Thursday, March 22, 2018

Russia's Urals oil average price increases 5.3 percent over 2013

The average price of Russia's Urals oil has increased 5.3 percent over last year, according to a forecast by the Russian Ministry of Economic Development.

Prices for Russia's key export, however, fell 1.1 percent over the previous month in May to average $107.70 per barrel, Oil & Gas Eurasia reports.

The average price of Urals brand oil during the period of January to May fell 0.27 percent year-on-year to $106.95 per barrel.

Last year, the average price of Urals oil amounted to $107.88 per barrel. The Ministry of Economic Development estimates the 2014 average price will be $104 per barrel, according to Oil & Gas Eurasia.