The price of one barrel of "Urals" crude oil at Russia's Novorossiysk port on the Black Sea has dropped to 36 dollars.
According to the "Bloomberg" publication, the same trend is observed at Baltic Sea ports as well.
The head of the Oil Research Center, Ilham Shaban, told Medianews.az that the decline in "Urals" crude oil prices has reached a record level since 2023: "The previous record decline was at the beginning of 2023. At that time, the price for one barrel of 'Urals' crude was set at around 40 dollars."
According to I. Shaban, against the risk of secondary sanctions by US President Donald Trump, buyers are reducing their imports of Russian oil, which in turn puts additional pressure on prices: "As a result, unsold volumes accumulate at Russian terminals and remain on tankers turned into floating storage. According to data, about a third of Russia's sea oil exports — 1.4 million barrels daily — are currently 'stuck' at sea."
On October 23, Russian President Vladimir Putin, commenting on the new US sanctions against "Rosneft" and "Lukoil," stated that a sharp reduction in the volume of Russian oil in the world market will lead to further price increases.
Toğrul Ali,
Medianews.az
