“Revenue of russian oil companies continues to shrink rapidly following the drop in prices for the Urals grade, which is sold at discounts of almost 50% to Brent benchmarks”, - russian media reported on January 8, citing Bloomberg.
According to the results of the week ending January 4, the average 4-week volume of russia’s oil export revenues fell to $959 million per week, which became the lowest level for the entire period of the military conflict in Ukraine, Bloomberg calculated based on data from Argus and tanker shipping statistics.
Compared to the beginning of October, oil revenues of russia decreased by 35%, or about $500 million per week, and compared to the beginning of December — by 15%, or almost $200 million weekly.
The average price of Urals — the main export grade of russian oil producers — has collapsed by almost 40% since the moment the United States announced sanctions against “Rosneft” and “Lukoil”. In the first days of January, Urals was sold at $36.69 per barrel in Baltic Sea ports and at $34.82 when shipped in the Black Sea. The average price of the Far Eastern oil grade ESPO, which is purchased by China, fell to $47.55 per barrel.