• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 8 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 8 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Cotton Prices Soar As Texas Megadrought Persists

Cotton Prices Soar As Texas Megadrought Persists

U.S. cotton prices have skyrocketed…

Russia Looks To Lure Asian Buyers With Higher Quality Crude

Russia has improved the quality of its flagship Urals crude grade in the past two months, making it lighter and sweeter, and even more attractive for buyers in Asia who aren’t shunning Russian oil, Reuters reported on Monday, citing data obtained by industry sources. 

Urals was a key grade for export from Russia’s ports on the Baltic Sea and the Black Sea, and a lot of the volumes were going to Europe before the Russian invasion of Ukraine. 

Now Russia’s oil exports are geared toward China and India, as Western buyers are shinning and sanctioning Russian crude oil and refined products, ahead of an EU embargo on seaborne Russian oil imports, set to kick in within eight months. 

According to the data seen by Reuters, Russia’s Urals has become slightly sweeter—with lower sulfur content—and lighter, with higher API gravity numbers, over the past two months. 

Lower Russian demand for low-sulfur crude and reduced operations at southern Russian refineries relatively close to Ukraine could be two of the reasons for sweeter and lighter Urals being shipped for Asian exports from Russia now, according to Reuters sources.

Moreover, some fields producing heavier and higher-sulfur oil have curbed production following the sanctions on Russia, which could have also contributed to the sweeter and lighter Urals export grade, a trader told Reuters. 

Improved Urals quality could be a further incentive for China and India to buy Russian oil, on top of the steep discount at which the Russian grade is being offered. As of June 23, the price of Urals was at a $35-a-barrel discount to the international benchmark, Brent. 

Meanwhile, Russia is shipping increased volumes of its crude to China and India as the West shuns, bans, and sanctions Russian oil and products. 

Just a few months ago, India was a small and insignificant buyer of Russian oil. Following the Russian invasion of Ukraine, the steep discounts have attracted many Indian buyers.  

Since April, India’s imports of crude oil from Russia have jumped by more than 50 times, to the point of representing 10 percent of all Indian imports, a senior government official told Business Standard last week.  

By Michael Kern for Oilprice.com 

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News