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Russian Urals Crude Discount To Brent Narrowed: Putin

OIL

Russian crude is still trading at a discount in the global market, but the discount is narrowing, President Vladimir Putin said.

  • The Urals blend is currently priced at a $9-10/bbl to Brent according to Kpler.
  • The Russian oil and gas industry is in good shape, he said. “The output in the country is growing and we are happy about it, our sales are robust,” Putin added.
  • Lower oil prices and lower gas supply volumes are affecting Russian budget revenues but that’s not “catastrophic”, he said.
  • Russia and its allies in OPEC+ are taking steps, including production cuts, to balance the global market and reduce negative effects of restrictions, he said. Putin further reiterated that OPEC+ decisions are never politically motivated.
Energy BulletsCommodities
Energy BulletsCommodities

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