Russian oil prices fell by almost half in an hour
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The average price of the main Russian export oil brand Urals in January 2023 was $49.48 per barrel. The Russian “Kommersant” writes about it.
Photo: epravda.com.ua 3
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This is 1.7 times lower than in January 2022, when a barrel cost $85.64.
At the same time, the federal budget of Russia for 2023 was based on the average annual price of Urals oil of $70.10 per barrel.
The Urals price set by the Ministry of Finance, used for taxation, is calculated by the Argus agency and takes into account the prices for the mixture in the Baltic and Black Seas, including the cost of insurance and freight (CIF).
Read also: The price of Russian Urals oil fell to $37.8 per barrel — Bloomberg
Earlier, the Ministry of Finance of the Russian Federation stated that the average price of Urals oil for the period from December 15, 2022 to January 14, 2023 was $46.82 per barrel, which is significantly lower than the limit of $60 per barrel set by the G-7.
At the end of December, the average price of Urals amounted to ($50.47 per barrel – this is a drop by a quarter compared to November. The reason was the entry into force of the European embargo and price ceiling on December 5).
At the same time, the Russian authorities expect that the price of Urals will rise in a few months — “after the sanctions panic subsides, and exporters and buyers run through new logistics chains and insurance schemes.”
Read also: Because of oil price restrictions, Russia loses more than $170 million every day
But new indicators of the Russian Ministry of Finance indicate that the situation is developing in the opposite direction, adds The Bell.
Source: Ministry of Finance
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