Russian Oil Reaches Highest Price since 2018

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The price of Russian Urals oil in Europe has increased by 1.5 times since the beginning of the year, to more than $74 a barrel, RIA reports.

In absolute terms, the cost of this type of gasoline hit its highest level since October 2018 at the end of last week, Diana Mukhametzyanova, editor of Argus Oil Export has noted.

According to the editor, the price of Urals in North-Western Europe climbed by $25.63 per barrel, or 53 percent, to $ 74.01 per barrel on June 29 compared to the beginning of the year (with delivery in the port of Rotterdam ). Simultaneously, on June 25, it achieved its highest level since October 2018 – $74.75 per barrel.

Furthermore, the cost of 80-100 thousand tons of Urals in the Mediterranean climbed by $ 24.63 per barrel, or 49 percent, to $ 74.81 per barrel during this time period (with delivery to the port of Augusta). The indicator also hit its highest point since October 2018 at $ 75.55 a barrel at the conclusion of last week.

Thus, compared to the beginning of the year, the discount on Urals in North-Western Europe grew by $ 0.2 per barrel, to $1.8 per barrel. The discount in the Mediterranean was a dollar per barrel, compared to a premium of $0.2 per barrel at the start of the year.