Energy Ministry says Russia can shift to own oil benchmark in 2023

MOSCOW, Mar 1 (PRIME) -- Russia can shift to its own independent oil price benchmarks instead of the global ones already this year, the Energy Ministry said following a meeting of a committee of the parliament’s lower house State Duma attended by Minister Nikolai Shulginov on Wednesday.

“The deputies asked the minister about the outlooks of creation of a local indicator that could mirror demand and supply for Russian oil blends (a Russian benchmark),” the ministry said.

“According to Nikolai Shulginov, the issue of shifting to independent local sources of information about oil prices instead of the ones used now can be solved this year,” the ministry also said.

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