Russian Urals Crude Offered to China at a Discount

Russia’s Urals crude grade, which usually goes from the western Russian ports to India, is now being offered at discounts in China amid uncertainties over Indian purchases of Moscow’s oil following the additional tariffs.  Spot Urals shipments going to China would be a significant re-routing of the Russian oil export flows. Prompt Urals cargoes are now being pitched to Chinese buyers, who typically import the Far Eastern Russian grade ESPO. Urals is being offered at a premium of $1.50 over London Brent, down from a $2.50 a barrel…