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Russian Urals Crude Averaged $62.99/bbl in 2023

OIL

Russian Urals crude prices declined by 17% on the year to average $62.99/bbl last year, the Finance Ministry said, cited by Bloomberg. This is above the G7 price cap of $60/bbl.

  • This compares to $76.09/bbl in 2022.
  • Urals crude prices averaged $64.23/bbl in December, above 27% higher than in December 2022, when the G7 introduced the price cap and ban on Russian seaborne crude imports.

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