Russian oil prices fall to lowest level since start of war with Ukraine - Bloomberg
Kyiv • UNN
Russian oil prices have fallen to their lowest level since the start of the war, as sanctions deepen the discounts the country's oil industry is forced to offer. Exporters are receiving just over $40 a barrel, down 28% compared to the last three months, while global benchmark oil prices are also falling.
Russian oil prices have reached their lowest level since the start of Russia's war against Ukraine, as sanctions deepen the discounts the country's oil industry is forced to offer, and benchmark oil futures fall. This is reported by Bloomberg, writes UNN.
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It is noted that the growing Western pressure on Russian oil trade complicates the sale and transportation of raw materials, while these measures also target refineries of leading buyers, including India, the material says.
On average, Russian oil exporters receive just over $40 per barrel for cargoes shipped from the Baltic and Black Seas, as well as from the eastern port of Kozmino, according to Argus Media data.
This is 28% less compared to the last three months, and recent restrictions targeting Rosneft and Lukoil have further exacerbated the price decline, Bloomberg reports.
In addition, global benchmark oil prices are falling: on Tuesday, December 16, they fell below $60 per barrel for the first time since May.
Russia's oil revenues, along with gas export profits, account for about a quarter of the country's state budget and are crucial for financing the war. The decline in these revenues puts additional pressure on the finances of Russian oil companies and reduces the amount of taxes they pay to the Kremlin's state treasury.
Indian officials said they expect Russian oil imports this month to be around 800,000 barrels per day, which is significantly less compared to November, although still a significant volume of supplies. In addition, a Chinese refinery recently purchased a batch of oil from Russian eastern ports with the largest price reduction this year. Both of these Asian countries remain major buyers of Russian oil.