Urals vs. Brent, pre- and post-Cap

The $60 price cap on Russian crude oil was effective 5 December 2022. Here’s a figure of Urals vs. Brent over the past 5 years.

Source: TradingEconomics, accessed 22.September.2023.

Urals at $78.59 today, vs. Brent at $90.29.



10 thoughts on “Urals vs. Brent, pre- and post-Cap

    1. Anonymous

      no fighting in the commodity exchange!

      what about trans-shipping the ukraine grain to hungry countries?

      1. Ivan

        That has been the problem with Russia refusing secure access for shipping out the black sea route. Transportation over land is very expensive. Much more economic to just drop it off in those countries instead of going all the way across to a harbor and then ship it. Ukraine need to make money on their grain exports. I think the west should basically give Ukraine free subsidized land transportation of their agricultural exports to non EU countries. If EU did that they would solve the problems for both Ukraine and the EU farmers.

          1. Ivan

            That article was one month into the grain deal and likely reflects dead made before the war and never delivered. Where the rest of it went is hard to say. My guess is that Turkey got a lot of it and that is one reason they have pushed so hard to get it restarted. They need cheep food stuff. For the world market it doesn’t really matter where exactly the food ends up – because it is a world market. Any additional supply will reduce prices for everybody. But for domestic suppliers the delivery of low cost stuff will have serious local consequences. In Turkey the political cloud of those competing with cheep Ukrainian supply are much less than the consumers struggling with high inflation.

  1. Ivan

    The trick is to keep hydrocarbon prices high enough to spur alternative energy developments – to starve Russia of income in the long run. Yet also keep Russian hydrocarbon incomes low enough here and now to reduce their ability to wage war against Ukraine. On the natural gas side the previous flow of NG to Europe has been replaced by other suppliers. It would be interesting to see what has happened to Russias income from natural gas.

  2. pgl

    Of late Brent and Ural prices have been falling contrary to the “forecasts” we have seen from Princeton Steve.

    Another thing to note – the Brent/Ural difference was quite small before 2022. Princeton Steve seems to think that it used to be larger.

    One more thing, while the Brent/Ural difference has varied since the invasion, it is still quite high. But Princeton Steve keeps telling us that the sanctions are ineffetive.

    More point is simple – the decision by Moses not to read Steve’s blog posts was a wise one.

  3. pgl


    “Cassidy Hutchinson’s former Trump-paid lawyer Stefan Passantino has filed a defamation suit against Andrew Weissman, per notice. Passantino argues Weissman defamed him by saying in a Sep. 15 tweet that he “coached” Hutchinson to lie to the Jan. 6 committee.”

    The problem here is that Stefan Passantino did coach her to lie. Hey Passantino – please due me too! I would love to see your pathetic rear end in a deposition.

    1. pgl

      Moses made a similar point when Princeton Stevie boy start chirping about how the sanctions were not effective. Did Stevie boy respond? Of course not.

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