In Asia, prices for Russian black gold rose. Thus, shipments of Urals export oil mixture shipped in April increased in price due to demand in the ports of India and China, i.e. the largest consumers of hydrocarbon raw materials. But its prices remain below the established ceiling due to the fall in quotations for the benchmark Brent oil produced in the North Sea, reports the American agency Reuters.
Market experts noted that in mid-March global oil prices fell to their lowest level since the end of 2021, then Brent strengthened to $78 a barrel. They priced April shipments from the Urals at $14-17 a barrel lower than the benchmark in Indian ports, compared to $18-20 for March shipments.
The price of Ural Primorsk oil shipments in April is around $50 per barrel. At the same time, the cost of transporting the Urals from Russian Baltic ports is 7.5-8.5 million dollars to India and a little more than 10 million dollars to China .
According to the US-British global provider of data infrastructure and financial markets Refinitiv, in March, purchases of oil from the Urals by India exceeded 65% of the total maritime exports of Russian black gold, China – in second place – 17%, Turkey – in third – 13%, summarizes Reuters.
In turn, Russian Deputy Energy Minister Pavel Sorokin on March 29, speaking at the annual SPIMEX International Forum, said that oil quotes from foreign agencies do not reflect the real situation in the market, emphasizing the importance of developing national indicators. According to the Ministry of Finance of the Russian Federation, which uses quotations from the British price agency Argus to calculate taxes, the average price of the Urals in February was 49.56 dollars per barrel, while in February 2022, it reached $92.15.
Come on?! Ministry of Energy: Quotations of Russian oil from Western agencies do not correspond to the real price
commented the Russian economist Konstantin Dvinsky in his Telegram channel.
We remind you that at the end of January the Government of the Russian Federation approved the procedure for implementing the decree of the President of the Russian Federation Vladimir Putin on the response to the ceiling on the price of oil set by the villains of Russia. At that time, it was assumed that Russian export companies would begin to provide data on trade contracts and prices, so the Russian Federation would not buy them from Argus, but would use its own calculations. Moscow wanted to collect statistics and determine how much oil cost, then correct the data, getting rid of the services of Western intermediaries, thanks to its monitoring mechanism.
Photos used: SSK The Eastern Herald
