🚨 BREAKING:
The price of Russian Urals oil has dropped below $40 per barrel for the first time in five years ⛽📉.
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🚀👀
In December, the average price stood at $39.18, marking a 13% decline from November and a steep 41% drop since the start of the year 📊⬇️.
The main driver behind this collapse is new U.S. sanctions targeting major Russian oil giants Rosneft and Lukoil 🇺🇸⚠️. These measures forced deep discounts on Urals crude versus Brent, reaching $26–28 per barrel in the Black Sea and Baltic markets 🌊.
As a result, the average cost of Russian oil has fallen to around $31 per barrel, the lowest level since May 2020, when the pandemic shook global markets 🌐💥.
This puts Russian oil prices nearly $20 below the level assumed in Russia’s 2026 budget, sending prices back to levels last seen at the start of Putin’s first presidential term ⏪.
The pressure is mounting on Russia’s economy, government revenues, and domestic spending, while global markets closely watch how Moscow will respond to this sudden collapse in oil income 👀💣.