MOSCOW (Pakistan Point News / Sputnik - 31st March, 2020) The price of Urals oil blend for delivery to North-Western Europe fell to a fresh low of more than two decades due to weak demand and an expected increase in shipments, the Argus agency, which tracks regional prices, reported on Monday.
The Urals price has fallen by $3.20 since Friday to $13 per barrel (CIF Rotterdam), the lowest since March 1999, the agency said.
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 as a result of the coronavirus outbreak.
It noted, however, some optimism among traders, who were encouraged by a possible US-Russian partnership in stabilizing markets after Russian President Vladimir Putin and his US counterpart, Donald Trump, touched upon this topic during their phone call on Monday.
The Russian budget for 2020 is balanced at $42.4 per barrel of Urals crude.
