Ministry of Finance: the average price of Urals in September exceeded $83
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The average price for Russian Urals oil in September was $83.08 per barrel, which is 21.7% more than in the same period last year. About it reported Ministry of Finance of Russia.
“The average price for Urals oil in September 2023 was $83.08/barrel, which is 1,217 times higher than in September 2022 ($68.25/barrel),” the report says.
In January-September, the figure, on the contrary, decreased in annual terms by 26.1% to $80.58/barrel. The price of North Sea Dated oil (similar to Brent) in September was $93.98.
In August, the average price of Urals was $74/bbl, and North Sea Dated – $86.2/bbl. reported formerly the Ministry of Finance.
As Vedomosti previously wrote, the government raised the forecast export price of Urals for the next three years. According to 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.
The government also expects a recovery in Russian exports in 2024 due to the development of new markets, reorientation of supply chains and higher prices for key commodities, including oil.
Against the backdrop of the refusal of the EU, UK, USA and other countries to import Russian oil, the discount to the benchmark Brent brand increased from the usual $1-2/barrel. to over $30. According to the Ministry of Finance, the price of Russian oil dropped from March 2022 to March 2023 by almost half to $47.85/barrel, but then began to recover.
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