Argus: Price of Russia’s Urals oil hit 18-year low on Wednesday

MOSCOW, Mar 19 (PRIME) -- The price of Russia’s export oil blend Urals with delivery to Northwestern Europe fell below U.S. $19 per barrel during Wednesday’s trade, the lowest since February 2002, news agency Argus said in a statement on Thursday.

“In absolute figures, Urals lost $5.25 per barrel to $18.64 per barrel, the lowest since February 2002,” the statement read.

The price was under pressure from reports that supplies of oil from the Baltic ports would grow by 25% on the month from April 1 through April 5 to 2 million barrels a day. At the same time, the price of Urals has been falling consistently since media reported significant price cuts by Saudi Aramco for its April deliveries, Argus said.

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