Urals gets a benchmark
Russia wants a contract for its main export blend. Petroleum Economist talks to the head of the exchange that will offer it
A new benchmark for Russian oil has just 18 months to gain sufficient liquidity amongst international traders to help narrow the discount with Brent, according to Alexei Rybnikov, head of Russia's largest commodities exchange. The launch of a Urals futures contract is expected to go live in late November. The Kremlin has been trying to establish the benchmark for a decade, ever since President Vladimir Putin first said he was unhappy that Russia's crude was sold at such a hefty discount to North Sea Brent. For now, Urals is priced in the physical market at a discount to Brent by pricing agencies, which survey traders and refiners. The discount has halved in recent years from the $5-6-a-barre
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns