Price of Russian oil rises to highest level in 13 years

Russian Urals crude is trading at its highest price in the past 13 years.

Source: Bloomberg

Details: The price of flagship Russian Urals crude at the Russian port of Primorsk, the country's largest oil export terminal on the Baltic coast, reached US$116 per barrel on 2 April.

This price does not include shipping costs. It is, however, the highest level since February 2013.

The figure is also almost double the average price of US$59 per barrel assumed in Russia's 2026 budget.

Background:

• On 13 March the US lifted sanctions restrictions on the purchase of Russian oil and petroleum products already loaded onto tankers. After that, the price of Urals began to rise sharply.
• Before the outbreak of war in the Middle East, Russian oil was selling at its biggest discount since 2023. At that point, it was US$30.62 cheaper than Brent, with the price per barrel standing at US$40-42.
• Reuters reported earlier that rising oil prices would not save Russia's budget, which was based on a price of US$59 per barrel. At that time, the price of Russian Urals had risen only to US$46.1 per barrel, as US sanctions remained in force.

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