Urals oil was traded in Europe at a discount in September, a source said

MOSCOW, 5 Oct — PRIME. The discount on Russian export Urals oil in Europe fluctuated in September from $18 to $22.5 per barrel, while its cost at the same time was at the level of $62-72 per barrel, a source familiar with the data told RIA Novosti. supported by the Ministry of Finance.

“The differential in September is from 18 to 22.5 dollars,” said the source of the agency, answering a question about the discount for the brand in Europe. According to him, the cost of Urals was in the range from 62 to about 72 dollars.

The average price of Urals oil in September amounted to $68.3 per barrel, having decreased by 8.7% compared to August this year and by 5.8% compared to September last year, according to data from the Ministry of Finance.

The discount for Russian oil is calculated in relation to world benchmarks, in particular Brent. Futures for Brent oil in September averaged $90.2 per barrel (from $82.9 to $95.7), but in the physical market, according to transactions on which the price of Urals is calculated, the price of Brent is slightly different.

Buyers of Russian oil have faced difficulties in logistics, chartering ships and insuring transactions after the introduction of new Western sanctions as a result of the special operation of the Russian Federation in Ukraine. In this regard, Russian Urals oil began to be steadily sold at discounts. For example, according to RIA Novosti, in July they were at the level of 32-35 dollars per barrel.

In September, the REA Ministry of Energy said that the discount on Urals over the past two months has halved, from $40 to $20 per barrel, thanks to cheaper freight and alternative consumers of Russian raw materials.