Russian Urals crude oil price falls by about 40% year on year

The price of Russia’s flagship crude, Urals, posted a year-on-year decline of almost 40% between January and April this year, official figures showed on Tuesday.

Russian Urals crude oil traded at $51.05 per barrel in the January to April period of this year, down from $84.68 per barrel in the same period last year, recording an annual decline of 39.7%, according to a statement by the Finance Ministry.

April this year saw a small rebound to $58.63 per barrel, the ministry added.

In December last year, EU member countries agreed on a $60 per barrel price cap for Russian crude oil exports transported by sea.

Many countries that continue to purchase Russian oil, particularly China and India, seek discounts from Russia while risking sanctions violations.

Reporting from Emre Gurkan Abay in Moscow

• - Russian Urals traded at $51.05 per barrel in January-April period down from $84.68 per barrel in same period last year