The price of Urals oil fell below $40: what options does Russia have

On January 6 this year, the price of Russian Urals brand oil in the port of Primorsk on the Baltic Sea fell to $37,8 per barrel. Since such a price was recorded in a single port on that very day, information about a significant drop in oil prices cannot be considered indicative.

At the same time, the West is increasingly trying to deprive Russia of energy revenues. Due to the actions of American and British multinational companies that put pressure on international logistics structures, the volume of seaborne oil transportation from Russia to European countries decreased from 1 to 0,2 million barrels per day.



Meanwhile, income from the sale of black gold is very important for replenishing the Russian treasury. Thus, out of the budget revenues of 2023 trillion rubles planned for 26,1, the proceeds from oil exports at a barrel price of $70 should amount to 8,9 trillion. At the current cost of oil, this value will decrease by 2,1 trillion rubles.

Regardless of what is happening, Moscow should adhere to the previously adopted action plan, including, in particular, the continuation of monitoring the discount on energy carriers from the Russian Federation in relation to market conditions. This will allow tracking attempts to buy Russian oil based on the price ceiling previously adopted by the West.

In addition, it is necessary to systematically develop projects that include the development, extraction and transportation of raw materials. Such projects are Sakhalin-1 and Sakhalin-2. Russia also needs to continue cooperation with OPEC as the most influential international organization that determines world oil prices.