A new low for Russian Urals export oil has been recorded in the global energy market. In the middle of this week, its price at the port of 'Primorsk' on the Baltic Sea dropped to 47.4 dollars per barrel - this is not only below the level recorded in the spring but also below the price cap set by the European Union at 47.6 dollars.
This is reported by The Moscow Times.
Experts explain that Russian oil is following the global trend of falling prices. Brent crude has lost about 15% of its value in just three weeks, dropping to just above 60 dollars per barrel. The decline in quotations is associated with the truce between Israel and Hamas, which has reduced tension in the Middle East and risks for oil shipments through the Suez Canal and the Red Sea.
At the same time, OPEC+ countries are increasing production, creating a surplus of oil in the market. This factor intensifies pressure on prices and undermines Russia's position, which significantly relies on energy revenues.
The drop in Russian Urals oil prices below the established EU level indicates the shadow side of global market trends, caused by both political factors and production indicators. This situation may have important consequences for the Russian economy and the situation in the global energy market as a whole.