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Who Still Needs Russian Oil?

Apparently, Fewer & Fewer People as Urals Price Falls Below Ø 2021

The outlook for global growth is currently cooling a lot – not the least because of Russia’s war in Ukraine. Declining economic growth drives down demand for oil and prices already started to fall:

Down 8% in the past week, the price for Urals has now fallen below the previous year’s average. This is astonishing as the Brent & West Texas Intermediate (WTI) still trade >30% above their averages for 2021.

Russia’s Oil Discount Widens Yet Again

Equally bad for Russia’s Finance Minister is that the Kremlin has to accept much lower prices compared to other crude oil types. The price spread between Brent and Urals has increased again up to >28% – which is a lot! Such differences were observed last in April.

Lower demand at lower prices and at higher discounts cannot be good…