This is the first time in 20 years that the return on Russian oil exports has become negative, according to the data.
The price of the Russian Urals is determined by a discount from the dated price of Brent.
Over the past two years, the average price discount was $ 1.27 for shipments exported from the Baltic ports, according to Reuters calculations.
This week, Primorsk Port’s loads deducted $ 4.35 a barrel from European benchmarks.
The net return, or the profits of offering one unit of oil on the market, is calculated from Brent’s historian, with the deduction of Russian export duties for the month of export and transportation costs.
According to the accounts compiled by Reuters, the net return of the Ural ore source from Primorsk negative is 485 rubles ($ 6.20) per ton and minus 487 rubles ($ 6.21) per ton when shipping from the Novorossiysk port on the Black Sea.
These calculations are based on an export fee for March of $ 66.9 per tonne and a Brent price of March 30.
Global oil prices rose after US President Donald Trump and his Russian counterpart Vladimir Putin agreed to hold talks aimed at bringing stability to energy markets.
This comes after prices fell to their lowest levels in 18 years, as global demand for fuel shrank due to the spread of the Coruna virus and supply inflation due to a battle over the market share between Russia and Saudi Arabia.
Press coverage of Ludmila Zaramansheikh and Olga Yajova – Prepared by Ahmed Elhamy for the Arab Bulletin