The impact of President Trump's tariffs has triggered a decline in global oil prices, adversely affecting Russia's economy. Urals crude recently fell to its lowest price in two years at $47.50 a barrel, with fears of a global downturn dampening oil demand. China and India remain primary buyers of Russian oil amid ongoing sanctions. Experts suggest that the reduction in crude prices is linked to increased economic uncertainty, resulting in forecasts for decreased oil demand growth and emphasizing the fragmentation of the global oil market.
"Urals moved lower in parallel with all crude grades, including benchmark Brent crude, as the escalating trade war caused analysts to slash forecasts for oil demand growth this year."
"Over the last 20 years, such low levels of oil prices have typically been associated with recessions and/or significant supply-side shocks, neither of which are our base case."
"The sharp drop in Urals crude highlighted the growing fragmentation in the global oil market."
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