Express Analysis. Oil rents are back. Part 2

Belarus continued enjoying its expanded discount for the Urals oil versus the Brent oil, which was estimated at ≈ $1.9 billion in 2023 and ≈$3.6 billion in 2022–2023 altogether.
In 2023, Belarus will likely continue to buy Urals oil at a large discount versus the Brent oil price. The discount grew by ≈14 percentage points to more than 30% in 2022, and it remained significant — almost 27% — in 2023. The expanded discount is estimated to have saved about $1.7 billion (or 2.3% of GDP) in oil imports to Belarus in 2022 and about $1.9 billion (or 2.6% of GDP) in 2023.