The price of Russian oil has collapsed

The cost of Russian Urals oil decreased by 14-16% at the beginning of April.

As reported by BAKU.WS with reference to RBC, according to the price agency Argus, Russian Urals oil fell by about 10 dollars per barrel in the first days of April, reaching minimum values since June 2023.

The price decline accelerated from last week against the backdrop of new trade duties imposed by the US, China's retaliatory measures, as well as OPEC+'s unexpected decision to increase oil production more than anticipated.

On Monday, April 7, the price of Brent crude fell below $63 per barrel for the first time since April 2021.