US, WASHINGTON (ORDO NEWS) — The price of Russian Urals oil in North-Western Europe dropped to $ 13 per barrel, according to Argus Media.
Compared to Friday, this figure in absolute terms decreased by another $ 3.2.
The Urals discount was $ 4.75 per barrel – the highest since 2008.
The cost of Urals consignments with delivery to the Mediterranean also decreased by $ 3.2 per barrel and reached $ 15.25 per barrel, which was the lowest since June 1999.
At the same time, the agency reports that Brent oil futures on the Ice exchange began to grow, as traders were “encouraged by the news about the possible cooperation” of Moscow and Washington in stabilizing markets.
Demand for black gold in the world fell at the beginning of the year due to the coronavirus pandemic, which led to a sharp drop in prices. In addition, at the beginning of March, the OPEC + countries were unable to agree on changing the parameters of the deal to reduce oil production and its extension.
Riyadh insisted on an additional reduction in production, but this did not suit Moscow. The Russian side proposed to maintain the current conditions.
As a result, from April 1, participants in the OPEC + transaction will not have any obligations to each other. Abu Dhabi National Oil Company (ADNOC) and Saudi Saudi Aramco have already announced plans to increase oil supplies. This led to the collapse of oil quotes in world markets. Since the beginning of the year, prices have fallen more than twice.
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