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A view shows oil storage tanks of the Caspian Pipeline Consortium's (CPC) Marine Terminal in Yuzhnaya Ozereevka near the Black Sea port of Novorossiysk, Russia, September 21, 2021. —Reuters
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MOSCOW: The Kremlin said on Monday that Russia would do everything necessary to inspire the world’s largest raw exporter from the global “economic storm”, which has raised a lot of turmoil in the oil markets and raised concerns about recession.
Brent Future LCOC fell $ 1.61 or 2.5 percent to $ 63.97 a barrel to $ 63.97 a barrel, due to concerns about the global economy after US President Donald Trump has unveiled clean prices and amazing output hick.
The rise in oil prices poses a direct threat to Russia, which is spending hundreds of billions of dollars on Russia’s most expensive military operation, Ukraine, after the Soviet-Afghan war of 1979-1989.
Kremlin spokesman Dmitry Peskov said oil prices are being monitored very closely because it is key to financing the Russian budget. “We are closely monitoring the situation, which is currently a highly disturbing feature, stress and emotional burden,” Peskov told reporters.
“Our economic authorities are closely monitoring this situation and, of course, will and will do everything necessary for our economy to minimize the results of this international economic storm.”
Russia’s Eurolas pricing priced at Primorsesk, UST-Loga and Noorosisic ports for the cost of cargo for the cost of $ 53 a barrel, which is based on its 2025 budget by an average of 69.7 a barrel.
The sales of oil and natural gas are one -third of Russia’s federal budget revenue – which has been providing financing for a 25 % increase in defense spending this year since the Cold War. It was not immediately clear what the oil prices decline would be on the negotiations on the ceasefire in Ukraine.
Kremlin said on Monday that President Vladimir Putin still supports the idea of a ceasefire in Ukraine, but Russia has not yet received any answers to the questions he has asked about the Trump’s proposed trace. Imports of oil, gas and improved products were exempted from Trump’s new taxes.
Oil risk
For Russia, the Soviet Union has been in the world’s largest hydrocarbon basin in western Siberia since decades after World War II, oil and gas have been its strength and weakness since the detection of wide fields to the Soviets.
When prices are high, Siberia’s wealth reduces the economy, they emphasize the costs of the states. But when prices are low, the economy can target stones.
Reuters reported last month that the central bank had warned of the dangers of prolonged pricing, like the 1980s. The Central Bank said on April 2, “Low prices of oil could pose a threat to budget revenue due to global demand and strengthening of rubles.”
“This year’s zero structural deficit project can be difficult to implement.” Russia’s 2025 oil price assumption in the budget assumes a 96.5 ruble rate in every US dollar, though this year the ruble has strengthened. More than rubles, the counter market was trading at 86.3 against the dollar.
Russia uses a basket of Russia and Alice and more expensive ESPO compound skins while calculating the average price of Russia’s oil combinations for taxation.
According to Reuters calculations, Russian oil prices have dropped to 4,476 rubles per barrel, the lowest from June 2023, and is less than 6,726.05 rubles offered in the federal budget.
For the oil market, and the world’s top two exporters – for Saudi Arabia and Russia – the severity of the “storm” will depend on three different variables: trade war, future OPE+ decisions, and the possibility of US military strike on Iran.
