The average price of a barrel of Urals in February was $49.56, slightly higher than in January

The average cost of Urals oil in January-February 2023 was $49.52 compared to $88.89 per barrel in the same period in 2022. In February, the cost of a barrel of oil averaged $49.56, which is 1.86 times lower than in February 2022 ($92.15). This was reported press office Ministry of Finance. At the same time, compared to January 2023, the price increased slightly – then it amounted to $49.48

On December 5, 2022, the Western embargo and the price ceiling for oil from Russia at $60 per barrel came into force. Since February 5, 2023, the EU embargo on Russian oil products has been in effect. According to the International Energy Agency (IEA), Russia’s revenues from oil and gas exports fell by 38% in January to $18.5 billion.

Against the backdrop of restrictions, the discount on Russian oil has increased significantly. February 23 Russian President Vladimir Putin signed law on limiting discounts on Urals for the calculation of oil taxes. The discount is expected to gradually decrease: from $34 per barrel in April to $25 per barrel from July. By evaluation Ministry of Finance, the law will save 600 billion rubles in the Russian budget.

To “restore market relations”, Russia announced in February plans to cut oil production by 500,000 barrels per day in March. At the same time, according to Kommersant’s information, in February, oil production in Russia reached the pre-sanction level for the first time since February 2022.

More details – in the material “Kommersant” “That’s how you get it”.

Olesya Pavlenko