The average price of Russia's main export oil brand Urals in 2022 increased by 10.3% compared with 2021, amounting to $76.09 per barrel, but dropped by 30.6% in December 2022 year-on-year to $50.47 per barrel, the Russian Finance Ministry said on Thursday, APA reports citing Urdupoint.
"The average price of the Urals crude oil in January-December 2022 stood at $76.
09 per barrel, and in January-December 2021 it was $69 per barrel," the finance ministry said on Telegram.
The ministry also said that the average price of the Urals crude oil in December 2022 was estimated at $50.47 per barrel, dropping by 30.6%, comparing to $72.71 per barrel in December 2021.
It added that the average price of Urals in December fell below the $60 price cap on Russian oil, which had been set by Western countries on December 5.