Page 21 - RusRPTNov23

Urals oil price: The price of Russia’s Urals blend of oil collapsed after the war broke out as traders self sanctions and stopped buying it. However, as the year wore, the price has recovered and the discount to Brent blend has steadily closed to around $14 as of the middle of October.
At the same time all oil prices have been lifted by the OPEC+ voluntary production cuts that have been extended into the start of next year lifting Urals with it.
“[analysts says the price of Urals will be] higher by $1-7 per barrel over the entire forecast horizon. According to analysts’ expectations, the average Urals oil price in 2023 will be around $64 per barrel (assuming the average Urals oil price in October—December 2023 will be $78 per barrel), $72 per barrel in 2024 and will decrease to $67 per barrel in 2025-2026,” the CBR said.
21 RUSSIA Country Report November 2023 www.intellinews.com