The average price of russian oil, calculated for tax purposes, in May fell below RUB 4,000 per barrel for the first time in three years, which is 41% lower than the level used when planning the russian budget revenues for 2025.
This was reported by NaftoRynok, citing Reuters calculations.
The report says that when calculating the average price of russian oil for taxation, which in tax legislation is called Urals - similar to the main export brand of russian raw materials - a calculation basket of the Urals variety and the more expensive ESPO Blend is used.
The planned price of Urals for the russian budget for this year is RUB 6,726 per barrel (the average price of Urals is USD 69.7 per barrel, the exchange rate is 96.5 RUB/USD).
In May, taking into account weekends, the Urals quotation has so far been determined only for May 2: then it cost USD 48.92 per barrel.
At an exchange rate of 81.49 RUB/USD on this date, the tax price of oil in rubles is RUB 3,987 per barrel, or 41% below the budget target.
The last time the ruble price of oil was below this level was at the beginning of May 2023.
The average tax price of Urals for April is RUB 4,562 per barrel, which is 32% below the budget target for the current year.
At the end of March, it was RUB 5,079 per barrel, which is 24.5% below the budget target.
The depreciation of Urals in rubles has been continuing since January against the backdrop of the strengthening of the russian national currency and a simultaneous decrease in the average price of oil in dollars.
According to the Ministry of Economy's updated forecast in April, the price of russian oil for taxation in 2025 will be USD 56 per barrel.
Based on the new macro forecast of the Ministry of Economic Development, the russian government approved amendments to the budget for this year, which provide for a reduction in projected revenues from the sale of energy resources by almost a quarter of the plan - by RUB 2.6 trillion, to RUB 8.32 trillion.
As Ukrainian News Agency earlier reported, in early April, the Urals oil grade, which is one of the critically important for the aggressor country of russia, fell to USD 52.76 per barrel.
The last time it was below USD 50 was in June 2023.
The Foreign Intelligence Service of Ukraine predicts that the russian federation is on the verge of an economic crisis.
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