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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.
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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.
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