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World oil prices

Urals close to $100/bbl first time from 2014 — Argus

Russian blend prices climbed to $99.14 per barrel

© Yegor Aleyev/TASS

MOSCOW, February 17. /TASS/. Russia’s Urals export oil blend prices for the first time crossed the level of $99 per barrel and moved close to $100 per barrel since fall 2014, Argus international price agency said.

Urals in Northwestern Europe (CIF Rotterdam) stood at $96.49 per barrel on February 16. In the Mediterranean (CIF Augusta), Russian blend prices climbed to $99.14 per barrel. Furthermore, dated Brent prices were above $100 per barrel on Wednesday.

The Urals blend is traded with a discount against the dated Brent. The discount was $1.5 per barrel in the Mediterranean and $4.15 per barrel in Northwestern Europe on February 16.

The Urals base price is set in the Russian budget for 2022 at the level of $44.2 per barrel.

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