Urals is the leading blend of Russian oil, but suffers from a high level of sulfur in comparison with Brent crude.
"The average price of Urals brand oil was $62.4 per barrel in January-July, $69 in July and could stabilize at $68 by the year end," the ministry said in its adjusted forecast for the country's social and economic development.
High world oil prices led to the average oil price for 2006 being raised to $65 from a preliminarily estimated $62. Along with high geopolitical risks, such as instability in the oil-rich Middle East and Central Asia, dynamic growth in the world demand for oil and a relative shortage of refining capacities are key factors sending prices up. If these factors persist, oil prices may jump to $75-80 per barrel, the ministry says.
Brent is currently trading at about $75 and Urals at about $70.
