OREANDA-NEWSThe price formulas for Russian Urals oil on March 30-31 corresponded to negative values. This was reported on Wednesday by a Russian news agency.

According to it, transportation costs, payment of export duties and other expenses exceeded the average cost of Urals oil on Monday and Tuesday. "Suppliers worry that a long period of low prices will contribute to zero or even negative profitability of oil sales in Russia", the agency said.

On Tuesday, a news agency report reported that Urals oil prices in Northwest Europe fell to their lowest level since March 1999 - $ 13 per barrel. According to the Ministry of Finance of the Russian Federation, the average price of Urals oil in January - March 2020 amounted to $ 48.18 per barrel.