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Russia To Narrow Urals Discount To Brent For Tax Purposes

OIL

Russia is planning to change the way it assesses the price of its key export crude in oil-tax formulas, setting it at a narrower discount to Brent as the government tries to boost revenue amid Western sanctions according to people familiar with the matter.

  • For tax-assessment purposes the price of Urals crude will be priced at a discount to Brent of $20 or $25 per barrel, sources said.
  • Currently the government calculates taxes for producers based on a monthly price assessment by Argus Media. In January, the discount as assessed by Argus Media was close to $35/bbl.
  • In January, Urals averaged $49.48 a barrel, the lowest since December 2020, according to ministry data based on the Argus assessment for northwest Europe.
  • Vladimir Putin ordered his government last month to prepare a plan for a new way to assess the Urals price used in tax calculations by March 1.
Energy BulletsCommodities
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