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Russia Test Benchmark for Russian Crude

OIL

Russian officials and oil producers are attempting to create a global benchmark for Russian crude.

  • The trading platform aims to attract enough buyers to establish Russian crude as its own benchmark by mid-2023.
  • The first test deals have been competed at Russia’s “virtual trading platform” according to First Deputy Minister Pavel Sorokin.
  • The buyer and sellers participating in the tests are unknown, but Sorokin says the test results are “encouraging, they have demonstrated a shrinking discount” of Russian oil compared to international prices. He says, “At the moment, demand for our oil exceeds supply”.
  • The futures trading platform will not be mandatory with many producer sales completed under term contracts.
Energy BulletsCommodities
Energy BulletsCommodities

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