The average price of Urals oil in September rose to $83.08 per barrel – Kommersant
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In September 2023, the average price of Russian Urals oil was $83.08 per barrel, reported Ministry of Finance. The price of oil increased 1.217 times compared to September 2022 ($68.25 per barrel). In August, the price of Urals was $74 per barrel.
The average price for Urals oil from the beginning of January to the end of September of this year was $59.54 per barrel. In January-September 2022, Russian oil traded at $80.8 per barrel.
According to the Ministry of Finance, the average price of the North Sea Dated grade (corresponding to a Brent mixture) in September was $93.98 per barrel compared to $86.2 in September last year. Thus, the Urals discount to the benchmark was about 11.6%.
In September, Russia increased seaborne oil exports, which reached 3.34 million barrels per day (b/d) – this is more than in July and August, but still less than in June. According to the parameters of the voluntary reduction in exports, Russian supplies in September, under an agreement with Saudi Arabia, could increase to 3.4 million bpd and remain at this level until the end of the year.
Read more in the Kommersant article. “Barrels are counting in the fall”.
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