The average price of Urals oil for the year fell to $62.99 – Kommersant
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In January-December 2023, the average price of Russian Urals export oil decreased by 1.2 times year-on-year, to $62.99 per barrel. reported Ministry of Finance. According to him, in December the average price for Urals oil was $64.23 per barrel. This is 1.27 times higher than in December 2022 ($50.47 per barrel). A barrel of North Sea Dated oil last month cost $77.88.
The baseline forecast for 2023–2025 assumes a decrease in Urals oil prices from $80 per barrel in 2022 to $65 in 2025. International Energy Agency (IEA) reportedthat in November oil production in Russia decreased to 9.5 million barrels per day (b/d), by 30 thousand b/d. According to the IEA, the price of Urals oil was below the price ceiling of $60 per barrel. Experts named the decline in the price of Brent as the main reason for the drop in the value of Urals. Goldman Sachs reduced its forecast for Brent oil to $70–90.
Details are in the Kommersant FM article. “Oil is calculating its prospects”.
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