Due to the sharp decline in world oil prices, the Pricing formula For setting the cost of black gold in the domestic market in the last days of March were negative. About It informs the news service of the analytical Agency Argus. As reported, due to the unprecedented drop in oil prices on the Russian market there was a paradoxical situation. "The price formula started to match negative values. These formulas are the main benchmark for pricing in the domestic market ", - reported in the publication. So, the quote "FIP Urals West Siberia FORMULA" on the first day of the week was equal to minus 1, 007 thousand rubles for ton, and on Tuesday dropped to minus 1, 2 thousands. For delivery on FIP, the seller must deliver the goods to the pipeline at their own expense. That means spending on transportation, paying the export duty and other expenses exceeded the average price of oil Urals in Northwest Europe and the Mediterranean region in two days. first, the Agency reported that the Price of Urals in Northwest Europe on 30 March fell to the lowest level since 1999 and amounted to $ 13 per barrel. This situation caught many market participants by surprise, because their prices on the supply of black gold at the annual and short-term contracts based on formula for months supply, the Agency reports. It is noted that by results of March the average value of the quotes still remained positive, falling presumably on 12, 5 thousand rubles per ton compared with the February figure. "Providers worry that a prolonged period of low prices will help zero or even negative profitability of oil sales in Russia ", - reported in the publication. Oil prices since the beginning of March fell by almost half due to the slowdown in demand in the market. The reason for this development was the outbreak of coronavirus, as well as the exhaustion of OPEC agreements . The sixth of March of participating countries of the Commonwealth are unable to come to a consensus about changing the parameters of the contract. Extend it also did not work. Russia insisted on keeping the existing rules, and Saudi Arabia wanted to further reduce the development. In the end, from 1 April removed limits on the extraction of black gold in the countries of the former Commonwealth. After the failure of negotiations, OPEC media began to write about the start of a price war manufacturers. At the same time, Saudi Arabia has officially announced the increase of oil supplies to 12, 3 million barrels a day. This is 300 thousand barrels per day above its production capacity. To reach such a level of Riyadh could from the inventory. Press Secretary of the President Dmitry Peskov declared that the Russian Federation and Saudi Arabia are waging price wars, however, there is an adverse global economic situation. <span style="color:darkgray