Goldman says that Russian oil was sold much higher than the stated prices – #Goldman #Russian #oil #sold #higher #stated #prices
February 13 (Reuters) – Moscow’s trade partners Russia have paid more than quoted prices for crude oil, Goldman Sachs noted, protecting Russia from the impact of Western sanctions.
of the bank 10 The difference between the average effective price paid and the quoted price has widened since last March and reached $25 per barrel in December, according to estimates in a February note.
“We claim that the stability in production is partial Russia may reflect that the effective price paid for oil is significantly higher than stated price estimates,” Goldman said.
In response to recent Western sanctions, including price caps designed to limit Moscow’s revenues Russia said on Friday that it will reduce oil production by 500,000 barrels per day in March of this year.
International Brent oil hit all-time highs after Russia invaded Ukraine nearly a year ago, but has since declined and Russia’s benchmark Urals blend has been sold at deep discounts as European buyers shy away from it.
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The price of Brent oil on Monday is 86 dollars/barrel was around.
Parliament According to information provided on the website of the lower chamber, the Russian State Duma late on Saturday passed a resolution providing discounts for the export of Russian oil. law presented the project.
Goldman Sachs last week oil for this year and next year prices Although he lowered his forecasts for December, the prices gradually 100 dollars/barrel said he expects it to rise.
He said production cuts from Russia were a “key driver” of the forecast, along with a return to Chinese demand after the lifting of COVID-19 restrictions in the world’s biggest commodity consumer.
“We expect Russian output to fall by 570,000 bpd in the March-June period, with risks now more front-loaded to the March cut (with no significant impact on annual supply and therefore Brent),” said Goldman Sachs. his record.
Reporting by Bharat Govind Gautam in Bengaluru; Edited by Barbara Lewis
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2023-02-13 21:47:30
Source – reuters
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