected oil flows to Asia at huge discounts, mainly to China and India.
As reported, Russia in March “voluntarily” reduced oil production by 500,000 barrels per day. On April 2, several OPEC+ countries announced oil production cuts of around 1.16 million barrels per day.
Oil rose sharply due to the decision of OPEC +
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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.