02.04.2020, 09:40
Export Price of Urals Oil Showed Negative Values at the End of March
Source: OREANDA-NEWS
OREANDA-NEWS. The price formulas for Russian Urals oil on March 30-31 corresponded to negative values. This was reported on Wednesday by a Russian news agency.
According to it, transportation costs, payment of export duties and other expenses exceeded the average cost of Urals oil on Monday and Tuesday. "Suppliers worry that a long period of low prices will contribute to zero or even negative profitability of oil sales in Russia", the agency said.
On Tuesday, a news agency report reported that Urals oil prices in Northwest Europe fell to their lowest level since March 1999 - $ 13 per barrel. According to the Ministry of Finance of the Russian Federation, the average price of Urals oil in January - March 2020 amounted to $ 48.18 per barrel.
According to it, transportation costs, payment of export duties and other expenses exceeded the average cost of Urals oil on Monday and Tuesday. "Suppliers worry that a long period of low prices will contribute to zero or even negative profitability of oil sales in Russia", the agency said.
On Tuesday, a news agency report reported that Urals oil prices in Northwest Europe fell to their lowest level since March 1999 - $ 13 per barrel. According to the Ministry of Finance of the Russian Federation, the average price of Urals oil in January - March 2020 amounted to $ 48.18 per barrel.
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