Russian Urals crude oil prices fell to around $79 a barrel, the lowest in three weeks, following a similar trend in other oil benchmarks as tensions in the Middle East eased. Iran minimized the impact of recent Israeli strikes on its territory and stated it has no plans to retaliate. Meanwhile, Russian oil refining operations are at an 11-month low due to flooding and repairs delayed by drone attacks. Daily crude processing in Russia averaged 5.22 million barrels from April 11-17, slightly below the previous week. Ukrainian drones have targeted Russian refineries, causing shutdowns earlier this year. Most affected facilities are operating below pre-attack levels, with the Orsk refinery offline due to flooding. Despite challenges, operators are working towards recovery. Facilities like Novoshakhtinsk and Lukoil's Perm site reduced processing volumes, likely for seasonal maintenance. Orsk refinery is gearing up to resume operations, with efforts to increase output underway.
Urals Oil increased 20.64 USD/Bbl or 34.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Urals Oil reached an all time high of 117.65 in February of 2013. This page includes a chart with historical data for Urals Crude. Urals Oil - data, forecasts, historical chart - was last updated on April 26 of 2024.
Urals Oil increased 20.64 USD/Bbl or 34.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Urals Oil is expected to trade at 86.82 USD/Bbl by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 94.45 in 12 months time.