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Urals Discount to -8$/bbl on China Interest and Shortage of Sour Crude

OIL

Russian Urals prices have increased to the highest levels since the introduction of the G7 price cap according to Reuters sources.

  • Urals cargoes for delivery to Chinese ports late in June and in July were estimated at a 7.5-8$/bbl discount to ICE Brent.
  • The price has increased by about 2$/bbl compared to the estimate last month to the highest level seen since December 2022.
  • The move has been driven by strong buying interest from Chinese refiners and a global shortage of sour crude due to the Russian restrictions.
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