Russian Crude Urals Falls to $10.54 Per Barrel, Lowest Since March 1999 - Argus

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Russian offshore oil platform - Sputnik International
MOSCOW (Sputnik) - The price for Urals oil blend for delivery to North-Western Europe fell on Wednesday to its lowest in more than two decades, the Argus agency, which tracks regional prices, reported on Thursday.

The Urals price has fallen by $2.46 from Monday to $10.54 per barrel (CIF Rotterdam), the lowest since March 1999, the agency said.

The average price of Urals oil from Western Siberia in the markets of North-Western Europe and the Mediterranean is now lower than companies' costs, which include production, transportation and export duties, Argus analysts said.

Meanwhile, Brent and WTI oil futures rebounded on Thursday by about 10 percent as of 9:44 GMT, after US President Donald Trump said that Russia and Saudi Arabia would soon agree on market-regulating measures, the agency noted.

The Russian budget for 2020 is balanced at $42.4 per barrel of Urals crude.

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