• The price of Russian oil Urals has fallen by a quarter since the beginning of the year

  • The average price of Russian Urals oil in January-October 2016 made 40,72 USD per barrel. On Tuesday, November 1 reported The Ministry of Finance.

    For ten months of last year, the average cost of raw materials amounted to 53,61 dollars per barrel. Thus domestic brand of oil fell by almost 24 percent.

    In October of this year, the price of Urals amounted to 48 dollars per barrel, which is 1.23 dollar below the level of the same period last year, according to the message of the Ministry of Finance.

    1 Nov at 14:15 Moscow time Brent on London exchange ICE traded at 48,83 USD per barrel. This is 0.47 percent higher than at the close of the previous session.

    28 October on the website of the state Duma was published The budget forecast that oil and gas revenues, Russia will continue to decline: from 5.8 percent of GDP in 2016 to 3.6 percent of GDP in 2034-m Other income will also decline — from 10.4 to 9.6 percent of GDP, respectively.

    On the same day, the head of Sberbank German Gref said, what the Russian economy will need at least 10 years to get rid of oil dependency.

    27 Oct Russia notified the Gulf countries, OPEC, that will not cut oil production. Moscow said it was willing to freeze production at current levels.


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