Urals oil prices drop to $53.34 per barrel in May – Kommersant
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In May 2023, the average price of Russian Urals oil was $53.34 per barrel, informed Ministry of Finance. The cost of oil decreased by 1.48 times compared to the same month in 2022. Then the price of Urals was at $78.81 per barrel.
The average price for Urals oil for the period from January to May this year was $51.5 per barrel. In January-May last year, Russian oil traded at $83.48 per barrel.
According to the Ministry of Finance, the average price of North Sea Dated (corresponding to Brent blend) in May was $75.52. Thus, the Urals discount to Brent reduced to $22.18 from $26 in April.
In December 2022, the G7 countries, the EU and Australia introduced a cap on Russian oil prices at $60 per barrel. In April, President Vladimir Putin signed the law on the calculation of export duties on Urals, taking into account the cost of Brent. From April 1, the maximum discount is reduced from $34 per barrel to $25 per barrel by July.
Read more about the cost of Russian oil in the material “Kommersant FM” “Sanctions target oil”.
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