Novak: oil price expected to be between $70 and $100 per barrel in 2023

According to the forecast of Deputy Prime Minister Alexander Novak, next year the price of oil will take a range between $70 and $100 per barrel.

Due to the complete ban on Russian oil supplies, there could be a price spike in Europe as early as February. Nevertheless, Novak expressed hope that the price of Urals oil will soon recover. The Deputy Prime Minister added that today buying a barrel of Brent would cost $80.

At the beginning of this month, the price of Urals export oil at the port of Primorsk dropped to $43.73. This drop occurred immediately after the introduction of restrictions by the G7. Russian oil accounted for about 60% of the seaborne oil exports for 2022. About three-quarters of the total volume was transported through the western port.

The situation in the eastern sector was somewhat different: the value of Siberian ESPO oil transported through the Pacific Ocean dropped to $68.72 per barrel.