Russian oil has been trading at record discounts at shipping ports since April 2023: in the week to November 6, they rose to $31 and $33 per barrel in Balti and Novorossiysk, respectively. The Ural grade is falling in price following global Brent quotes, and pricing agency Argos attributes the general trend to a partial restoration of supplies from the Persian Gulf region and increased competition for buyers on the world market.
For Russia, the key question is how this threatens oil and gas budget revenues in the long run.
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