0_public:geography_and_regions:russia:urals
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+ | ====== Urals ====== | ||
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+ | * Urals is the <wrap hi>most common export grade of crude oil from Russia</ | ||
+ | * Russian Export Blend Crude Oil, more commonly referred to as Urals crude | ||
+ | * Urals is a <wrap hi> | ||
+ | * Urals crude, Russia’s flagship grade | ||
+ | * Uralas has a relatively <wrap hi> | ||
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+ | Before the war with Ukraine, Russia’s main export crude grade, Urals, traded at about a $3 per barrel discount to Brent, the international benchmark, reflecting its slightly lower quality. | ||
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+ | Immediately following the invasion, the price differential quickly widened to as much as $40 per barrel, narrowed as Russian exporters adjusted, then expanded again as the new EU bans came into effect, standing at about $38 per barrel. | ||
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+ | in a refinery, Urals yields more diesel than Brent | ||
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+ | It is important to remember that Urals FOB Primorsk or Novorossiysk, | ||
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+ | Shipped from the country’s western ports | ||
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+ | FOB Primorsk | ||
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+ | ===== Urals and the War in Ukraine (2022 - 2023) ===== | ||
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+ | ---- | ||
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+ | > Before the invasion of Ukraine in February, there was no differentiation between Russian origin Urals, or REBCO, and Kazakh origin Urals, with all crude marketed as Urals. However, with Urals crude becoming increasingly difficult to sell in Europe amid the fallout from the invasion, Kazakhstan on June 7 (2022) announced a rebranding of the crude it exports via Russia' | ||
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+ | Russian Urals crude also shipped via Ukraine | ||
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+ | With India and China eyeing discounted Urals crude, the impact is likely to be most felt on similar grades from the Middle East such as Oman Blend and Upper Zakum, traders said. | ||
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