the countries of the Baltic region — Lithuania, Finland, Poland — in recent weeks began to reduce the import of Russian grade Urals oil and switch to alternative supplies from the Caspian and Northern seas.
Since the end of April, Urals was trading at a premium to Brent, which reached $2.45 per barrel in Rotterdam. Because to buy Russian oil refineries became unprofitable, according to Lenta.ru citing data from the pricing Agency Argus.
it is Expected that North sea oil, some grades of which may be considered as an alternative to the Urals, will have twice as many deliveries than the average in the first half. As a consequence of such trends in the Russian oil began to fall in price relative to Brent. So, as of July 15-16, the premium dropped to us $0.3 per barrel.
Recall also that, according to estimates of the Finance Ministry, the average price of Russian export oil Urals in June 2020 was formed in the amount of $41,93 per barrel, that is 1.4 times lower than in June last year ($61,93 per barrel).
For the first 6 months of this year, the average price of Urals was $39,68 per barrel. The Ministry clarifies that for the same period in 2019, the average price of Urals oil reached $65,63 per barrel. Thus, yoy it decreased in January—June by 39,54%.
we Add that the duty on Russian oil exports from July 1 increased by $29,5 to $37.8 per tonne from $8.3 per ton prevailing in June 2020.
in addition, the duty on light oil products and oil is raised to $11.3 from $2.4 per ton, on dark — to $37.8 from $8.3 per ton. While export customs duties on commercial gasoline increased to $11.3 from $2.4 per ton.
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