Russia began to sell oil at a loss

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.
  • Photos used: Vsolymossy /
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  1. Oleg Rambover Offline Oleg Rambover
    Oleg Rambover (Oleg Rambover) April 22 2020 16: 15
    In the process of getting down from an oil needle, it is accompanied by withdrawal symptoms.
  2. Mihail55 Offline Mihail55
    Mihail55 (Michael) April 22 2020 17: 44
    Absolutely not noticeable this drop! Grabbed dead! Years and years go by ... everything went whistle, unfortunately ...
  3. The comment was deleted.
  4. Alexander Semenov (Alexander Semenov) April 22 2020 18: 02
    At Soviet fields, a maximum of 2 tons per day from the well is swinging ... !!! What is the cost ... Alle, a garage !! On new 20-30 tons, but there the costs are no longer in rubles, but usd !!! Because everything imported is both equipment and drilling contracts ....
  5. Oyo Sarkazmi Offline Oyo Sarkazmi
    Oyo Sarkazmi (Oyo Sarkazmi) April 22 2020 22: 36
    Now everyone is selling at a loss. Especially in spot markets. They predict the price minus one hundred in May.
    But to us something. We will sell from the pipe at plus 10. It's 11 times more profitable than from the Saudi troughs.
  6. Bakht Offline Bakht
    Bakht (Bakhtiyar) April 22 2020 23: 18
    We have news. We read and try to understand. Trump said he will pump 75 million barrels into strategic stock. The US Department of Energy asked Congress for $ 3 billion under this case. It was all in the media. We divide one into another and get a barrel of oil at $ 40 each. Congress refused, but Trump promised in any case to pump these same 75 million.
    The question is how much does a WTI barrel cost? The answer is on exchanges in May about zero, in June about 10 dollars. According to Trump, 40 bucks.
    The second question. Does Russia have no tanks at all? Why can't the Government of the Russian Federation pump 50-60 million barrels into storage at the price of 3000 rubles per barrel? That is, at a budgeted price.