Photo: Maxim Bogodvid / RIA Novosti
For the first time since April, the Russian grade of oil Urals in Northwest Europe began to trade at a discount to standard grade Brent, according to pricing Agency Argus.
In early July, the Urals sold in Rotterdam with a premium of $ 2.5, which was a record for 25 years, however, after began to fall in price. Monday, July 27, the discount was 13 cents, while the cost of Brent crude is practically not changed.
Russian oil pressure change parameters of the agreement OPEC+, whose members in August will increase oil production. This will lead to an increase in shipments of Urals is expected that in August of the Baltic ports will receive one and a half times more raw materials than in July.
The demand for Urals in Europe is still low due to the low profitability of processing. In China Russian oil also bought less willingly, but the reason was filling the storage previously purchased raw materials, when it cost even cheaper.
In the Mediterranean Urals is still trading with a premium to Brent, although it dropped to 75 cents per barrel. This happens due to the considerably lower growth of supply in August to come only 10 percent more than in July. In total, the export of Russian oil by sea is expected to grow by 40 percent.
Earlier it was reported that on the background of the rising cost of Russian oil from it began to refuse the countries of the Baltic region — Lithuania, Finland, Poland. They switched to alternative supplies from the Caspian and North seas.
Video, photo All from Russia.