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The average price of Russia's Urals blend oil, a benchmark
The average price of Russia's Urals blend oil, a benchmark for the national budget, was $69.3 per barrel in 2007, 13.4% higher than in 2006, the economics ministry said on Friday.

The Russian Economic Development and Trade Ministry said growth in world oil prices, which resumed in the second half of January 2007, continued until the end of the year.

Considering the growth, the Russian government raised crude export duty to a record $275.4 per ton on December 1.

In late January, the ministry upwardly revised its Urals blend crude price projection for 2008 from $53 to $74 per barrel.

According to the ministry, the average crude price will be $62 per barrel by 2010, even if prices fall.


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