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Average Urals oil price down by 1.54 times in January-July to $53.94 per barrel — ministry

It is noted that the average price of Urals oil amounted to $64.37 per barrel in July 2023

MOSCOW, August 1. /TASS/. The average price of Russia’s benchmark Urals export oil blend shrank by 1.54 times year on year in the period January-July 2023, sliding to $53.94 per barrel, the Russian Finance Ministry reported on its Telegram channel.

"The average price of the Urals oil blend came to $53.94 per barrel in January-July 2023; [versus] $83.27 per barrel in January-July 2022," the report said.

The average price of Urals oil amounted to $64.37 per barrel in July 2023, down by a factor of 1.2 compared to July 2022 (when it was $78.41 per barrel), according to the Finance Ministry. By comparison, the price of North Sea Dated Brent equaled $80.07 in July 2023.

Earlier reports by the Finance Ministry said that the average price of Urals was $52.17 per barrel in January-June.

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