Russia’s export oil, Urals, has soared past the Brent benchmark in Europe in terms of its price growth, surging above $88 per barrel for the first time since October 2014, according to the data provided by the Argus international price agency obtained by TASS.

Urals breached seven-year highs for the first time on January 14 when its CIF Augusta cost surpassed $86 per barrel, while on January 18 the closing price in the region totaled $88.92 per barrel. The CIF Rotterdam cost of Urals was $87.52 per barrel on January 18.

The Urals price last crossed the $88 per barrel mark in Europe in October 2014, according to Argus.

Meanwhile, the CIF Augusta cost of Urals has been above the Brent benchmark for the second day now, with the premium reaching $0.65 per barrel on January 18, whereas Russian crude oil is usually traded with a discount to Brent.

In Russia’s federal budget, the base price of Urals for 2022 is set at $44.2 per barrel. Depending on whether the actual price of Urals is higher or lower than the base price, the Finance Ministry buys or sells foreign currency in accordance with the budget rule.
Source: TASS