The price of Urals oil blend for delivery to North-Western Europe fell to almost a 21-year low due to weak demand and expected increase in shipments, the Argus agency, which tracks regional prices, reported on Monday
MOSCOW (Pakistan Point News / Sputnik - 30th March, 2020) The price of Urals oil blend for delivery to North-Western Europe fell to almost a 21-year low due to weak demand and expected increase in shipments, the Argus agency, which tracks regional prices, reported on Monday.
Urals price fell by $5.51 to $16.20 per barrel (CIF Rotterdam), lowest since June 1999, the agency said.
It noted that the fall was driven by information about the expected increase in Urals shipments from Russian ports in April by 13 percent month-on-month to 2.11 million barrels per day due to the expected beginning of the repairs season at Russian refineries and the expiration of the OPEC+ production cut deal.
According to the agency, market participants do not rule out a long period of low oil prices due to a reduction in oil refining amid a significant decline in global economic activity, which has been heavily hit by the coronavirus outbreak.
