Russian oil prices remain high despite G7 sanctions and restrictions. The average price of the Urals in August was 74 dollars per barrel. In this respect informs Press service of the Ministry of Finance of the Russian Federation.
“It’s quite possible now [Argus Media] Andrey Kochetkov, one of the leading analysts at Otkritie Investments, has begun to determine the cost of Russian oil directly at Indian ports, and from there comes a sharp and sharp increase to $ 70-74 per barrel per month, ”said Andrey Kochetkov.
However, meeting the budget parameters of $70 per barrel is still in doubt. So in January-August the real price was lower: $56.
“The question is whether we will enter the budget parameters at the end of 2023. They planned the price of oil at $70 per barrel,” said Igor Yushkov, an expert at the Finance University.
The accumulation of foreign exchange earnings abroad also continues due to restrictions on repatriation to the Russian Federation. This situation limits the effectiveness of oil sales on the country’s economy. For example, in India, more than 1 billion rupees were accumulated, which the Russian Federation could not convert. This limits the import of goods needed by the Russian economy.
“What India can provide to Russia is mostly limited to textiles, some exotic products or generic drugs. This of course does not cover the entire volume we supply to the Indian industry,” said Kochetkov.
At the end of this week, Russia will stretch Decline in oil supply in October.
Former Analyst said About the future of the world oil market.