One Year of War, Russian Oil Prices Weaken

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Adi Ahdiat 24/02/2023 17:40 WIB

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In January 2023, the average price of Russian oil reached US$56.05 per barrel, the lowest level since the beginning of the war.

Average Monthly Price of World and Russian Oil (January 2021-January 2023)

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One Year of War, Russian Oil Prices Weaken

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Average Monthly Price of World and Russian Oil (January 2021-January 2023)

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Today (February 24, 2023), the Russia-Ukraine war marks its first anniversary. However, there are no signs that the war will end anytime soon.

In fact, earlier this week, Russian President Vladimir Putin stated the possibility of an escalation of the war.

"The elite groups of Western countries are trying to inflict a strategic defeat on Russia and plan to turn the local conflict into a global confrontation. Moscow will give an appropriate response. Western countries must realize that it is impossible to defeat Russia on the battlefield," Putin said, as reported by *Tass*, Tuesday (February 21, 2023).

Since the outbreak of the war, Western countries have been trying to weaken Russia with various economic sanctions, ranging from restricting trade flows to freezing Russia's foreign exchange reserves held abroad.

To cut Russia's war budget, several countries have also capped the price of crude oil from Russia at a maximum of US$60 per barrel starting December 5, 2022.

This sanction was imposed by the G7 group of nations—the United States, the United Kingdom, Italy, Japan, Germany, Canada, and France—plus Australia and the 27 member states of the European Union.

As a result, in December 2022, the price of Urals crude oil from Russia was recorded as weakening. In January 2023, the average price even reached US$56.05 per barrel, the lowest since the beginning of the war.

While Russian oil was at its lowest level, world oil prices strengthened. In January 2023, the average price of Brent crude oil reached US$83.09 per barrel, higher than the previous month. Strengthening also occurred in West Texas Intermediate (WTI) oil, as seen in the graph.

Amid this situation, Russia plans to reduce its oil production and cut its oil export volume starting in March 2023.

"The cut in (Russian oil) exports seems to be more than the planned production cut. This may help raise the price of Russian oil," an anonymous source told *Reuters*, Wednesday (February 22, 2023).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."