Russian Oil Prices to Remain Below Global Prices Until Early 2025

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Adi Ahdiat 19/06/2025 12:10 WIB

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Since early 2022 until early 2025, the price of Russian oil has been recorded as lower than the average global oil price.

Average Global* and Russian Crude Oil Prices per Month (January 2022-February 2025)

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Russian Oil Prices to Remain Below Global Prices Until Early 2025

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Average Global* and Russian Crude Oil Prices per Month (January 2022-February 2025)

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Russia is one of the world's largest holders of oil reserves and a major oil producer. However, the price of Russian oil is lower than the global average.

Citing World Bank data, the average price of global crude oil (Brent, WTI, and Dubai) in February 2025 reached US$73.82 per barrel.

Meanwhile, according to Investing.com data, the average price of Russian crude oil (Urals) in February 2025 was only US$65.49 per barrel.

The price of Russian oil has consistently been lower than the global average since March 2022, as shown in the graph.

According to Heli Simola, senior economist at the Bank of Finland, this is influenced by international sanctions against Russia.

"The discount on Russian oil prices is partly due to the price cap mechanism imposed by Western countries," Simola said in the article Falling oil prices reduce Russia’s budget revenues (May 5, 2025).

Since Russia's military aggression against Ukraine, G7 member states (United States, United Kingdom, France, Germany, Japan, Italy, Canada) and the European Union have imposed international sanctions, including a ban on imports of Russian products, especially oil.

One of these sanctions is a price cap. Starting in December 2022, companies from G7 and EU member states were prohibited from servicing shipments of Russian oil unless it was sold at US$60 per barrel or less.

"This price cap policy allows low and middle-income countries to purchase oil while at the same time making it increasingly challenging for Russia to finance its aggression," said the U.S. Department of the Treasury in The Price Cap on Russian Oil: A Progress Report (May 18, 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."

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Russian Oil Prices to Remain Below Global Prices Until Early 2025

Russian Oil Prices to Remain Below Global Prices Until Early 2025

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Russian Oil Prices to Remain Below Global Prices Until Early 2025

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