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Bank Of Russia Cuts Urals Price Outlook To $55/bbl In 2023

OIL

Bank of Russia cut its average Urals crude price outlook to $55/bbl for this year, down from previous estimates of $70/bbl, it said.

  • Bank of Russia estimates Urals will continue to average $55/bbl in 2024 and 2025.
  • Russia announced on Friday it will cut output by 500kbpd in March, following through on a threat to retaliate against western sanctions.
  • Earlier this week Russia announced to change the way it assesses the price of its Urals formulas, setting it a narrower discount to Brent crude prices. Urals crude will be priced at a discount to Brent of $20 or $25 a barrel, sources said.
Energy BulletsCommodities
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