MOSCOW, April 7. /TASS/. The price of Russian Urals oil has fallen by almost $10 per barrel since the beginning of April amid a general decline in oil prices worldwide, according to a report by the international price agency Argus, which was obtained by TASS.
According to Argus, the price of Urals on a FOB basis in the port of Primorsk on April 4 was $52.76 per barrel, while on April 1 its cost was at $62.45 per barrel.
On April 4, the price of Urals in the port of Novorossiysk fell to $54.76 per barrel against $63.45 per barrel on April 1.
Meanwhile, the discount to Brent crude oil has remained virtually unchanged - in the port of Primorsk it remained at $15, while in the port of Novorossiysk it fell from $14 to $13.
Approximately the same situation, as follows from Argus data, is observed with the cost of Urals on a DAP basis in Indian ports - on April 4 it was $65.31 per barrel against $74.9 per barrel on April 1, while the discount to Brent slightly decreased - from $2.55 to $2.45.
Oil prices began to decline on April 3, when US President Donald Trump announced the introduction of customs duties on products from 185 countries and territories, and eight OPEC+ countries agreed to accelerate the growth of oil production in May by 411 thousand bpd instead of the planned 135 thousand bpd. The price of Brent has since fallen by more than $10 and dropped below $63 per barrel for the first time since April 2021. In the context of all these events, one of the world's largest oil producers, Saudi Arabia, lowered the price of oil for May for Asia to a four-month low, Reuters reported. According to the agency, Saudi Aramco cut the price of Arab Light crude oil by $2.3, thus making the cost for Asian buyers the lowest in four years.