Russian Oil Prices Cheaper Than Global Oil Prices: A Comparison

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Adi Ahdiat 29/08/2022 16:00 WIB

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Global fuel prices have increased, in line with the rise in global oil prices. Amidst this situation, Russia is offering oil at a price lower than the market rate.

Comparison of Global and Russian Oil Prices (August 1-26, 2022)

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Comparison of Global and Russian Oil Prices (August 1-26, 2022)

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Fuel prices in various countries have increased, in line with the rise in global oil prices. Amidst this situation, Russia is offering oil at a price lower than the international market price.

This is evident from the price of Urals crude oil, which has consistently been below the Brent price during the period of August 1-26, 2022, as shown in the graph above.

Urals is the benchmark price for Russian crude oil. Brent, on the other hand, is the global crude oil price benchmark used by the Organization of the Petroleum Exporting Countries (OPEC), an organization of oil-exporting countries from the Middle East, Africa, and the Americas.

Based on data from Trading Economics, on August 26, 2022, the price of Urals crude oil was at US$80.77 per barrel. This offer is approximately 20% lower than the Brent crude oil price, which reached US$102 per barrel on the same date.

According to a report by the Centre for Research on Energy and Clean Air (CREA), until August 2022, this cheaper Russian oil was mostly purchased by China, India, and several European countries such as the Netherlands, Germany, Poland, and Italy.

Now, several other countries in Asia, such as Bangladesh, are also interested in buying cheaper Russian oil to suppress the increase in domestic fuel prices.

"As a result of the Russia-Ukraine war, the people are suffering from the rise in global oil prices. India and other countries are buying oil from Russia, so we have to see if we can also buy (from Russia)," said the Prime Minister of Bangladesh, as reported by Nikkei Asia, Saturday (August 27, 2022).

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 Cheaper Than Global Oil Prices: A Comparison

Russian Oil Prices Cheaper Than Global Oil Prices: A Comparison

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Russian Oil Prices Cheaper Than Global Oil Prices: A Comparison

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