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Urals Crude Price Set at $74/b by Russian Econ Ministry

OIL

The average July 2024 price of Urals crude for the purpose of calculating the mineral extraction tax on oil is $74.01/b, the Russian Economic Development Ministry said, cited by Interfax.

  • This compares to $74.98/b In April, $67.37/b in May, and $69.58/b in June.
  • The value is calculated by taking the highest of Dated Brent minus a fixed $20/b discount or the FOB Urals quotation from Argus plus the European transport and port costs (around $2/b).
  • Urals cargoes are subject to a $60/b price cap if the transporting vessel is to receive western service such as insurance.
  • However, the recent prices set by the government demonstrate the challenge in enforcement, with Urals cargoes – largely headed to India and China – consistently exceeding the cap.
  • Russia has been able to develop a shadow fleet of tankers, able to circumvent western sanctions, thus allowing Urals to be priced more competitively.
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