Average price of Urals oil in January fell by 12%

The average price of a barrel of Urals oil in January this year was $54.41, Report informs referring to Interfax.

For the same period last year, the price was $61.67 per barrel, an 11.70 percent drop year-on-year, according to the Russian Ministry of Finance.

According to Enkorr, the average price of a barrel of Urals oil in 2020 compared to 2019 decreased by 34 percent and amounted to $41.73. In 2019, a barrel of this oil traded at $63.59.

At the end of 2020, the price of Brent crude oil, pegged to Russian export oil price, fell by about 20 percent.