Russian Oil Discount Narrowing
In April 2024, the price of Russian Urals crude oil exceeded $84, surpassing the peak observed in 2023. At the same time, the discount between Brent and Urals crude oil prices has narrowed significantly and currently only stands at around 8%. This represents a significant reduction from the maximum discount of 39% observed in January 2023. This development might call for a critical assessment of the effectiveness of the much-discussed price cap on Russian oil.
![](https://i0.wp.com/www.barkowconsulting.com/wp-content/uploads/2024/04/Russian-Discount-Update-III_20240414-2.png?resize=1024%2C576&ssl=1)