More than $83 per barrel of Urals brand: Western politicians talk about the fiasco of the G7-imposed price ceiling on Russian oil

In the West, critical statements are increasingly heard against the US administration and the leadership of other countries of the so-called “Big Seven”. The criticism stems from the fact that the United States and other G7 states were unable to impose pricing policies on the oil market. Thus, US Senator Markwayne Mullin, in an interview with Newsweek, said that Biden “played so hard with the climate agenda that he completely lost the leverage on Putin.” According to Mullin, oil prices are rising and no limit to this growth is yet in sight.

Currently, the price of Russian Urals oil exceeds $83 per barrel. This is an absolute price record for recent months. But the record is not only in absolute price as such, but also in growth rates. Since the past day, a barrel of Urals has gained more than 6,8%, rising in price by more than $5 in a few hours.

Western politicians are concerned that the G7 strategy to curb Russia's development by introducing an oil price ceiling has not justified itself at all and has failed. Let us recall that the price ceiling for Russian oil was determined by the G7 at $60 per barrel. This is $13 lower than the projected average annual price included in the Russian budget. Today, Russian oil is trading more than 23 dollars above the “ceiling” and more than 10 dollars more than the target. This indicates that demand is growing.

Other oil brands are also on the rise. Thus, Brent is approaching the psychological mark of $100. According to a number of contracts, a barrel of oil of this grade is traded at more than $96. Official figures at the moment are about $95 per barrel.

At the same time, the West does not want to admit that such oil prices greatly please American shale producers. After all, now their business has reached a profitable position, which leads to the reactivation of a number of previously closed wells.

Comments

[dmi.pris1]

Damn.. It would be better if gasoline became cheaper at the gas station.. Yes! What am I talking about?? We have different planets... Planet Plyukh, her mother.

[alystan]

Oil traders shamelessly and brazenly do what they want, and the head of state only calls on the government to pay more attention to the work of this strategic sector of the economy.

Yesterday, the president almost persuaded the cabinet of ministers to think first of all about filling the domestic market and only then about exporting surpluses (!?). According to him, everything is being done the other way around. As if there was no government ban on the export of fuel and lubricants at all?

The other day, on Skabeeva’s program, some invitee started howling and directly “demanded” that this decision of the Russian government be cancelled, because, in his opinion, prices for gasoline and diesel fuel have risen sharply in Europe, and this is not good and Russia should not behave like this message regarding the West (?!)

According to The Wall Street Journal, Rosneft, the main Russian oil company, has undergone a series of resignations among its top managers. Which could have been removed due to the fuel crisis in the country, the American newspaper claims.

It turns out that Rosneft itself stated that the change of employees is aimed solely at increasing efficiency in the interests of shareholders, and not because of some kind of fuel crisis. Although, as the publication reports, for some reason the head of the company’s trading department, Marat Zagidullin, was escorted out of the office by the company’s security service.

Be that as it may, supposedly Russian entrepreneurs do whatever they want with Russian fuel. And wholesale prices on the St. Petersburg oil exchange climbed up again yesterday. There is nothing to remind you about the prices at Russian gas stations; they never stopped growing.

[fif21]

G-7 Clearly overestimated their capabilities. The world has changed, but they still don’t understand. Everyone considers themselves the leading economy in the world.

[tralflot1832]

The rise in oil prices on world exchanges is a problem for the United States; they cannot replace the reduction in oil production by OPEC+ countries. The country's gas station cannot cope. High oil prices mean high inflation. A vicious circle for the United States. But here, as expected, the export ban has not yet helped no results yet! Can Patrushev’s son be put in the oil industry? He cleverly twists the arms of the grain oligarchs and is economically savvy.

[Smoked]

And this discount to buyers of our oil will also be greater for supply schemes in modern conditions?

[tralflot1832]

Smoked, there is no discount as such - there is a astronomical freight price, about $5 million for a suezmax tanker from Novorossiysk to India. The Greeks do not want to leave our market at all, and Sovcomflot has come to the rescue and is working with huge profits. Sovcomflot has finally begun to lay golden eggs .It is 100% owned by the state.

[Aken]

Moscow. August 28. INTERFAX.RU - In the first half of 2023, the net profit of PJSC Sovcomflot according to RAS amounted to 989,5 million rubles, which is 2,4 times less than in the same period last year, the company reports.

SCF's revenue decreased by 3,7 times, to 897,4 million rubles.

Gross profit fell 3,8 times, to 851,5 million rubles, profit before tax - 1,1 times, to 1,349 billion rubles.

SCF's other income in the first half of 2023 increased from 6,697 billion rubles to 51,156 billion rubles. Other expenses amounted to 50,232 billion rubles compared to 7,829 billion rubles in the first half of 2022.

