Russian oil updated anti-record since 1999

US, WASHINGTON (ORDO NEWS) — Russian Urals oil has updated another anti-record – on the eve of its price in North-Western Europe, it fell to $ 10.54 per barrel, Argus analytical agency reported.

This is the lowest figure since March 1999. At the same time, the discount on Urals compared to Brent remains unchanged for the fourth day in a row – $ 4.75 per barrel (minimum discount since June 2008).

In the Mediterranean, the cost of Urals consignments of 80 thousand each also decreased to the minimum recorded in March 1999, by $ 2.25 per barrel, to 12.79. At the same time, the discount relative to Brent did not change, remaining at the level of 2.5 dollars per barrel.

“The discount on Russian oil remains at the highest level since May 2018,” the agency adds.

Meanwhile, Argus notes that today, Brent oil futures on the ICE exchange began to grow after statements by US President Donald Trump that Russia and Saudi Arabia would soon agree on market regulation measures.

The agency recalls that due to falling oil prices, the Urals FIP Western Siberia FORMULA quote, which is used to determine the cost of oil on the Russian domestic market, has remained negative since March 30.

This means that for Urals, transportation, export duties and some other costs for deliveries to Northwest Europe and the Mediterranean exceed its average cost in these markets.

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