Russian Government included the North Sea Dated quotation in the Urals price monitoring and the formula for calculating export customs duties. Now, when monitoring Urals prices, not only its cost in the Mediterranean and Rotterdam ports is taken into account, but also the price of North Sea Dated in the North Sea market. The Decree of May 25 comes into force from the day of its official publication.
North Sea Dated quotation Argus based on the price of five North Sea grades of oil, including Brent.
To calculate the export duty during the monitoring period from April 15 to May 14, 2023, the Urals price will be used at a level of at least Brent minus $28 per barrel ($204.4/t), during the monitoring period from May 15 to June 14, 2023 – at least Brent minus $25 ($182.5/t).
In December 2022, the G7 countries, the EU and Australia introduced a cap on Russian oil prices at $60 per barrel. In April, President Vladimir Putin signed a law on the calculation of export duties on Urals, taking into account the cost of Brent.
Read more in the publication “Kommersant” “Urals buyers pounced on the discount.”