A piece from Energy Intelligence:
- discounts for Russian Urals and Espo crudes have widened since an EU ban on Russian crude imports and G7 price cap took effect on Dec. 5.
- big buyers of Russian oil like India and China get more leverage to negotiate lower prices with Moscow.
- Urals crude at Baltics ports this week was assessed at $45/bbl, a discount of more than $30 versus dated Brent
- Export grade Espo in Asia flipped to an $11/bbl discount to dated Brent from a premium of a few dollars earlier.
- Before Russia invaded Ukraine in late February, Urals sold at a discount of about $2/bbl or so to dated Brent and Espo at a steady premium.
Much more info at the link above. Worth a read.
"What!!! ... You sold it how cheap???"
