Ural’s oil price down by 6% y/y in May to USD 102.27 per barrel.

By bne IntelliNews June 4, 2013

Price for Urals blend oil (Russia’s main exports) in May 2013 amounted to USD 102.27 per barrel, FinMin’s Alexander Saakovitch told Prime. This makes a 6% y/y decline from USD 108.86 seen in May 2012. In Jan-May, the overall average price for Urals oil was USD 107.24 vs. USD 115.43 per barrel a year ago.

In April, the economy ministry revised this year’s average oil price forecast from USD 97 per barrel to USD 105 per barrel. In 2012, the average oil price increased by 1.08% to USD 110.52.

Russia's crude oil export duties went down by 5% m/m to USD 359.4 per metric tonne as of June 1, 2013 vs. current USD 378.4. The tariff was derived from the average price of Urals blend oil from Apr 15 through May 14, which stood at USD 100.39 (down from USD 104.74 in the previous month and USD 110.02 two months ago). Export duty has been diclining since Q1/13, diving by 19% m/m in April and 6% m/m in May.

The dynamics of the export duty derived from the oil price were uneven throughout 2012, resulting in the export duty remaining almost flat y/y. In 2011 export duty increased from USD 317.5 set as of Jan 1 2011 to USD 398.9 set as of Jan 1 2012, posting a strong growth of 26.5%.

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