Crude oil price: Russian Urals - forecast 2010-2017

This statistic gives a price forecast for Urals crude oil between 2011 and 2017. In 2014, the price for one barrel of Urals crude oil is expected to hover around 113 U.S. dollars. 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 sulphur content, specific gravity, and location. In 2013, the price of Russian Urals crude oil reached a high of 114.97 U.S. dollar per barrel in February and a low of 101.86 U.S. dollars per barrel in April. The average annual price of Urals crude oil is expected to steadily increase over the next few years, reaching 116 U.S. dollars per barrel by 2016. 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. It is estimated that for every dollar that oil prices drop, Russia loses about two billion U.S. dollars in revenue. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events.

In comparison, the West Texas Intermediate crude oil price reached 94.05 U.S. dollars per barrel in 2012. Dubai Fateh oil prices have generally increased in the last decade, reaching a high of 109.08 U.S. dollars per barrel in 2012. 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 2010 to 2017 (in U.S. dollars per barrel)*

Price in U.S. dollars per barrel
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Release date

July 2012



Survey time period

2010 and 2011

Supplementary notes

* The figures from 2012 to 2017 are projections.

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