Urals price reaches record-breaking premium against Brent since 1990
Russia’s Urals oil reached record-breaking premiums against the North Sea Brent benchmark throughout the monitoring history since 1990, Argus agency says in its review.
The Urals premium in Northwestern Europe added $1.55/barrel vs. the North Sea Dated Brent and reached $2.3 a barrel [CIF Rotterdam] last week, Argus reports. In absolute terms, Urals grew by $3.18 a barrel to $36.7 per barrel, CIF Rotterdam.
The price for Urals batches with the volume of 80,000 tonnes increased to $37.20 per barrel in the Mediterranean, CIF Augusta. The blend premium rose to $2.8 per barrel against the North Sea Dated Brent, TASS reported.
Urals seaborne exports are expected to decline by 37,000 barrels per day or by 340,000 tonnes against May to 1.3 mln barrels daily or 5.44 mln tonnes in June 2020.