Russian Crude Oil More Than Halves In Price in Past Year

From January to September 2015, the average price of Russian crude oil was $54.41 per barrel against $105.07 per barrel in the same period last year.

In September 2015, the average price of Urals oil, which is the key staple of Russian exports, declined by 51.2%, or 2.05 times, year-over-year, to $46.66 per barrel, according to the Russian economic news agency Prime.

In September 2014, the average price of Urals oil was $95.84 per barrel.

In the nine months this year, the average price of crude oil was $54.41 per barrel against $105.07 per barrel in the same period last year.

"The [Russian] Economic Development Ministry builds its forecasts for 2016 on the price of oil set at $50 per barrel. The ministry's official forecast for 2015 is also fixed at $50 per barrel," the report said.

In 2014, the average annual price of Urals was $97.6 per barrel, which was 9.53% down year-over-year.

Russia's Economic Development Ministry reported a 0.6% economic growth in the country last year.