The price of Russian Urals oil has fallen to about $34 per barrel. This is reported by UNN with reference to Bloomberg.
Details
According to the media, on Friday, the price of oil in the Baltic Sea fell to $34.82 per barrel, and in the Black Sea - to $33.17 per barrel. The price of Brent oil, which is the benchmark for international prices, was about $61, falling much less than Russian supplies this year.
This may indicate that the impact of US sanctions against Russia exists. In addition, a prolonged fall in prices could negatively affect the Kremlin's oil revenues, which are used to finance the war in Ukraine, given that oil and gas account for about a quarter of the budget.
The cheaper oil becomes, the greater the financial incentive refiners have to ignore sanctions to buy it
Recall
By the end of 2025, an increase in Russian natural gas exports to China via pipeline by a quarter is expected. However, this will not compensate for the drop in revenues from the loss of the European gas market.