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Russia To Fix Urals At $20/bbl Discount To Brent


Russia's government plans to set a fixed Urals crude oil differential to Brent of $20 per barrel for tax purposes, as state oil revenues slumped in January, industry sources said.

  • Russia currently uses Urals price assessments provided by Argusmedia to determine its mineral extraction tax, additional income tax, oil export duty and reverse excise on oil.
  • According to Russia's Finance Ministry, the average price of Russian Urals oil in January was $49.48/bbl, down by 42% on January 2022.

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