Bloomberg: Urals oil price drops below $52 per barrel
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The cost of Russian Urals oil in the ports of Primorsk and Novorossiysk fell below the price ceiling discussed in the EU – to $ 51.96 per barrel, reports Bloomberg with reference to the data of the price agency Argus Media at the end of last week. The agency’s calculations based on the cost of Urals are used by the RF Ministry of Finance. The European Union (EU) is considering limiting Russian oil at $65-70 per barrel.
The average price of Urals from January to October, according to the Ministry of Finance, increased by 17.86% compared to the same period in 2021 and amounted to $79.57 per barrel. Central Bank of Russia predicted the average cost of Urals oil for 2022 to $78 per barrel. Due to the decrease in the price of Urals, the Russian budget, according to the Ministry of Finance, will lose 1.247 trillion rubles in 2023.
The price ceiling for Russian oil should come into force on December 5, and for oil products – from February 5. Poland and the Baltic states are demanding a price cap of $30 per barrel. The ceiling of $65 per barrel proposed by the European Commission is considered by these countries to be “extremely high”. As reported today, November 27, the newspaper Financial Timesagainst the backdrop of disagreements, EU negotiations on this issue have reached an impasse.
About how EU sanctions will change the calculation of the cost of Urals oil – in the material “Kommersant” “Oil exports succumbed to FOB”.
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