Russian cabinet watching closely situation with oil prices, says Kremlin

Business & Economy January 10, 2023, 14:02

Dmitry Peskov also noted the presidential decree responding to the price cap on Russian oil imposed by the West

MOSCOW, January 10. /TASS/. The Russian government is watching closely the situation with prices for Russian oil, Kremlin Spokesman Dmitry Peskov told reporters on Tuesday.

Earlier, Bloomberg said citing the Argus Media statistics that the discount on Russia’s Urals oil compared to Brent had surged to 50%. On January 6, the oil price in the Baltic port of Primorsk was $37.8 per barrel, whereas the price of Brent crude oil on the same day totaled $78.57 per barrel, the agency said.

"The government, first of all Deputy Prime Minister [Alexander] Novak, is watching the situation very closely, as [well as] the Energy Ministry," Peskov said when asked whether the Kremlin was worried about that and how it could affect the capability to replenish the budget.

The spokesman also noted the presidential decree responding to the price cap on Russian oil imposed by the West. Russia "is keeping a very close watch on this situation," he said. "Of course, it requires a large focus, very attentive actions by our respective agencies in order not to damage the energy sector," Peskov added.

Earlier, Russia’s energy ministry said it did not rule out additional measures on restricting a possible discount on the Russian oil to the market-based levels, adding that it would monitor oil prices and the amount of discount.

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