Oil Report

Russia's Urals oil averaged $49.48/bbl in January, down 42% y/y


This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Feb 1 (Reuters) - The average price for Russia’s Urals oil blend was $49.48 per barrel in January, the Finance Ministry said on Wednesday, below a price cap of $60 on Western purchases and down 42% from January 2022.

Russia’s 2023 federal budget is based on an average Urals price for the year of $70.10 per barrel.

The Finance Ministry’s Urals price, used as the basis for taxation, is calculated by the Argus pricing agency and takes into account blend prices in the Baltic and Black Sea including the cost of insurance and freight (CIF). (Reporting by Vladimir Soldatkin; Writing by Caleb Davis)