The price of the Russian oil variety Urals increased by 26.6% in 2017, according to a news release on the website of the Russian Ministry of Finance. In the period January 1 – December 31, 2017 the average price of this variety was 53.03 USD per barrel. Russia’s budget for 2017 was set at an oil price of about 40 USD per barrel.
Reason for this forecast was the trend of oil markets at the beginning of last year. An year earlier, the average price of the oil variety Urals was 41.90 USD per barrel, according to agency statistics. In 2015, the average price of Russian oil reached 51.23 USD per barrel.
In the last months of last year, however, global oil prices went up. Urals’ average price in December, for example, has reached 63.61 USD per barrel, the Ministry said. This is 22% more than the average price of Russian oil in December 2016.
Variety Urals is Russian oil for export and is a mixture of the raw material extracted in the Ural, which is high in sulfur and light Siberian oil. The sulfur content of this variety is high – about 1.3%, compared to 0.2-0.4% for the other major varieties on the market – European Brent and US light crude oil (WTI).
Urals oil is mainly traded on the Moscow Stock Exchange.