Russian Urals oil averaged $56/bbl in Q2, almost 30% below Brent – central bank

The price of Russia’s flagship Urals oil blend averaged $56 per barrel in the second quarter and traded almost 30% below the benchmark Brent blend, the Russian central bank said in its review.

It was also around 29% below the average price in April-June 2022.

The Group of Seven leading Western economies, along with the European Union and Australia, agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow over its actions in Ukraine.

Russia, for its part, banned companies and individuals from including oil price cap mechanisms in their contracts.

“Oil exports were constrained by the embargo and price cap of some countries,” the central bank said, adding that the discount of Urals to Brent had narrowed in the course of the quarter.
Source: Reuters (Reporting by Elena Fabrichnaya; writing by Vladimir Soldatkin; Editing by Kevin Liffey)