Moscow: In July of this year, the average price for one barrel of Russia’s main export oil grade, Urals, amounted to 60.37 US dollars, which is 18.4% lower compared to the corresponding period in 2024, APA-Economics reports, citing Russia’s Ministry of Economic Development.
According to Azeri-Press News Agency, the data reveals that in July 2024, the average price of Urals oil was 74.01 dollars. The significant decline in price reflects ongoing shifts in the global oil market, impacting Russia’s oil export revenues.
The reduction in Urals oil price highlights the volatile nature of the oil industry, with various international and domestic factors contributing to fluctuations. Stakeholders in the oil market are closely monitoring these trends as they strategize for the future.