Discount on Russian Urals oil halved
[ad_1]
Denis Deryushkin, Director General of the Russian Energy Agency (REA) of the Ministry of Energy of the Russian Federation, spoke about the fall in the discount on Russian Urals oil against European Brent by half to $20 per barrel. According to him, the cost reduction was due to cheaper freight.
“Due to the fact that the freight has fallen a little and there are alternative consumers, today the discount on Urals is no longer $40, but $20. This is still a significant discount, a significant blow to the economy of mining companies, but in general, these are still comfortable realities in which one can exist,” Mr. Deryushkin said at the VI International Baikal Risk Forum in Irkutsk.
Mr. Deryushkin also added that two months ago the discount on Russian raw materials amounted to $40 per barrel. Discounts on oil from Russia arose as a result of the lack of transaction insurance and the desire of banks to provide letters of credit, as well as the increased cost of ship freight.
On September 7, 2022, the price of European Brent oil fell below $90 per barrel for the first time in seven months. The cost of the November contract for the supply of North Sea oil, according to Investing.com, fell to $88.93 per barrel, the lowest since February 3. According to Profinance data, the price of Russian Urals oil fell by 4.8% to $69 per barrel, the lowest since mid-August.
More details – in the material “Kommersant” “Oil prices have gone into self-isolation”.
[ad_2]
Source link
