Russian oil prices fall to $50

The fall in world oil prices has led to a drop in the price of Russia's flagship Urals oil grade to $50 per barrel. This was reported by RBC-Ukraine with reference to Bloomberg.

Ihor Sechin, head of Rosneft

As the agency notes, falling oil prices have increased pressure on the state budget, depriving the Kremlin of the opportunity to increase spending for the war against Ukraine.

According to Argus Media, the price of Urals crude from the Baltic port of Primorsk fell to $4 on April 52,76. Since the invasion, more than three years ago, the country’s crude has traded at a deep discount to the global benchmark Brent.

Last month, Russia’s Finance Ministry said it expected the average oil price in 2025 to be closer to $60 a barrel, instead of the $70 the country had budgeted for this year. In that scenario, it predicted the budget deficit would widen, though by no more than 1% of gross domestic product.

Global oil prices have fallen as a result of wide-ranging tariffs the US announced last week on the country's trading partners, which have darkened the outlook for global demand.

On top of that, the OPEC+ group of producers is promising to increase production next month, while Saudi Arabia has lowered oil prices.

Trump's tariffs

Last week, US President Donald Trump imposed a 10% base tariff on all imports into the US and higher duties on dozens of other countries, including some of the US's biggest trading partners. China then retaliated with an additional 34% tariff on all US goods effective April 10.

Brent crude was around $75 before Trump's decision. Today, prices have fallen to $64 a barrel.

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