Urals Oil rose to 66.46 USD/Bbl on July 11, 2025, up 2.31% from the previous day. Over the past month, Urals Oil's price has risen 2.96%, but it is still 18.42% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

Russia exported crude oil for an average price of 569.7 U.S. dollars per metric ton in January 2022. The average price of the fossil fuel marked an increase from the previous month. A sharp decline occurred in the spring of 2020, impacted by the COVID-19 pandemic and the oil price conflict with Saudi Arabia. A similar trend was observed in the price of Urals, Russia's major crude oil export brand.

Russia Average World Price: Crude Oil: Urals: per 1 Barrel data was reported at 91.200 USD/Barrel in Mar 2019. This records an increase from the previous number of 80.700 USD/Barrel for Feb 2019. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data is updated monthly, averaging 58.745 USD/Barrel from Jun 2000 (Median) to Mar 2019, with 226 observations. The data reached an all-time high of 129.710 USD/Barrel in Jul 2008 and a record low of 18.200 USD/Barrel in Nov 2001. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

Gasoline Prices in Russia increased to 0.79 USD/Liter in June from 0.76 USD/Liter in May of 2025. This dataset provides the latest reported value for - Russia Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the export price for one barrel of the Urals crude oil was expected to reach ** U.S. dollars. In the following year, the Russian government expected it to decrease slightly, and in 2027, it was projected to reach **** U.S. dollars per barrel. Urals is Russia's major export oil brand. Crude oil prices in Russia Different types of oil, such as light-weight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost ** U.S. dollars per barrel in February 2022 and a low of **** U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture – a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry account for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events. Prices of major crude oil blends In comparison, the West Texas Intermediate crude oil price was estimated at **** U.S. dollars per barrel in 2024. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, having reached **** U.S. dollars per barrel in 2023. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.

Russia Average Producer Price: Crude Oil: per Litre data was reported at 17.820 RUB/l in Jan 2019. This records a decrease from the previous number of 19.160 RUB/l for Dec 2018. Russia Average Producer Price: Crude Oil: per Litre data is updated monthly, averaging 10.465 RUB/l from Jun 2011 (Median) to Jan 2019, with 92 observations. The data reached an all-time high of 21.960 RUB/l in Nov 2018 and a record low of 6.640 RUB/l in Jul 2011. Russia Average Producer Price: Crude Oil: per Litre data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.RBL010: Average Producer Price: by Federal District: Fuel.

The price of Russian crude oil is determined by a combination of factors, including supply and demand dynamics, geopolitical events, production levels, and global economic conditions. This article discusses the impact of Russian crude oil price fluctuations on the global oil market, particularly in Europe, and highlights the factors that influence these fluctuations. It emphasizes the importance of understanding the dynamics of Russian crude oil prices for market participants, energy analysts, and policymak

The average consumer price of one liter of motor gasoline in Russia stood at ** Russian rubles in February 2025, having increased slightly from the previous month. The monthly price saw a decline in January 2025.

Russia Average World Price: Crude Oil: Urals: per 1 Ton data was reported at 420.400 USD/Ton in Dec 2018. This records a decrease from the previous number of 473.000 USD/Ton for Nov 2018. Russia Average World Price: Crude Oil: Urals: per 1 Ton data is updated monthly, averaging 425.600 USD/Ton from Jun 2000 (Median) to Dec 2018, with 223 observations. The data reached an all-time high of 947.800 USD/Ton in Jul 2008 and a record low of 132.800 USD/Ton in Nov 2001. Russia Average World Price: Crude Oil: Urals: per 1 Ton data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

The Russian crude rapeseed oil market plummeted to $92M in 2024, which is down by -29.1% against the previous year. Over the period under review, consumption, however, showed mild growth. Over the period under review, the market hit record highs at $250M in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

In 2023, Russia produced approximately 11.1 million barrels of oil daily, down from 11.2 million barrels recorded in the previous year. The volume of crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased until 2019, making it the world’s third-largest oil producer. Over the next three decades, Russia was forecast to decrease its oil production under both rapid transition and business-as-usual scenarios. Russia’s oil dependency The Russian oil industry is the major contributor to the country’s exports, which makes the country vulnerable to decreasing oil prices. Under the conservative scenario, the fuel and energy complex was forecast to decrease its share in the country’s gross domestic product from 22 percent to 17 percent between 2020 and 2040. OPEC deal – a reduction in Russian oil output? In 2016, Russia and the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, according to which Russia cut its oil production to facilitate the increase in crude oil prices. In compliance with the deal from December 2019, in the first quarter of 2020, Russia’s reduction quota reached 300 thousand barrels daily. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) pandemic. Starting from May 1, 2020, a new OPEC+ deal began, setting oil production cuts at 9.7 million barrels daily.

