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Urals/Brent Discount Narrowing: Russian Deputy Finance Minister

OIL

The spread between Russian Urals and the Brent crude benchmark has been narrowing gradually according to Deputy Finance Minister Vladimir Kolychev in Interfax reports.

  • Kolychev also said that it could be necessary to lower the fixed level of the Urals discount to Brent.
  • In February Russia adopted a law fixing the Urals discount to the Brent benchmark. It set the maximum discount for tax calculations at $34 a barrel in April, falling to $31 in May, $28 in June and $25 in July.

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