Russian oil prices back to pre-conflict level

The main Russian oil price has fallen to levels before the recent conflict in the Middle East, with the Urals crude average price reaching $41.66 per barrel in early July. This marks a decline of more than half its value during the peak of April’s disruptions. The Russian economy faces structural challenges as prices continue to decline and tax revenues decrease, putting increased pressure on the fiscal deficit, which reached 6 trillion rubles ($77 billion) in the first five months of the year. The drop in prices will be reflected in the state budget in August, as discounts on Urals crude compared to Brent oil decrease.

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