The price of Urals, Russia\u2019s main export-grade crude, has fallen below $50 per barrel for the first time since spring. In particular, in the port of Primorsk on the Baltic Sea, prices dropped this week to $47.4 per barrel, Reuters reported, citing traders.<\/p>\n
As a result, the price of Urals has dipped below the newly updated price cap set by the European Union \u2014 $47.6.<\/p>\n
Russian oil prices are declining in line with global benchmarks, which hit their lowest level since May this week. Brent crude has fallen by 15% in three weeks and is now trading just above $60 per barrel.<\/p>\n
The drop was triggered by the ceasefire agreement between Israel and Hamas, which eased tensions in the Middle East and reduced risks for tankers passing through the Suez Canal and the Red Sea, noted SEB analyst Bjarne Schieldrop. As a result, the market\u2019s focus has shifted to the growing oil surplus being created by OPEC+ countries as they ramp up production, added ANZ analyst Daniel Hynes.<\/p>\n
From April to September, the cartel increased supplies by 2.2 million barrels per day, and could add another 1.2 million barrels next year. The International Energy Agency forecasts that the resulting global oil surplus could reach a record 4 million barrels per day.<\/p>\n
Falling oil prices are creating new challenges for Russia\u2019s federal budget, which lost 21% of its commodity revenues between January and September. The initial draft of the 2025 budget was based on an assumed Urals price of $70 per barrel, but that figure was later revised down to $58. At the same time, projected oil and gas revenues were sharply cut \u2014 from 10.9 trillion to 8.6 trillion rubles.<\/p>\n
In the 2026 budget draft, Russia\u2019s Finance Ministry set the Urals price at $59 per barrel, while maintaining low commodity revenues at 8.9 trillion rubles \u2014 20% less than in 2024. Given record-high military spending, this means a projected budget deficit of 3.8 trillion rubles.<\/p>\n","protected":false},"featured_media":150447,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-150446","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/150446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/150447"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=150446"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=150446"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=150446"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=150446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}