On April 21, the price of Russian Urals oil in the northwestern part of Europe fell to $ 11,59 per barrel. In the Mediterranean region, the price dropped to 12,09 dollars per barrel, which is slightly higher than the last record in March 1999, when a barrel of oil was worth 11,74 US dollars.
On April 2, the Minister economics Alexander Novak of Russia said that the cost of oil production at previously explored fields is 3-7 dollars per barrel. However, in new fields this value reaches $ 15-20. That is, at present Russia has to sell part of the oil at a loss.
A sharp decrease in prices for "black gold" occurred on March 9, 2020 after the termination of the transaction "OPEC plus", which suggested a reduction in oil production.
April 20, the cost of oil futures for May on the Nymex exchange in New York collapsed to minus values due to the lack of reservoirs for storing liquid.