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Russia's Oil Price Plunges to Pre-Conflict Levels
6 Jul
Summary
- Russian crude oil price has fallen to levels seen before the Middle East conflict.
- Urals grade averaged $41.66 per barrel at western ports in early July.
- Low oil prices increase pressure on the Kremlin's already strained finances.
Russia's benchmark Urals crude oil has experienced a significant price drop, reaching levels not seen since prior to the Middle East conflict. In the initial three days of July, the Urals grade averaged $41.66 a barrel at the nation's western ports.
This sharp decline in oil prices intensifies the financial challenges faced by the Kremlin. Russia's government revenues are already under considerable pressure due to the ongoing invasion of Ukraine, and the falling price of its primary export commodity further strains its budget.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
