Russian Oil Sells At Huge Discounts

Russia’s flagship crude grade, which was sold mostly to Europe before the Russian invasion of Ukraine, is still selling, but predominantly in Asia, and at a huge discount to Dated Brent. The price of the key Russian export grade, Urals, averaged $73.24 per barrel between the middle of April and the middle of May, according to data from the Russian Finance Ministry cited by Bloomberg. The price of Urals was nearly 32 percent lower than the average Brent Crude prompt futures price during the same period, per Bloomberg’s estimates. Urals…