Argus: Urals oil price falls by $5 per bbl to new 21-year low

MOSCOW, Apr 22 (PRIME) -- The price of Russia’s Urals oil with delivery to Northwestern Europe and to Southern Europe fell by more than U.S. $5 per barrel to $11.59 per barrel and to $12.09 per barrel, respectively, setting new lows since March 1999, research agency Argus said in a statement on Wednesday.

“The price of Urals fell noticeably on Tuesday following the benchmark. The blend’s price in Northwestern Europe in absolute figures fell by $5.92 per barrel to $11.59 per barrel at CIF Rotterdam. The price was even lower on April 1, when it stood at $10.54 at CIF Rotterdam, which was the lowest figure since March 1999,” the statement read.

The discount to the Brent oil price remained the same at $1.75 per barrel.

“In the Mediterranean, the cost of 80,000-tonne batches of Urals fell by $5.17 to $12.09 per barrel on Tuesday. It was the lowest figure after March 1999 when the price fell to $11.74 per barrel at CIF Augusta. At the same time, the discount to such cargoes in the Mediterranean fell by $0.75 per barrel (to the Brent price)…to $1.25 at CIF Augusta due to contraction in supply of the May batches of the blend,” the agency said.

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