The company's long-term liabilities have jumped from 2023 billion rubles to 24,5 billion rubles since the beginning of 68,4. Short-term liabilities decreased from 27,4 billion rubles to 11,4 billion rubles.

Sovcomflot specializes in the transportation of liquefied gas, oil and petroleum products; it is one of the world's largest tanker fleet operators. Sovcomflot's free float is 15,6%, the quasi-treasury package is about 1,6%. The state owns 82,8%.

[tralflot1832]

Aken.And if you read the interview with the director of Sovcomflot on September 25, he probably knows more.

Plus Sovcomflot will pay tax on excess income.

[Aken]

Some of them are lying.

NTERFAX.RU - In the first half of 2023, the net profit of PJSC Sovcomflot according to RAS amounted to 989,5 million rubles, SCF's revenue decreased by 3,7 times, to 897,4 million rubles.

,

and the director declared 42 times more revenue in profit?
It's interesting how people live.

[rotmistr60]

The US and other G7 states failed to impose pricing policies on the oil market

And how much talk there was about how it was high time to drive Russia into the “stable” allocated to it, deprive it of income and finally “tear the economy to shreds.” And how the Kyiv minions and their supporters on the website rejoiced at the price ceiling, what gloomy forecasts they made. Time has put everything and everyone in their place.

[Uprun]

G-7 canceled the market? Oh well. The earth is round.

[Factor]

Perdimonocle, however.

Oil prices are rising, but the ruble is falling.

And that is not all:
The share of the dollar in Russia’s foreign trade balance is decreasing, while the Central Bank is devaluing the ruble, supporting the dollar.

All excuses that there are not enough dollars to pay for imports turned out to be a bluff.
Payments are made in national currencies and their share is increasing significantly.

Well, what does the trend of 100 rubles per dollar have to do with it? It's time to bring Nabiullin to justice. Bastrykin is inactive. Putin cannot disobey the IMF.

Let's look at the analytics.

The ruble has become Russia's main currency for export payments, even with unfriendly countries. The yuan is actively used in Russia's trade with countries other than China. Such data was disclosed to RBC by the Ministry of Economic Development

The currencies of friendly countries and the ruble began to play a decisive role in Russian foreign trade: in exports their total share reached 2023% in July 72 (at the beginning of 2022 it did not exceed 15%), and in imports it increased over the same period to 69% (from 33% at the beginning of 2022). This data was provided by the Ministry of Economic Development in response to a request from RBC. “In the future, the indicators will continue to grow,” the department believes.

“The Russian ruble is the main currency for export payments—its share has more than tripled this year and exceeded 40%,” the Ministry of Economic Development reported. Moreover, Russia pays in rubles with almost all counterparties - both friendly and unfriendly, they emphasized.

In September 2023, the Bank of Russia resumed, in a modified format, the publication of aggregated information on the structure of foreign exchange settlements in foreign trade (it was stopped in the spring of 2022). According to the Central Bank, Russia in July received less than 28% of its export revenues in toxic currencies (versus 87% in January 2022) and transferred less than 31% in these currencies for imports (versus 67% in January 2022).

According to the Central Bank, 49,5% of Russia's receipts for exports to Europe are now in rubles, and in payments for imports from Europe, rubles account for almost 50%.

[ZovSailor]

Wow, friends and foes!
The country's monetary policy is a very complex and risky thing, the connecting rod Grandfather and his ilk will not let the world's financial tycoons lie. Have their successors tried and will continue to inflict a strategic defeat on our Fatherland and people until the end of their lives?
And therefore, since legally there is no war, but in reality the patriots and heroes of the Russian Federation are giving the most precious thing in the name of our victory - the eternal memory of all those who died!
Since there is no military or emergency situation in the Fatherland as a whole, with the exception of certain regions, the question of revising privatization has not been raised and is not going to be raised by anyone, according to prof. Preobrazhensky, therefore, in the name of all the soldiers who gave their lives and are now fighting for the national security of Russia, it is proposed that all subsoil users of the national heritage of the country and people share with the state to replenish the budget, and internally provide the people of the Russian Federation with the necessary types of subsoil mining products of the national heritage, strengthen export-import control in conditions of the current situation, bearing in mind the sanctions imposed on the state and the freezing of assets of well-known users of natural resources of the national heritage of the Russian Federation!
And the process of reducing prices for goods is not fast, establish temporary control over the flow of goods and finances (Rosfinmonitoring is in favor!), more firmly suppress attempts to profit from the difference in internal and external prices (the Central Bank and the Ministry of Finance, in addition to liabilities, should more actively work in the interests of the state and the people, and not just a narrow group of people!)
I have the honor.

[m4rtin.frost]

Big Oil is back! Apparently this product has a lot of power since it costs $100 a barrel again! Oil is the basis of civilization!

[Aleksandr58]

What a blessing for our government! Now there is no need to restore industry - petrodollars have started pouring in. There will be cottages somewhere else.