Russian Urals crude oil approached $60 a barrel in the second half of January after touching the lowest level in nearly two years of $50 earlier in the month. Russia diverted its crude trade from Europe to other markets, namely Asia, after a $60 a barrel price cap was imposed by G7 countries, the EU, and Australia on December 5th. Russian supplies went up to 3.1 million tonnes in the first half of January, a 35% increase compared to the first two weeks of December. Of those, exports to Asia rose by 27% to 2.8 million tonnes, Reuters reported citing data and sources. India and China remain the country's top buyers. Moscow is also seeking ways to improve exports profitability through new logistical schemes and the use of supertankers. However, Russian oil still trades at a discount of up to $20 a barrel to the international Brent benchmark.

Historically, Urals Oil reached an all time high of 117.65 in February of 2013. This page includes a chart with historical data for Urals Crude. Urals Oil - data, forecasts, historical chart - was last updated on January of 2023.

Urals Oil is expected to trade at 62.56 USD/Bbl by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 73.00 in 12 months time.

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Urals Oil

Price Day Month Year
Crude Oil 77.64 -0.259 -0.33% 0.68% -10.20%
Brent 84.12 -0.379 -0.45% 2.44% -5.65%
Natural gas 2.68 0.0055 0.21% -26.33% -41.34%
Gasoline 2.50 -0.0093 -0.37% 0.32% -3.06%
Heating Oil 3.06 0.0019 0.06% 2.12% 11.69%
Coal 265.35 -92.75 -25.90% -31.89% 19.12%
TTF Gas 55.16 -0.27 -0.49% -28.38% -34.86%
UK Gas 139.81 -1.0800 -0.77% -24.85% -31.16%
Ethanol 2.19 0 0% -3.95% 1.39%
Naphtha 691.56 -0.95 -0.14% 9.62% -10.77%
Propane 0.84 -0.002 -0.18% 8.93% -27.84%
Uranium 50.80 0.3000 0.59% 3.99% 15.45%
Methanol 2,761.00 -29.00 -1.04% 4.98% -4.13%

Urals Oil
Urals oil is the reference oil brand used as the price benchmark for Russian oil exports. It is a blend of the heavy and sour oil from the Urals and Volga regions with the lighter oil from Western Siberia. It is transported to Europe through the Druzhba pipeline and to Baku through the Novorossiysk pipeline, while main seaborne importers are China and India since 2022. Futures contracts of 1,000 barrels are traded in the St. Petersburg International Mercantile Exchange (SPIMEX). Pricing is also commonly seen as a discount to Brent crude oil. The Urals oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
57.60 58.47 117.65 8.40 2012 - 2023 USD/Bbl daily