Russia’s oil exports have reached a record level, after the loss of a significant part of internal refining capacities forced companies to send larger quantities of unprocessed crude abroad. However, revenues are declining, against the backdrop of the cheapening of Russian oil and the resurgence of the discount against international quotations.
Over the past four months, the average price of Urals oil has remained above the level of 59 dollars per barrel, as forecasted in Russia’s budget. In June, it was nearly 61 dollars, according to Bloomberg.
The situation changed dramatically at the beginning of July. According to Argus Media data, Urals oil has cheapened to approximately 40-42 dollars per barrel.
The price is nearly three times lower than at the peak of the energy crisis in April and has returned to the levels recorded before the bombing of Iran by Israel and the USA.
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