Russian Oil Prices Break Through Almost Two-Year Low
5- 11.04.2025, 18:19
- 17,104
The price of Urals is approaching a critical point for the Russian budget.
The trade war started by US President Donald Trump has pushed global oil prices down. In recent days, June Brent futures have been trading in the region of $62-63 per barrel and even fell below $60 per barrel. For Russian oil, which is sold at discounts, the situation looks even worse, writes dialog.ua.
The price of Urals has not fallen so low in almost two years
As Russian media write with reference to data from the Argus agency, on April 9, the price of the main Russian export grade of oil Urals fell below $50 per barrel. The last time the price of Urals fell below this mark was in June 2023.
On the FOB Primorsk basis, the price of Urals on April 9 fell to $47.54 per barrel, while the day before it was $51.14. However, on April 10, the quotation returned to $50.35. On the FOB Novorossiysk basis, the price also fell sharply — from $53.14 to $48.39, but then recovered to $51.2.
The discount to the North Sea standard NSD on April 9 increased to $15.1 (Primorsk) and $14.25 (Novorossiysk).
The Russian brand ESPO, exported through the port of Kozmino, also became cheaper on April 9. Thus, the cost of this grade fell to $53.19 from $56.63, but the next day it recovered to $56.47. On April 7, the ESPO price fell below the price ceiling set by the West at $60 per barrel. This happened only the second time since the aforementioned measure was introduced.
The Russian budget is falling short
Thus, both of the listed Russian brands are trading at a price significantly lower than $69.7 per barrel, which is included in the Russian budget for the current year.
According to analysts, the price decline is due to a number of factors, including new US trade measures that have caused turbulence in the markets. In addition, the unexpected decision of OPEC+ to sharply increase oil production from May 2025 has increased pressure on prices.
Russian oil at a nosedive: the price of Urals has broken through an almost two-year low
The cost of Russian oil continues to fall amid falling world prices and a collapse in stock markets caused by the trade war.
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