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Russian Crude Discounts Decreasing: Novak

OIL

Discounts on Russian oil compared to the price of benchmark Brent crude are decreasing and are currently at about $26-$27 per barrel according to Deputy Prime Minister Alexander Novak.

  • “Right now the discount is actually lower than the minimum set in the law, so, on the contrary, more is being taken than the bar set in the law. Now the discount against North Sea oil [Brent] in the Baltic is $26-$27 per barrel, while in the law the discount costs $34 per barrel in April, meaning the tax base is higher," Novak said.

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