ByTsvetana Paraskova– Apr 07, 2025, 7:09 AM CDT
Russia’s flagship Urals crude grade has tumbled alongside all major oil benchmarks in the global market rout and is close to the $50 per barrel threshold for the first time in nearly two years.
The Urals price was at around $52 per barrel at the Baltic Sea port of Primorsk on Friday, according to data from Argus Media cited by Bloomberg.
‘;
document.write(write_html);
}
The price of Urals further dropped on Monday as oil prices continued to fall, with WTI Crude, the U.S. benchmark, down to $60 per barrel, and Brent Crude prices at $64.
The market selloff that began on Thursday, after the latest tariffs announced by President Donald Trump on Wednesday, shows no signs of reversing as investors continue to fear a recession is coming soon. The OPEC+ decision to raise production in May by more than expected also contributed to the panic selloff.
As the price of the flagship Russian crude is in freefall in lockstep with the international benchmarks, the Kremlin commented on the oil market rout on Monday.
The situation on the global oil market is extremely turbulent, which is related to the U.S. decision to impose tariffs on the majority of countries, Russian news agency TASS quoted Kremlin spokesman Dmitry Peskov as saying. The Russian authorities are keeping a close eye on the oil market selloff, Vladimir Putin’s spokesman added.
“We are monitoring closely the situation, which is currently extremely turbulent, tense and emotionally charged,” Peskov said at a press briefing.
The Russian authorities are doing everything possible to mitigate the fallout of the global situation on the Russian economy, he added.
Proceeds from oil and gas sales are the most important cash stream for Russia’s federal budget.
Russian revenues from oil and gas plunged by 17% in March from a year earlier, according to data from Russia’s finance ministry.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
