West Texas Intermediate
  Brent Crude
  Urals oil
  Dubai Crude
  OPEC Basket Price
Associated petroleum gas being burnt in a gas flare in the taiga of West Siberia, early 1980s

Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. It is a mix of heavy sour oil of the Urals and the Volga region with light oil of Western Siberia.[1] Other reference oils are Brent, West Texas Intermediate and Dubai.

Urals brand oil is supplied through the Baku-Novorossiysk pipeline system and the Druzhba pipeline. Urals oil futures trade on Moscow Exchange.[2] There was also an effort to trade it on NYMEX under the name of REBCO (Russian Export Blend Crude Oil).[3]

Urals grade oil was traded in Northwestern Europe on June 25, 2020, at a premium to Brent of $2.35/bbl – a record in the entire history of monitoring since September 1994.[4] Since the 2022 Russian invasion of Ukraine, the price of Urals oil has dipped to $15–20 under the price of Brent.[5]

References

  1. ^ Yagova, Olga; Gorodyankin, Gleb; Ghaddar, Ahmad; Soldatkin, Vladimir (June 26, 2020). "Urals u-turn as Europe shuns expensive Russian oil". Hydrocarbon Processing, Gulf Publishing Company.
  2. ^ "Urals oil prices". Top Oil News. Archived from the original on 2009-02-21. Retrieved 2009-02-12.
  3. ^ "New Oil Price Forecast" (PDF). Rye, Man and Gor Securities. 2006. Archived from the original (PDF) on 2011-07-16. Retrieved 2009-02-12. ((cite journal)): Cite journal requires |journal= (help)
  4. ^ "Что такое Urals сорт нефти - Техническая Библиотека Neftegaz.RU".
  5. ^ "Oil Price Charts".
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