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Russian oil is cheaper today than during the collapse of the USSR

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Russian oil fell in absolute terms to 16.2 per barrel — the lowest since 1999.

Russian oil is cheaper today than during the collapse of the USSR

Prices at the marine party of the Russian Urals oil continued to decline, the price for Northwest Europe fell on Friday, March 27, to 16.2 US dollar per barrel on the delivery conditions CIF (port of Rotterdam), writes 30 Mar pricing Agency Argus Media. According to him, this is the minimum price level since 1999. In the XXI century, Russian oil is not worth so cheaply.

Without considering transport costs or in absolute terms all quotations Urals on FOB basis fell to the lowest level since the beginning of settlements — February 2005.

the Price of sea parties of Urals declined over the week on the background information about the increase of shipments of oil from Russian ports in April, almost 13% relative to March. Supply growth is expected with the beginning of the season repairs at Russian refineries as well as the completion of the transaction OPEC+.

"market Participants do not exclude a long period of low oil prices due to the reduction of oil refining. The demand for many petroleum products in the world declined sharply due to a significant decline in global economic activity due to pandemic coronavirus. The expiration of the transaction OPEC+ only aggravated the situation," writes the Argus.

Total shipments of marine cargoes of oil from ports in Russia, which serves "Transneft" in April is expected to increase by 9.3% compared to the current month, to 2.97 million barrels./day. (Of 12.26 million tons). This is only slightly less than the record level of October 2019, as a result of shipment volumes accumulated in the Transneft system, export made up 2.98 million barrels./day. (To 12.73 million tons).

World oil prices fell to the lowest level since 2002. Brent is Monday 22,5 dollars for barrel, having decreased by 65% for the year and blew oil currencies such as Russian ruble, Mexican peso and Indonesian rupiah.

during the 1990s, the price of Brent crude (the main international market to determine the cost of oil, including Russian) have remained relatively stable at about $ 18 per barrel.

Financial crisis of 1998 caused a drop in oil prices to the level of 10.77 USD per barrel in July and then, after a short stabilization period, in November the price of Brent fell below $ 10. This was one of the factors of default in Russia on 17 August 1998

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