OREANDA-NEWS. Argus agency reports that the formula prices for Russian oil, which serve as a guideline for pricing in the domestic market, have become negative. Argus fip Western Siberia quotation (fip, free in pipe, means that the seller must deliver the goods to the pipeline at his own expense) on March 30, was minus 1,007 roubles (12.76 US dollars) per ton, and on March 31 it was minus 1,200 roubles (15.20 dollars).

Vice President of Argus Viktor Parno explained that the negative value of Argus fip Western Siberia means that in the last two days, the cost of delivering oil from Western Siberia and the export duty exceeded the price at which Urals crude oil can be sold in North-Western Europe and the Mediterranean.