In 2024, Russia produced approximately **** million barrels of oil daily, down from **** million barrels recorded in the previous year. The volume of crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased until 2019, making it the world’s third-largest oil producer. Over the next three decades, Russia was forecast to decrease its oil production under both the current trajectory and net-zero scenarios. Russia’s oil dependency The Russian oil industry is the major contributor to the country’s exports, which makes the country vulnerable to decreasing oil prices. Under the conservative scenario, the fuel and energy complex was forecast to decrease its share in the country’s gross domestic product from ** percent to ** percent between 2020 and 2040. OPEC deal – a reduction in Russian oil output? In 2016, Russia and the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, according to which Russia cut its oil production to facilitate the increase in crude oil prices. In compliance with the deal from December 2019, in the first quarter of 2020, Russia’s reduction quota reached 300 thousand barrels daily. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) pandemic. Starting from May 1, 2020, a new OPEC+ deal began, setting oil production cuts at 9.7 million barrels daily.

The price of Urals crude oil was recorded at 16.77 U.S. dollars per barrel below the benchmark Brent on September 20, 2023 (based on a rolling average of the past five days). The difference increased after a price cap on Russian oil was announced on December 2, 2022, and took effect on December 5, 2022, but it has been decreasing since end-March 2023. At the end of February 2022 and throughout March 2022, the discount rose significantly, reflecting the market reaction to the Russia-Ukraine war. In August 2023, the average price of Urals oil reached 74.5 U.S. dollars per barrel.

Russian oil price cap In December 2022, members of the G7, together with the European Union (EU) and Australia, limited the price of one barrel of Russian oil to 60 U.S. dollars in response to the war in Ukraine. The cap was planned to be reviewed every two months to reflect future market developments. The Russian government stated it would not supply oil to the countries imposing a price ceiling on its oil. While the effect of the ban on global oil prices is yet to be seen, it is expected that the ban would benefit other oil producing countries, as the EU would have to replace Russian supplies with other routes. Germany and Poland were the leading importers of Russian oil in the EU in 2021.

EU ban on Russian oil imports
The EU ban on Russian seaborne crude oil imports, announced in June 2022, took effect on December 5, 2022. Furthermore, refined petroleum products will be included from February 5, 2023. Even though the EU prohibited imports of Russian oil and refined products, it still allowed their transport to non-EU countries as long as they are purchased for 60 U.S. dollars per barrel or lower. As a result of the ban, Russia's oil production was forecast to decline to 438 million metric tons in 2022, down 10 percent from the previous year.

Russia Average Export Price: Sunflower Oil data was reported at 754.400 USD/Ton in Nov 2018. This records a decrease from the previous number of 771.200 USD/Ton for Oct 2018. Russia Average Export Price: Sunflower Oil data is updated monthly, averaging 817.900 USD/Ton from Jan 2013 (Median) to Nov 2018, with 71 observations. The data reached an all-time high of 1,255.200 USD/Ton in Feb 2013 and a record low of 738.400 USD/Ton in Jun 2017. Russia Average Export Price: Sunflower Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.PC001: Average Export Price.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

On January 1, 2025, the largest volume of Russian crude oil shipments went to India, at around ******* metric tons per day based on a 30-day running average. Since the beginning of 2022, the shipments to the European Union (EU) and the United States have decreased significantly. Both the EU and the U.S. imposed sanctions on oil imports from Russia in response to the invasion of Ukraine in 2022. The EU banned seaborne crude oil imports starting from December 5, 2022, while the U.S. banned all imports of oil and petroleum products from Russia on March 8, 2022. Existing deals had to be ended by April 22, 2022. Furthermore, the G7, the EU, and Australia imposed a price cap of 60 U.S. dollars per barrel from December 5, 2022, to reduce Russia's energy export revenue, which is one of its largest sources of income. Which countries started buying more oil from Russia? Faced with Western sanctions on Russian oil, Russia increased crude oil shipments to China, India, Turkey, Egypt, and the United Arab Emirates. In fact, China contributed the most to Russia's oil export revenue since the war in Ukraine, at approximately *** billion euros as of January 2025. However, the oil price ceiling imposed in December 2022 could make it more difficult for Russia to export to non-Western countries, too. This is because the policy also applies to tankers that belong to the sanctioning countries, as well as those insured or financed by them. For instance, Russian oil cannot be transported to Turkey for a price above the market cap if it is insured by EU or United Kingdom (UK) companies. How much does Russia earn from oil exports? Crude oil has traditionally been the main source of fuel and energy export revenue of Russia. Between February 24, 2022, and January 30, 2025, Russia earned around *** billion euros from oil exports, including crude oil and refined products. Over the same period, EU countries paid around *** billion euros for Russian oil.

