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Russia Aims to Reduce Urals Discount to Brent for Tax-Calculations

OIL

Russia aims to lower the minimal Urals discount to the Brent benchmark for tax-calculation purposes to 15$/bbl next year according to Interfax citing an explanatory note to the draft federal budget for 2024-2026.

  • The government earlier this year introduced a discount to Brent to set a floor price for Russia’s crude for budget purposes. If Russian crude trades above the threshold, the Finance Ministry uses the prevailing market price to calculate taxes.
  • The Urals crude discount to Brent is currently set at 20$/bbl and is to be cut to 10$/bbl in 2025 and 6$/bbl in 2026.
  • Russia changed the way it assesses crude prices for tax purposes to boost budget revenue after the G7 price cap was introduced.
Energy BulletsCommodities
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