Urals oil quotes exceeded $95 per barrel

Quotes of Russian oil Urals in North-Western Europe and the Mediterranean exceeded $95 per barrel last week, reported . Argus Media

Geopolitical tensions are being imposed on OPEC+ production, which remains below the quota in some countries. “Last June, the absolute price of Urals in NWE and the Mediterranean exceeded $70/bbl, in October - $80/bbl, and in January of this year - $90/bbl. for the first time since October 2014,” notes Argus.

Brent oil last week was approaching $94 per barrel, and on Monday remained above $92.

The price of Urals is important both for the oil industry (export duties and MET depend on it), and for the Russian economy as a whole, since at a price of more than $44.2 per barrel, additional oil and gas revenues go to the budget in the form of foreign currency purchases under the budget rule. The MMI Telegram channel, founded by Kirill Tremasov, director of the Central Bank's monetary policy department, indicated that in February the Central Bank should buy currencies for the Ministry of Finance for 635 billion rubles, or $8.4 billion, which is a historical record. under the budget rule Since January 24, the purchase of foreign currency in the domestic market has been suspended in order to reduce volatility in financial markets.