Ministry of Finance: the average price of Urals in October was $81.52 per barrel

The average price for Russian Urals oil in October was $81.52/barrel, which is 15.4% more than in the same period last year. reported The Ministry of Finance of the Russian Federation on its website.

“The average price for Urals oil in October 2023 was $81.52/barrel, which is 1.15 times higher than in October 2022 ($70.62/barrel),” the report says.

In the first ten months of this year, the average price of Urals was $61.84 per barrel. , which is 22.2% less than in January-October 2022. The price of North Sea Dated oil (analogous to Brent) in October 2023 was $91.09.

As Vedomosti previously wrote, the government raised the forecast export price of Urals for the next three years. As noted in the explanatory note to the draft federal budget for 2024–2026, the average export price for Russian oil in 2023 will be $63.4/barrel. The price forecast for 2024 has been increased by 6% compared to the parameters of the current federal budget for 2023–2025. to $71.3/barrel, for 2025 the price increased by 8% to $70.1/barrel. In 2026, the government expects the Urals price to be $70/bbl. In 2022, Urals were supplied abroad at an average price of $79.6 per barrel, the explanatory note notes.

In mid-October, the International Energy Agency (IEA) reportedthat Russia increased its oil export revenues in September by $1.8 billion to $18.8 billion, a record figure since July last year. Total oil exports increased by 460,000 bbl/d after falling by 150 bbl/d in August to 7.6 million bbl/d. Oil exports increased by 250,000 barrels per day. The weighted average price of Russian oil increased by $8 to $81.8/barrel, and the Urals discount to North Sea Dated was the lowest since March 2022, $12.20/barrel.