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Authorities Considering Pegging Price of Russian Urals to Brent or Dubai Crude

RUSSIA
  • Russian authorities are holding intensive discussions on changing the methodology for calculating its oil price for tax purposes, Vedomosti reports citing unidentified officials. The main option being discussed at the moment is to peg the price of Urals to one of the benchmark grades - Brent or Dubai Crude. While the size of the discount is under discussion, the government estimates the actual average discount to Brent at $10-$15.
  • China’s imports of Russian energy fell last month to their lowest since March as international sanctions blunted Beijing’s appetite for Russian oil, Bloomberg report. Crude imports from Russia dropped to 6.47 million tons in December, from 7.81 million tons a month earlier, according to Chinese customs data released today, as Saudi Arabia takes top spot as China’s top supplier for the month.
  • Bloomberg report that the EU will continue to consider new rounds of sanctions on Russia even though the bloc’s debates have gotten more challenging each time, citing European Council President Charles Michel. “Each debate on sanctions is much more difficult than the previous one,” Michel said Thursday in an interview with reporters during an unannounced visit to Kyiv.
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