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Average price for Russian Urals up

Oil&Gas Materials 1 March 2017 15:17 (UTC +04:00)
The average price for Russian Urals oil has grown by 1.8 times in January-February 2017, as compared to the same period in 2016 and stood at $53.32 per barrel.
Average price for Russian Urals up

Baku, Azerbaijan, March 1

By Leman Zeynalova – Trend:

The average price for Russian Urals oil has grown by 1.8 times in January-February 2017, as compared to the same period in 2016 and stood at $53.32 per barrel, said the message on the website of Russian Finance Ministry.

The average price for Urals was $29.69 per barrel in January-February 2016.

This figure stood at $53.49 per barrel in February 2017, or 1.75 times more than $30.55 per barrel in February 2016.

Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. It is a mix of heavy sour oil of Urals and the Volga region with light oil of Western Siberia. Other reference oils are Brent, West Texas Intermediate and Dubai.

Urals brand oil is supplied through the Baku-Novorossiysk pipeline system and the Druzhba pipeline. Urals oil futures trade on Russian Trading System stock exchange.

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Follow the author on Twitter: @Lyaman_Zeyn

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