Urals price surpasses $95 per barrel first since 2014

The price of Russia’s Urals export oil in Europe exceeded $95 per barrel during February 4 trading for the first time since September 2014, according to the international price agency Argus.

The Urals price in Northwestern Europe (CIF Rotterdam) gained $4.66 on February 4 compared with the previous day to $95.12 per barrel, which has become the highest level reached since September 17, 2014 when the price totaled $96.18 per barrel, Argus said.

In Russia’s federal budget, the base price of Urals for 2022 is set at $44.2 per barrel. Depending on whether the actual price of Urals is higher or lower than the base price, the Finance Ministry buys or sells foreign currency in accordance with the budget rule.