High global demand sends Russian Urals crude oil price soaring

Russia’s Ministry of Finance

Russia’s Ministry of Finance said on Wednesday that the average price for domestic Urals oil benchmark stood at $62.50 per barrel in April, which is a 340% increase in annual terms.

According to the ministry, in the first four months of the year the average price for the Russian export oil brand was $60.47 per barrel, compared with the average price of $41.04 per barrel during the same period of 2020.

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