MOSCOW, September 22. /TASS/. The price of the Urals crude oil is expected to total $80 per barrel in 2022, $70.1 in 2023, and to decline to $65 by 2025, according to Main areas of Russia’s budget, taxes and customs-tariff policy for 2023 and the planned period of 2024 and 2025 (obtained by TASS).
"It is expected that oil prices will remain at high level by the end of the year (even despite the fact that Russian export commodities are traded with a discount to global prices) and will total $80 per barrel by the end of 2022. As the global energy market transforms (with Russian oil supplies replaced in hostile countries and Russian energy exports redirected to neutral states), as well as considering the slowdown of global economy, oil prices are expected to decline gradually in the future to around $65 per barrel by 2025," the document said.
The Urals price may equal $70.1 per barrel in 2023, and $67.5 per barrel in 2024.
"The growth of demand for Russian oil from a number of countries (amid the ban on supplies of Russian oil imposed by the US and the oil embargo introduced by the EU starting December 2022) coupled with the decision of OPEC+ on moderate increase of oil production, which does not ensure full replacement of lost Russian deliveries, have resulted in a substantial rise of commodity prices in the first half of 2022," according to files to the draft budget.