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Average Urals oil price down 1.24-fold in January-November to $62.89 per barrel

The average price of the Urals oil amounted to $74.84 per barrel in November 2023

MOSCOW, December 1. /TASS/. The average price of Russia’s Urals export crude oil decreased 1.24-fold in January-November 2023 year-on-year to $62.89 per barrel, the Russian Finance Ministry reported via its Telegram channel.

"The average price of the Urals oil totaled $62.89 per barrel in January-November 2023 compared to $78.32 per barrel in January-November 2022," the report said.

The average price of the Urals oil amounted to $74.84 per barrel in November 2023, up 1.095-fold compared with November 2022 ($66.47 per barrel), according to the ministry. The price of North Sea Dated equaled $83.12 in November 2023.

Earlier reports said that the average price of Urals was $61.84 per barrel in January-October.

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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