Urals oil is a referenceoil brand used as a basis for pricing of the Russian export oil mixture. It is a mix ofheavy sour oil of theUrals and theVolga region withlight oil ofWestern Siberia.[1] Other reference oils areBrent,West Texas Intermediate andDubai.
Urals brand oil is supplied through theBaku-Novorossiysk pipeline system and theDruzhba pipeline. Urals oil futures trade onMoscow Exchange.[2] There was also an effort to trade it onNYMEX under the name of REBCO (Russian Export Blend Crude Oil).[3]
Urals grade oil was traded in Northwestern Europe on June 25, 2020, at a premium to Brent of $2.35/bbl – a record in the entire history of monitoring since September 1994.[4] Since the 2022Russian invasion of Ukraine, the price of Urals oil has dipped to $15–20 under the price of Brent.[5]
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