The Russian Federation's natural oil and gas upstream market, a cornerstone of the national economy, is projected for robust growth, driven by sustained global energy demand and strategic government initiatives aimed at enhancing production efficiency and exploring new reserves. The market's size in 2025 is estimated at $300 billion (based on a logical estimation considering the significant role of oil and gas in the Russian economy and the provided CAGR), exhibiting a Compound Annual Growth Rate (CAGR) exceeding 2.50% from 2025 to 2033. This expansion is fueled by ongoing investments in advanced extraction technologies, exploration activities targeting untapped reserves (primarily in Arctic and Siberia regions), and government support for domestic energy companies. However, fluctuating global oil prices, sanctions and geopolitical instability pose significant challenges. These factors create volatility within the market and necessitate ongoing adaptation from industry players. The market is segmented by production analysis, consumption analysis, import and export market analyses (both value and volume), and price trend analysis. Key players include Rosneft, Gazprom, Novatek, Lukoil, Surgutneftegas, and international giants like TotalEnergies and Shell. Competitive dynamics are shaped by both the dominance of state-owned enterprises and the presence of international companies striving to maintain or expand their market share. Future growth will depend on a complex interplay of global energy policies, technological innovations, and evolving geopolitical circumstances. The sector's performance in the coming years will be heavily influenced by the international community's response to Russia's energy exports and investments aimed at diversifying energy sources. Maintaining production levels and exploring new opportunities will be crucial for the sector's sustained success during the forecast period (2025-2033). Recent developments include: November 2022: According to Japan's Chief Cabinet Secretary, the Russian government accepted Sakhalin Oil and Gas Development Co.'s involvement in the new operator of the Sakhalin 1 oil and gas project. Tokyo views this as an important development for the country's energy security., May 2022: The potential purchase of BP's 20% investment in Rosneft has been the subject of exploratory conversations between ONGC, Bharat Petroleum, and Oil India. ExxonMobil's 30% share in the Sakhalin-I project and Shell's 27.5% interest in the Sakhalin-II project are both up for bid, and ONGC is evaluating them both.. Notable trends are: Onshore Segment Expected to Dominate the Market.

The Crude Petroleum Extraction industry in Europe can be volatile. Its performance largely hinges on global oil demand and prices, which in turn are impacted by geopolitical conditions and global economic activity. Most of Europe relies on imports for its crude oil and refined fuels, often from geopolitically unstable regions. Only Russia can count itself among the world’s largest oil producers, while Norway and the UK are the main beneficiaries of oil reserves in the North Sea. The industry’s performance is heavily weighted towards oil production activities in these countries, with Russia’s invasion of Ukraine spurring a shift in Europe’s oil landscape. Revenue is forecast to decline at a compound annual rate of 5.6% to €236.1 billion over the five years through 2024. Revenue dropped during the pandemic, as tumbling oil prices were compounded by reduced global demand for oil. This was followed by a strong recovery in the following years, as a post-pandemic rebound in demand for oil led to a surge in prices. Russia’s invasion of Ukraine led to a further spike in prices in the following year, bolstering returns on investment. The lure of sky-high margins purred increased exploration activity in 2022, while Russia was able to redirect most of its oil exports to China and India in response to Western sanctions. Europe’s oil landscape continues to shift as nations seek to wean themselves off of Russian fossil fuels, with Norway looking like the main beneficiary of the change in dynamics. Revenue is forecast to drop by 21.7% in 2024. Over the five years through 2029, revenue is forecast to climb at a compound annual rate of 5.4% to reach €306.7 billion. As geopolitical tensions persist, the potential for significant fluctuation in prices remains. However, as Europe continues to wean itself off Russian fossil fuels, there's an expectation of easing oil prices. By 2027, the EU aims to be completely free from Russian fossil fuels – a move that would open up opportunities for other oil producing nations, while placing pressure on Russia to continue to find alternative buyers of its oil. Ambitious decarbonisation targets threaten to contribute to a downward trend in oil consumption, weighing on long-term growth prospects.

The average consumer price of the motor gasoline brand AI-95 in Russia has increased since the start of 2024 and stood at almost ** Russian rubles per liter in November 2024. The price of the most expensive category, AI-98 or higher, was measured at over ** Russian rubles per liter, more than ** Russian rubles more than in the corresponding month of the previous year.