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Russia Works To Limit Discounts For Its Oil Prices

OIL

Russia has been working on measures to limit discounts of Russian oil prices to international benchmarks after the imposed G7/EU price cap, the Russian energy ministry said.

  • Russian Urals crude was at 37.80$/bbl at the Baltic Port of Primorsk on Friday, according to Argus Media, compared to the Brent close on the day of 78.57$/bbl.
  • Last month Vladimir Putin signed a decree that banned the supply of crude oil and oil products for five months to nations that abide the cap from 1 Feb.
  • Russian seaborne crude flows in December fell to the lowest in 2022 after the introduction of the EU’s ban on Russian seaborne crude imports on 5 Dec.
  • The four-week average seaborne supplies fell to 2.615mbd, down by 117kbpd month on month, according to Bloomberg shipping-data.
Energy BulletsCommodities
Energy BulletsCommodities

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