Russian oil broke a record

The Russian grade of Urals oil has risen in price in relation to the benchmark – the Brent brand. About it informs press service of the price agency “Argus” (Argus).

Argus, according to Rambler, has been monitoring the value of Urals since 1990. Yesterday, the agency reported that it recorded the achievement by the brand of record in the history of monitoring premiums for Brent.

Last week, the premium on Urals in North-Western Europe in absolute terms increased by $ 3.18 per barrel to $ 36.7 per barrel, and relative to Brent – by $ 1.55 per barrel to $ 2.3 per barrel.

Argus associates the increase in Urals price with a recovery in global oil demand due to the relaxation of restrictions imposed due to the COVID-19 coronavirus pandemic and a significant decrease in production in Russia against this background.

The agency predicts that compared with May in June, Urals sea exports will decrease by 37 thousand barrels per day or 340 thousand tons to 1.3 million barrels per day or 5.44 million tons.

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source: rambler

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