Russia's Oil Price Drops 24% Below Budget Target

The price of Russia's oil blend in rubles so far in March is clocking in 24% below the level targeted in the federal budget for 2025 due to a stronger ruble and weaker global oil prices. The rouble has strengthened in the current year amid hopes of a settlement to the conflict in Ukraine. The ruble has appreciated in value from a multi-year low of 113.75 rubles per $1 in December 2024 to $83.92 rubles currently. A ceasefire to the Russia-Ukraine war could be bearish for oil prices if Trump pushes for the removal of sanctions on the Russian energy…