The Ministry of Energy said that Russian oil quotes from Western agencies do not correspond to the real price
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Deputy Minister of Energy of Russia Pavel Sorokin said that oil quotes by foreign agencies do not reflect the real situation on the market. He also stressed the importance of developing domestic indicators.
“Now Western price agencies are quoting an oil price that does not correspond to reality; it does not correspond not only to the cost of a real product, but also to the real state of affairs on the market,” Mr. Sorokin said, speaking at the Annual International Forum of the SPIMEX (quote from Interfax).
The Deputy Minister of Energy drew attention to the fact that at present, together with the exchange, work is underway to form domestic indicators. According to him, the issue of developing such indicators has become the “main challenge” that will have to be addressed this year and beyond.
“Now they are still historical indicators, based on real sales, which we and the Ministry of Finance together are already using for analytics. But in the future, it is necessary to take a step forward and already work on those quotes that will be used without harming the state of affairs, without reducing the selling price of our goods due to the lack of liquidity and insufficient representativeness of the participants,” he added.
Due to the imposition of sanctions against Russia by Western countries, the structure of oil supplies has changed. Even before the entry into force of the EU embargo on oil from the Russian Federation, European customers reduced their purchases of Russian crude oil by sea. In this regard, the international agency Argus changed methodology for determining quotes for Russian Urals oil. According to the Ministry of Finance, which uses Argus quotes to calculate taxes, the average price of Urals in February was $49.56 per barrel, while in February 2022 it reached $92.15.
More details – in the material “Kommersant” “Under the Infusion of Circumstances”.
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