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Novak Expects Russian Oil Discount to Narrow

OIL

Russia’s Deputy PM, Alexander Novak, said he expects the discount on Russian oil vs global benchmarks to start going down again soon based on Tass reports.

  • "We have already had two surges in the discount growth - in 2022 and at the beginning of last year. Now it is related to the package of sanctions that were imposed late last year. This is the market and its participants’ natural reaction to ensure their risks," he told reporters.
  • "I am confident that the discount will go down as the chain gets settled (while the market) calms down," Novak added.


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