The markdown on Russian Urals versus the standard Brent touched $25.8 — an amount twice as great compared to the era after the introduction of US penalties targeting Lukoil and Rosneft.
Russian oil prices hit record lows / © TSN.ua
Russia trades petroleum at its most inexpensive rates since February 2022, while boosting external sales and confronting ballooning quantities of unrefined product stranded aboard oceangoing vessels.
As indicated by Bloomberg, referencing data from Argus Media, the values of Russian crude continue their descent.
Urals, sourced from the Black Sea, along with ESPO from the Pacific vicinity, are being exchanged at rock-bottom rates since the onset of hostilities.
Between December 1 and 7, the export price for Urals coming from Baltic harbors diminished by roughly $2.40 per barrel, settling at $41.16. In Novorossiysk, the type decreased by $2.80, dealing at $38.28 per barrel.
The valuation of ESPO, primarily routed to China, dropped by $1.60, averaging $52.36 per barrel.
For India, a pivotal purchaser of Russian unrefined petroleum, record lows have similarly been noted. During the initial week of December, Urals petroleum intended for delivery slid by $1 to $57.70 per barrel, marking the feeblest point since March 2023.
The difference between Russian Urals and the standard Brent has risen to $25.8, which is twice the extent seen following the US’s implementation of strictures on Lukoil and Rosneft. It is edging closer to the all-time apex of May 2022, when the variance stood at $34.
Despite the slide in petroleum costs, Russia is escalating exports. Between December 1 and 7, these surged to 4.24 million barrels daily, a climb of 290,000 from the prior week. This denotes the loftiest volume of provisions since the commencement of the all-out aggression.
Concurrently, an escalating volume of Russian petroleum is detained in marine tankers: according to Bloomberg appraisals, approximately 180 million barrels exist in nautical storage, a figure 28% greater than that recorded at August’s close.
It was previously conveyed that the obliteration of Russian petroleum infrastructure sites by extended-range drones could curtail the budget of the aggressor state by an additional 20–30%.
We informed previously that Hungary declared, alongside Slovakia, their intent to contest the blueprint restricting EU nations from importing gas and petroleum from Russia at the European Union Court of Justice.