Russian Oil Prices Reach 13-Year High Amid Iranian War - Bloomberg
According to a report by Bloomberg, prices for Russian oil have hit their highest level in 13 years. As reported by Ukrinform, on April 2 of this year, the price of Urals crude oil rose to $116.05 per barrel at the Primorsk port, which is the largest oil export facility on the Baltic coast of the Russian Federation.
According to a report by the information agency Bloomberg, prices for Russian oil have reached their highest level in 13 years. As reported by Ukrinform, on April 2 of this year, the price of Urals crude oil rose to $116.05 per barrel at the Primorsk port, which is the largest oil export facility on the Baltic coast of the Russian Federation.
This impressive price, which does not account for delivery costs, is nearly double the average price of $59 per barrel that was budgeted for the Russian budget for 2026. Such unexpected oil revenues significantly alleviate the financial pressure on the Kremlin, which continues to wage war in Ukraine, the publication notes.
In the Black Sea port of Novorossiysk, the price of Urals crude oil also reached $114.45 per barrel on Thursday. The average discount on Urals from western ports of Russia compared to the global benchmark Dated Brent has narrowed to $27.75 per barrel, marking the lowest figure since mid-December of last year.
It is worth noting that by the time Urals oil arrives in India, its price exceeds that of Brent. This difference has now reached $6.1 per barrel, although two weeks ago it was at $3.9 per barrel. However, it remains unclear whether this difference between the export price and the spot price is yielding profit for Russia, as stated in the publication.
The article emphasizes that Moscow's ability to benefit from the global rise in oil prices is undermined by Ukrainian strikes on the export infrastructure and oil refineries of the Russian Federation. Strikes on maritime ports, particularly on the Baltic coast, from which approximately 40% of Russian oil is shipped, have led to loading disruptions and a reduction in Russia's revenue from raw material exports.
As reported by Ukrinform, in the Baltic port of Ust-Luga, Defense Forces struck at least 30% of oil storage tanks, further complicating the situation for Russian exporters.
Thus, despite record oil prices, Russia faces serious challenges due to military actions and international politics, which may impact its economic stability in the near future.
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