Discount on Urals to Brent when calculating oil taxes fell to $25 per barrel
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Since July 1, the discount of the cost of the Russian grade of Urals oil to the Brent benchmark in the calculation of oil taxes has decreased to $25 per barrel, Interfax reported. Nikolai Shulginov, the head of the Russian Ministry of Energy, said that now the actual discounts are at the level of $20 per barrel.
Now the value of Urals is used for taxation based on the calculations of the Argus agency. In December 2022, after the introduction of an embargo on Russian oil by the EU and G7 countries, the actual cost of Urals fell below Brent by about $35–40 per barrel.
Earlier, the Tax Code was amended, according to which discounts to the price of Brent are used in the calculation of the MET and reverse excise on oil, tax on added income and export duty. The Russian authorities believe that the minimum discount threshold will reduce the effect of the fall in the value of Urals against Brent on budget revenues.
More details – in the material “Kommersant” “Discount according to the rules”.
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