Urals Oil

Russian Urals crude oil was trading near $52 a barrel in January, close to levels not seen in a year, and about 35% below international prices, as the ongoing war in Ukraine and sanctions against Russia left the country with a few buyers. The price also remains well below the $60 a barrel price cap imposed by G7 countries, the EU, and Australia on December 5th. Russian seaborne crude imports into Europe shrank 80% in 2022 as European refiners turned to crude grades from Norway, the US, Saudi Arabia, Guyana, and Azerbaijan, according to tanker tracking data reported by S&P Global Commodities. China and India remain the biggest markets for Russian oil, although the shipping distance pushed freight costs up and forced barrels to be discounted to compete with shipments from the Middle East.

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 55.02 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 64.13 in 12 months time.