Price of Russian Urals oil to reach $80.1 per barrel in 2022 - forecast
The average price of Urals oil in May 2022 increased by 18% year-on-year and amounted to $78.81 per barrel, the ministry reported.
The price of Russian export oil Urals at the end of 2022 will reach $80.1 per barrel, then it will start to decline and reach $61 per barrel in 2025, according to draft main directions of the Russian budget, tax, and customs tariff policy for 2023-2025, prepared by the Ministry of Finance.
At the same time, the discount against Brent oil now surpasses $33 per barrel. The Ministry of Finance predicts that as Europe replaces Russian oil and its supplies are redirected, the price of Urals oil will decrease: the projected price for 2023 is $71.4 per barrel, for 2024 - $66 per barrel, for 2025 - $61 per barrel.
The average price of Urals oil in May 2022 increased by 18% year-on-year and amounted to $78.81 per barrel, the ministry reported.
At the same time, according to the ministry, Russia’s federal budget deficit in 2022 will amount to 1.665 trillion rubles ($29 bln) (1.2% of GDP), in 2023 - 1.592 trillion rubles ($28.3 bln) (1.1% of GDP), the Finance Ministry said in its draft document on the main areas of budget, tax and customs-tariff policy for 2023 and for the planning period of 2024 and 2025.
In the future, Russia’s budget will also be executed with a deficit, but its size will be reduced. By the end of 2024, a deficit of 1.413 trillion rubles ($25.2 bln) (0.9% of GDP) is expected, in 2025 - 1.358 trillion rubles ($24.2 bln) (0.8%).
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The price of Russian export oil Urals at the end of 2022 will reach $80.1 per barrel, then it will start to decline and reach $61 per barrel in 2025, according to draft main directions of the Russian budget, tax, and customs tariff policy for 2023-2025, prepared by the Ministry of Finance.
At the same time, the discount against Brent oil now surpasses $33 per barrel. The Ministry of Finance predicts that as Europe replaces Russian oil and its supplies are redirected, the price of Urals oil will decrease: the projected price for 2023 is $71.4 per barrel, for 2024 - $66 per barrel, for 2025 - $61 per barrel.
The average price of Urals oil in May 2022 increased by 18% year-on-year and amounted to $78.81 per barrel, the ministry reported.
At the same time, according to the ministry, Russia’s federal budget deficit in 2022 will amount to 1.665 trillion rubles ($29 bln) (1.2% of GDP), in 2023 - 1.592 trillion rubles ($28.3 bln) (1.1% of GDP), the Finance Ministry said in its draft document on the main areas of budget, tax and customs-tariff policy for 2023 and for the planning period of 2024 and 2025.
In the future, Russia’s budget will also be executed with a deficit, but its size will be reduced. By the end of 2024, a deficit of 1.413 trillion rubles ($25.2 bln) (0.9% of GDP) is expected, in 2025 - 1.358 trillion rubles ($24.2 bln) (0.8%).
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