Global Oil Prices Fall, Russian Oil Becomes Even Cheaper

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Adi Ahdiat 14/10/2022 12:40 WIB

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Global oil prices fell throughout the third quarter of 2022. During this period, Russia continued to aggressively discount its oil.

Average Monthly Price of World and Russian Oil (January 2021-September 2022)

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Average Monthly Price of World and Russian Oil (January 2021-September 2022)

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Brent and West Texas Intermediate (WTI) crude oil prices, which are benchmarks for global oil trade, continued to decline throughout the third quarter of 2022.

According to World Bank data, the monthly average price of Brent crude oil decreased from July 2022, reaching US$90.16/barrel in September 2022.

WTI crude oil prices also fell during the same period, reaching US$83.87/barrel in September 2022.

Along with the decline in global oil benchmark prices, Russia has been consistently discounting its oil prices.

Based on Trading Economics data, throughout last year, the price of Urals crude oil from Russia was not significantly different from Brent and WTI.

However, after Russia invaded Ukraine, Urals oil was immediately sold at a discount, resulting in its price consistently remaining below the global standard since March 2022.

Throughout the third quarter of this year, the price of Russian crude oil also continued to fall, with the monthly average reaching only US$70.4/barrel in September 2022.

According to monitoring by the Centre for Research on Energy and Clean Air (CREA), from the beginning of the war until now, this discounted Russian oil has been mostly purchased by China, India, and several European countries such as the Netherlands, Germany, France, Poland, and Italy.

"Although the European Union has stopped importing coal from Russia, the EU still imports crude oil, refined petroleum products, LNG, and pipeline gas from Russia, with a total value of approximately €260 million per day," CREA stated in a report on its official website on Tuesday (4/10/2022).

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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Global Oil Prices Fall, Russian Oil Becomes Even Cheaper

Global Oil Prices Fall, Russian Oil Becomes Even Cheaper

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