Since fall 2014, prices for Russia’s Urals export oil blend have crossed the $99 per barrel mark and moved close to $100 per barrel, according to the Argus international price agency.
On February 16, the Urals in Northwestern Europe (CIF Rotterdam) was trading at $96.49 per barrel. Russian blend prices in the Mediterranean (CIF Augusta) increased to $99.14 per barrel. Furthermore, on Wednesday, dated Brent prices were above $100 per barrel.
The Urals blend is sold at a lower price than the dated Brent. On February 16, the discount was $1.5 per barrel in the Mediterranean and $4.15 in Northwestern Europe.
In the Russian budget for 2022, the Urals base price is set at $44.2 per barrel.
