Urals crude price for mineral tax calculation $74.0/bbl in July - Russian Econ Ministry

MOSCOW. Aug 5 (Interfax) - The average July 2024 price of Urals crude for the purpose of calculating mineral extraction tax on oil is $74.01 per barrel, the Russian Economic Development Ministry said.

This matched the estimate that Interfax published last week.

The Econ Ministry has said the Urals price used to calculate MET was $74.98 in April, in May it was $67.37 and in June $69.58 per barrel.

Since January 2024, the Urals price for calculating taxes has been the highest of North Sea Dated (NSD) with a certain discount ($20 per barrel for 2024) or the Urals quotation at Russian ports (calculated according to Argus quotations) plus the cost of transport to European ports. The cost of transport is set according to a Federal Anti-monopoly Service method (Argus data is used, the methodology has not yet been approved), and if it is not available, then $2 per barrel.