Posted on 04/07/2025 6:59:27 AM PDT by marcusmaximus
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.
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.
- snip-
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.
(Excerpt) Read more at oilprice.com ...
Trump’s fault!....................
President Trump warned Putin he was coming for their oil prices. The Biden era is over.
Trump is absolutely crushing China and Russia without firing a shot. 10% of the Chinese indexes in one day. Russia’s lifeblood oil, which funded all the Ukrainian invasion, gone.
It’s going to be a turbulent month, but summer is going to bring a lot of growth.
Gas prices should start falling within the week...............
Time to end the war Ivan.
WTI is at 61...gas prices will fall, as you say, in about a week
We have a brand new Super Circle K opening up within the next couple of weeks just up the road a mile from my house.
NEW clean tanks and pumps and store!.................
Correct. The Biden era is gone.Putin, Harris and both of their followers lost.
pufffer
President Trump just defunded your Putin. DOGE’d like a dog.
Russian economy is pretty much divorced from the price of oil for about 5 years. Oil and gas make top US exports indeed. Nobody buys American cars abroad at this point.
Sounds like the Russians will have to cut back on their purchases of Rolex’s.
Meanwhile in Texas, Oklahoma, and Saudi Arabia...
End or finish the war. Either way but stop the idiocy.
The gas prices are already dropping in the Mid Atlantic area.
FO
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