Strong Demand in India Flips Russian Urals to Premium
Russian Urals crude delivered to India has flipped to a premium against the dated Brent benchmark for the first time since May as stronger Asian demand coincides with tighter export availability, three trading sources said.Cargoes of Urals crude for October delivery were offered this week at premiums up to $1 a barrel to dated Brent, compared with discounts of $1 to $2 a barrel for September-arrival cargoes, the sources said.The rebound reflects a combination of rising buying…
August Freight Rates for Russian Urals Rise Alongside Security Risks
Freight rates for Russia's flagship Urals crude shipments from western ports to India have jumped by about 50% since mid-July as rising global shipping costs and security risks in the Black Sea deter shipowners from calling at Russian ports, traders said.Russia is set to increase oil exports from its western ports in August amid firm demand in Asia, but a shortage of tonnage may put a cap on its plans, they added.Ukraine stepped up attacks on tankers in the Black Sea in July, damaging several vessels and forcing the suspension of loadings at Novorossiysk and the Caspian Pipeline Consortium ter
Russian Urals Prices Tops Brent in Indian Market for the First Time
Russian flagship Urals oil is selling at a premium to the Brent international benchmark at delivery in Indian ports for the first time ever, fuelled by rising demand due to the Iran war, traders said on Friday.The U.S.-Israeli war against Iran, which began a week ago, has choked the Strait of Hormuz, the main route for global oil.Russian oil had traded at a discount of several U.S. dollars per barrel to Brent in Indian ports since the start of conflict in Ukraine in 2022 as Russia diverted oil sales to Asia after the EU imposed an embargo on Russian sales.
Russia Aims to Maintain Urals Oil Exports to China
Russia will aim to keep its Urals crude oil exports steady in March by boosting shipments to China as India, a key buyer, cuts purchases following a trade deal with the U.S.Export options for seaborne Urals cargoes are set to narrow next month, with India expected to sharply reduce intake. Suppliers are turning to China, the world's top crude importer, as Turkey - the third-largest Urals buyer - lacks the capacity to process more Russian barrels.In the current market, Russia has two main choices: increase discounts or curb production.
Turkey Cuts Russian Urals Oil Imports, Turns to Kazakh, Iraqi Supply
Turkey sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.Shipments of Urals to Turkey fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed.Turkey has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases…
Russian Urals Discounts in India Triple Since August as US Sanctions Hit
Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.The United States last month imposed its toughest sanctions yet on Russia’s energy sector, targeting oil majors Lukoil and Rosneft. Friday marks the deadline for companies to wind down all dealings with the two producers.Urals crude has been a mainstay feedstock for Indian refiners since 2023, when Moscow redirected flows to Asia after the European Union banned Russian energy.
