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 64.51 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 75.26 in 12 months time.