The price of Russian Urals crude rose to the level of March

The reference price of Russian oil grade Urals in Northwest Europe rose to its highest since mid-March level of about $25 per barrel. About it reports the Russian price Agency Argus.

The Agency notes that the prices have increased since 1 may, when entered into force the agreement OPEC+ on the reduction of oil production level. On 5 may, Urals in Northwest Europe rose $of 4.59 – to $24.68 per barrel. The price of Urals in the Mediterranean rose also $of 4.59 to $25,33 per barrel.

“According to traders, almost all of the may volume of Urals already sold. Total shipments in may of the grade will be reduced by almost 40% relative to April, to 1.32 million barrels per day according to the revised data,” writes the Argus.

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