The price of Urals oil dropped to the level of March, 1999

This price includes the freight costs of the vessel and the cargo insurance to its arrival at the destination port. During the last week of Urals fell by 25%. March 30, in North-Western Europe for a barrel of Urals gave 16.2 per dollar. In the Mediterranean, the price of Russian oil amounted to 15.25 percent.

Why meaningless price war in the oil market

the Russian mark Urals is the result of confusion in the system of main pipelines of different types of “black gold” – a heavy sour crude oil of Urals and the Volga region and light oil from Western Siberia. Urals are exported mainly to Europe.

the price of Urals attached budget rule that updated the Federal budget and the national welfare Fund. In 2020, the Federal budget should receive funds based on Urals prices by 42.4 per barrel.

Photo: iStock Norway is prepared to increase the glut of oil on the market

When you decrease the value of Urals below $ 15 per barrel in Russia zero export duties, substantially reduced the tax on mineral extraction (met). But while the additional losses of the Russian budget will not get any, because for calculations we use the average price of Urals for the month, which is calculated retroactively in March it will be above $ 15 per barrel.