Russian Urals comes out of the negative zone

The cost of Urals in Northwest Europe (NWE) on Thursday rose in absolute terms by $3.89 per barrel after the North Sea benchmark, to $14.43 per barrel. (cif Rotterdam). It is reported by Argus Media.

Due to the rise in price of oil grade, price formulas, which serve as the main reference point for pricing in the domestic oil market, have become positive.

“The Argus fip Western Siberia FORMULA quotation on Thursday was 1,312 rubles/ton (fip Nizhnevartovsk), although the previous three days was negative. So, on Wednesday, this quotation was minus 1 304 rubles / ton (fip Nizhnevartovsk), despite a decrease in the export duty from April 1 by $ 14.90/ton relative to the March level, to 52 $/ ton”, the media reports.

This means that the cost of transportation, payment of export duties and some other expenses by this amount exceeded the average cost of Urals (cif Rotterdam, Augusta).

Although Urals prices in the NWE have risen slightly, its cost has remained minimal since June 1999.

The cost of Urals consignments of 80 thousand tons in the Mediterranean in absolute terms on Thursday also rose by $3.89 per barrel, to $16.68 per barrel (cif Augusta), which is the lowest price since January 2002.

To recap, Belarus expects to receive 2 million tons of Russian oil at a price of about $4 per barrel in April.

Tags: Gazprom, contracts, oil, hydrocarbon production, tariffs, legislation, EU, The European Commission, USA, energy market, добыча нефти, drilling, коронавирус, RF, Oil refinery plant, foreign affairs, OPEC+, OPEC, taxes, monopoly, Putin, stocks, oil products, oil deliveries, quarantine, pandemic, Saudi Arabia, Trump

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