Article
Russia's Oil Windfall Vanishes As Urals Crashes To $42 A Barrel
Russia's Oil Windfall Vanishes As Urals Crashes To $42 A Barrel
By Charles Kennedy of OilPrice.com
Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July.
The drop wipes out the revenue boost Moscow received from the conflict and pressures a federal budget that assumes oil prices of about $59 a barrel.Â
Urals had averaged more than $59 a barrel every month since March and climbed to $60.92 in June after...
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