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World oil prices

Average Urals oil price down 1.45-fold in January-August to $56.58 per barrel

The average price of the Urals oil amounted to $74 per barrel in August 2023

MOSCOW, September 1. /TASS/. The average price of Russia’s Urals export crude oil decreased 1.45-fold in January-August 2023 year-on-year to $56.58 per barrel, the Russian Finance Ministry reported via its Telegram channel.

"The average price of the Urals oil totaled $56.58 per barrel in January-August 2023 compared to $82.13 per barrel in January-August 2022," the report said.

The average price of the Urals oil amounted to $74 per barrel in August 2023, down 1.001-fold compared with August 2022 ($74.73 per barrel), according to the ministry. The price of North Sea Dated equaled $86.2 in August 2023.

Earlier reports said that the average price of Urals was $53.94 per barrel in January-July.

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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