the price of Urals at $74 reflects the real state of the world market – Kommersant
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The current price of Russian oil reflects the real state of the world market, says Nikolai Shulginov, head of the Ministry of Energy. According to his department, the main brand of Russian export oil, Urals, rose in price to $74 per barrel in August, and the discount to North Sea Dated (Brent dated) decreased to $12.2.
“The price for (Russian.— “Ъ”) oil today reflects the real state of the market and allows all participants to both obtain the resource at an adequate price and ensure reinvestment of funds in production to maintain supply,” said Mr. Shulginov “RIA News”. He noted that the cost of Russian oil is rising.
At the same time, the minister called the ceiling on prices for Russian oil, which had previously been established by Western countries, illegitimate and harmful to the global economy.
After the EU imposed sanctions against the Russian Federation, India became the largest consumer of seaborne shipments of Russian oil. China remains the second largest importer of seaborne shipments of Russian oil. According to Kpler, Urals will retain its competitive advantages among medium-density crude oils on the Indian market, despite the reduction of Urals discounts to Brent to $4-5 per barrel with delivery to the port.
Read more about the discount on Urals in the Kommersant article “In words and in Delhi”.
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