The average price of Urals decreased by 1.7 times over the year
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Ministry of Finance published data on the average price of the main export brand of Russian oil. The price of a barrel of Urals in January 2023 was $49.48. This is 1.7 times lower than in January 2022, when a barrel cost $85.64.
The federal budget of Russia for 2023 was drawn up on the basis of the average annual price of Urals oil in the amount of $70.10 per barrel. The Urals price set by the Ministry of Finance, used in taxation, is calculated by the Argus agency and takes into account the prices for the mixture in the Baltic and Black Seas, including the cost of insurance and freight (CIF).
By data Media, Russian President Vladimir Putin instructed the government to consider alternative ways to calculate prices for Russian oil. The cost of the Russian Urals can be tied to the price of the benchmark Brent or Dubai Crude. Another possible option is the quotes of the St. Petersburg International Commodity and Raw Materials Exchange.
In December 2022, the G7 states, the EU and Australia approved a price ceiling for oil from Russia at $60 per barrel, which, according to Bloombergled to a sharp drop in Russian budget revenues. The Russian authorities were going to cut production in order to limit supply and raise prices on the world market. But it turned out that deliveries, on the contrary, are growing.
What does the decrease in the cost of Urals mean for Russia – read in material “b”.
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