The average price of Urals in February was $49.56 per barrel
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The average price for the Russian Urals oil in February was $49.56/bbl. This is 0.16% more than in January ($49.48/bbl) and almost 1.9 times less than in February last year ($92.15/bbl), informed Ministry of Finance of Russia.
“The average price of Urals oil in February 2023 was $49.56/barrel, which is 1.86 times lower than in February 2022,” the report says.
The average price of this grade in the first two months of 2023 was $49.52/bbl. compared to $88.89/bbl. for the same period last year.
Earlier in February, Russian President Vladimir Putin signed a law that, from April 1, limits the discount on Russian Urals oil in relation to Brent for calculating oil taxes.
In accordance with the law, if the price of Urals oil, calculated according to the current legislation, in April turns out to be less than the price of Brent oil by more than $34/bbl, then for tax purposes its price is taken to be the price of Brent minus $34/bbl. In May, the discount is set at $31/bbl. (under a similar condition, i.e. if Urals is cheaper than Brent by more than $31/bbl), in June – $28/bbl, from July 1 – $25/bbl.
The discount on Urals began to increase since October last year – after the Western countries agreed on a price ceiling for Russian oil and oil products. The average monthly price for Russian oil in September 2022 was $68.25/bbl, in October – $70.62/bbl, in November – $66.47/bbl, in December – $50.47/bbl, in January – $49.48/bbl, reported the Ministry of Finance. The average price of Brent oil in September 2022 was about $90.2/bbl, in October – $93/bbl, in November – $90.6/bbl, in December – $81.6/bbl, in January – $85/bbl. bbl
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