Urals oil price rose to $74 per barrel in August – Kommersant
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In August 2023, the average price of Russian Urals oil was $74 per barrel, informed Ministry of Finance. The cost of oil increased by 1.15 times compared to July. Then the Urals price was at $64.37 per barrel.
The average price for Urals oil for the period from January to August of this year was $56.58 per barrel. In January-August last year, Russian oil traded at $82.13 per barrel. The cost of oil in August decreased by 1.001 times compared to the same month in 2022 ($74.73 per barrel).
According to the Ministry of Finance, the average price of North Sea Dated (corresponding to Brent blend) in August was $86.20. Thus, the Urals discount to the benchmark was about 14.2%.
In December 2022, the European Union and the G7 countries introduced a price limit for oil from Russia – it cannot be sold above $60 per barrel. From February 5, 2023, there is also a ceiling of $100 and $45 per barrel (for products that are traded at a premium and a discount to oil, respectively). However, according to Bloomberg, a number of Western companies buys Russian Urals oil above the established price ceiling.
Read more about the situation on the oil market – in the material “Kommersant” “Compound Sentence”.
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