Russian oil is being sold at the largest discount on the international market in almost three years due to Western sanctions. This was reported by Bloomberg, citing data from the international pricing agency Argus Media, UNN reports.
Details
It is noted that the average discount on Urals crude oil to Brent crude oil with deliveries from Russia's western ports reached $30.62 per barrel.
The prices demonstrate the impact of Western sanctions, especially those imposed by the US late last year, on Moscow. It is unclear how the 15% global tariffs proposed by US President Donald Trump, announced on Saturday after a court blocked his previous duties, could affect future purchases by India.
It is indicated that Urals at the port of Primorsk on the Baltic Sea was traded at $42.09 per barrel, and in Novorossiysk the price fell to $40.44 per barrel. At the same time, the Russian government planned that in 2026 the average price of Urals would be about $59 per barrel. Due to this discount, Urals is now trading 43% cheaper than benchmark Brent crude, which serves as a benchmark for world prices.
Recall
Oil is getting cheaper after the US announced an increase in import tariffs to 15%. This intensified investors' concerns about a slowdown in the global economy.