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Average Urals oil price down 1.6-fold in January-June to $52.17 per barrel — ministry

Earlier reports said that the average price of Urals was $51.5 per barrel in January-May

MOSCOW, July 3. /TASS/. The average price of Russia’s Urals export crude oil decreased 1.6-fold in January-June 2023 year-on-year to $52.17 per barrel, the Russian Finance Ministry reported via its Telegram channel on Monday.

"The average price of the Urals oil totaled $52.17 per barrel in January-June 2023 compared to $84.09 per barrel in January-June 2022," the report said.

The average price of the Urals oil amounted to $55.28 per barrel in June 2023, down 1.58-fold compared with June 2022 ($87.25 per barrel), according to the ministry. The price of North Sea Dated equaled $74.71 in June 2023.

Earlier reports said that the average price of Urals was $51.5 per barrel in January-May.

Russia’s budget is based on the base case scenario of the country’s social and economic development outlook for 2023-2025, which envisions a gradual decrease in prices for Russia’s Urals export crude oil (from $80 per barrel in 2022 to $65 per barrel in 2025).

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