Russia is exposed to huge “oil” losses .. For the first time in 20 years, it records a return, confiscated by this decline.
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The Observatory: Reuters reported that Russian export earnings from Ural ore shipments through the Primorsk port on the Baltic Sea and the Novorossiysk Port on the Black Sea have become negative this week with Brent prices touching their lowest levels in 18 years.
According to the data, this is the first time in 20 years that the return of Russian oil exports becomes negative.
Over the past two years, the average price discount was $ 1.27 for shipments exported from the Baltic ports, and this week, the discount for Primorsk port loads was $ 4.35 a barrel from European benchmark crude.
The net return, or profits of offering one unit of oil on the market, is calculated from Brent historian, minus Russian export duties for the month of export and transportation costs.
According to the calculations, the net return of the Ural source from Primorsk minus was 485 rubles ($ 6.20) per ton, and minus 487 rubles ($ 6.21) per ton when shipped from Novorossiysk Port on the Black Sea.
These calculations are based on an export fee for March, which is $ 66.9 per ton and Brent price, dated March 30. Follow us on Snapchat