The discount on Ural oil in Russian ports has fallen to its lowest level since September last year. This information comes from the data I read from the Center for Price Indices (CPI). RBC.
According to CCI, the discount on the ESPO brand is also being reduced. The Urals discount on the Platts Dated Brent benchmark on FOB Primorsk at the port of shipment was about $12 per barrel. The same figure was on FOB Novorossiysk – $12 per barrel.
According to the source, a week ago these figures were $ 12.1 and $ 12.3 per barrel, respectively. It was noted that the last time discounts at this level in the Urals were seen was in September last year. Moreover, in December of the same year and in January 2024, these amounts exceeded $ 18 per barrel. RBC notes that in some cases, market participants reported a discount of $ 11.5 per barrel.
The Center for Price Indexes notes that the decrease in discounts for Ural oil is due to the decline in export volumes. In addition, the increasing share of the “shadow fleet” used for the transportation of Russian crude helps to ease sanctions pressure and reduce discounts for Russian oil.
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Source: Gazeta
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