In 2023, the price for one barrel of Urals crude oil was expected to exceed 63 U.S. dollars. In the following year, the Russian government expected the price of Urals to increase to 71.3 U.S. dollars per barrel, and in 2026, it was projected to reach 70 U.S. dollars per barrel. Urals oil is Russia's major export oil brand.
Crude oil prices in Russia
Different types of oil, such as light-weight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost 95 U.S. dollars per barrel in February 2022 and a low of 16.6 U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture – a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry account for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events.
Prices of major crude oil blends
In comparison, the West Texas Intermediate crude oil price was estimated at 77.5 U.S. dollars per barrel in 2023. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, reaching 68.9 U.S. dollars per barrel in 2021. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.
Price forecast for Urals crude oil from 2023 to 2026
(in U.S. dollars per barrel)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Vedomosti. (September 26, 2023). Price forecast for Urals crude oil from 2023 to 2026 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved September 20, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/
Vedomosti. "Price forecast for Urals crude oil from 2023 to 2026 (in U.S. dollars per barrel)." Chart. September 26, 2023. Statista. Accessed September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/
Vedomosti. (2023). Price forecast for Urals crude oil from 2023 to 2026 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/
Vedomosti. "Price Forecast for Urals Crude Oil from 2023 to 2026 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 26 Sep 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/
Vedomosti, Price forecast for Urals crude oil from 2023 to 2026 (in U.S. dollars per barrel) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/ (last visited September 20, 2024)
Price forecast for Urals crude oil from 2023 to 2026 (in U.S. dollars per barrel) [Graph], Vedomosti, September 26, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/253153/urals-crude-oil-price-forecast/