Russia: The oil market is "full of fluctuations and tension" and the rough price approaches $ 50

The Kremlin said it was doing its best to reduce the impact of the collapse of global oil prices on the Russian economy, with the low price of the country’s most important $ 50 a barrel for the first time in 21 months. “We are monitoring the situation, which is currently described as very upset, tension and emotions,” Interfax said that Kremlin spokeswoman Dmitri Peskov said on Monday. The Russian authorities are working to reduce the “effects of this international economic storm on our economy.” Oil prices are important for Russia’s budget, which relied on oil and gas to achieve almost 30% of its income during January and February, according to the government’s data. With the spending of Russia during the first two months of the year due to the war in Ukraine, any decline in revenue could affect public finances. Ural prices are almost $ 50. The prices of Oeral, the most important source of Russian exports, dropped to $ 52.76 a barrel in the Eastern Sea on Friday, according to data from “Argus Media”. In June 2023, Ural price dropped to less than $ 50 a barrel. Russia, which leads the OPEC+oil coalition with Saudi Arabia, is closely watched by the decline in oil prices, which, according to Peskov, was the result of “United States’ decision to set up customs duties in most countries of the world.” The Russian finance ministry said the average oil price in 2025 last month in 2025 would expect the average oil price to be approached in 2025 to $ 60 a barrel instead of $ 70, which he was capable of the budget, according to the ‘prime’ news agency. In this scenario, Russian finance expected the budget deficit to increase, but at a rate of no more than 1% of GDP. The most important oil prices collapsed in widespread customs duties that the United States announced on its commercial partners last week, causing uncertainty about future expectations for global demand. In addition, the “OPEC+” alliance promised to increase production next month, while the Kingdom Saudi Arabia lowered the prices of the sale of its oil.