Currency prices of the leading Russian oil brand Urals approached the “ceiling” of $ 60 per barrel, set by the G7 countries, the European Union and Australia. Currently, the price of a barrel of quality supplied from the Black Sea Baltic ports Primorsk and Novorossiysk is about $ 55. informs The Bloomberg agency quotes statistics from analysts at Argus Media Ltd.
On December 5, 2022, the marginal price mechanism for oil purchases from Russia began to operate. According to its terms, the “ceiling” of the cost of raw materials from the Russian Federation was set at $ 60 per barrel. Foreign buyers should not buy Russian oil above this price level, otherwise they will risk being subject to secondary sanctions by Western countries.
“There is a gap of about $18 per barrel between the shipping point and the delivery of the Ural cargo. Procured from the Black Sea Baltic ports of Primorsk and Novorossiysk, the Russian grade is about $55 per barrel.
At the same time, most of the Ural’s oil exports still go to Asian countries, including India and China. At the same time, it is concluded that the average raw material procurement cost for New Delhi is currently well above the limit set by Western countries, at more than $73 per barrel including shipping costs.
April 3 Press Service of the Ministry of Finance of Russia (MinFin) published Accordingly, the average price of oil exported by the Urals in March was $47.85 per barrel. It turns out that this indicator is 1.86 times lower than the cost of Russian raw materials ($ 89.05) in March 2022.