Economics
Russian Oil Discount Lowest Since Start of War Despite EU Push
The Gazprom PJSC Chayandinskoye oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia
Source: Bloomberg
Russia’s flagship Urals crude is trading at its narrowest discount relative to benchmark prices since the Kremlin started its war against Ukraine in 2022, suggesting that fresh European sanctions have so far failed to make an impact.
The grade shipped from Russia’s western ports has traded at an average discount of $11.45 a barrel to the North Sea Dated marker in recent days, according to Argus Media data compiled by Bloomberg. That’s the narrowest gap since February 2022, when Russia started its full-scale invasion of Ukraine.