Urals oil price hits two-year high

The average price of Russian Urals oil in May stood at $ 66.63 per barrel, which is 2.1 times more than in the same month last year, the Finance Ministry said.

Last year, against the backdrop of the coronavirus pandemic and its consequences, including a lockdown, raw materials fell significantly. In April, its price fell to $ 18.22 per barrel, while in January and February, before the pandemic, it was $ 61.67 and $ 54.24 per barrel, respectively. By May, a barrel of Russian oil averaged $ 31.03.

The current figure is the highest since May 2019, when Urals cost $ 70.93 a barrel. Also, this value is the maximum for the year.

In October last year, the Accounts Chamber published its first own official forecast of Russia’s economic development, from which it follows that the average annual price of Urals grade under a neutral scenario could be $ 42 per barrel, and in 2022-2023. go up to $ 55 per barrel. The average price of Russian oil in 2020 was $ 41.73 per barrel.



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