Russia's flagship Urals crude oil blend traded at $83.80 per barrel on average in September, up from $74.00 per barrel in August, Russia's Finance Ministry said on Monday, with the price remaining comfortably above a Western price cap.
The ministry also said that the Urals price averaged $59.54 per barrel in January-September 2023, down from $80.58 in the same period last year.
The Russian budget for 2023 is based on an Urals average price of $70.1 per barrel.
According to the Russian Finance Ministry, the average price of North Sea Dated (Brent) reached $93.98 in September, meaning the Urals discount to the international benchmark narrowed last month to $10.9 per barrel from $12.2 in August.
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