Mexican Media Brands
Russian Oil Prices Sag
The price of Russian oil, which has averaged about $100 per barrel this year, dropped to $97 this week for the first time in more than a year, The Moscow Times reports.
#economics
Share
The price of Russian oil, which has averaged about $100 per barrel this year, dropped to $97 this week for the first time in more than a year, The Moscow Times reports.
Demand for Urals crude, whose export accounts for half of Russia's government revenue, has been hurt by the country's weak economy and Western sanctions over unrest in Ukraine.
Analysts say Russia's economy won't be affected if the current price dip ends soon. They estimate a prolonged price of $95 per barrel would trigger an economic slowdown, and $80 would cause a crisis. But they also believe oil prices are more likely to rise than drop by year-end.
Reuters calculates that every $1 decline in the price of Urals crude reduces Russia's tax revenue by $1.4 billion.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data