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Post: Roscongress predicted a reduction in the role of Ural oil in exports from Russia

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Gas flare of an offshore oil refinery platform. archive photo

Roscongress: Ural oil’s role in Russian exports will gradually decline

MOSCOW, May 3 – RIA Novosti. According to the Roscongress report “Prospects for the ruble: a new factor and the coveted yuan”, available to RIA Novosti, the role of Ural oil in Russian exports will gradually decrease in favor of other, more expensive reference grades.

“As the share of oil supplies of other export grades, including Siberian Light, ESPO, Sokol, Vityaz, ARCO, Sakhalin Blend, increases, the role of the Ural grade will decrease in the medium term,” says the document.

The composition of the oil in each field is unique, therefore, to simplify pricing and trading, reference grades are used, which differ mainly in density and sulfur content. Among the most famous varieties in the world market are European Brent, American WTI, Middle East Dubai Crude Oil.

The main part of Russian oil belongs to the Ural class – it is heavy sour oil. But in it, other, lighter and purer varieties stand out, which are more expensive.

“The concentration of bidders only in the Urals leads to an underestimation of the expected volume of export revenue, and its actual size may be significantly higher,” experts say.

The authors of the report cite data from the Ministry of Energy of the Russian Federation; accordingly, taking into account the voluntary reduction of 0.5 million barrels per day, Russian oil production in 2023 is expected to be around 9.5 million barrels per day. will last until the end of this year. “Foreign experts expect the bid to be higher,” the document says.

The April OPEC forecast for Russia for 2023 is 10.3 million barrels per day. In April 2023, the International Energy Agency assumed that average production volumes in the Russian Federation would be at the level of 10.5 million barrels per day. At the end of April, Rosstat stopped publishing monthly statistics on oil production in the Russian Federation.

Oil rocker - RIA Novosti, 1920, 19.04.2023

The State Duma has limited the discount of Ural oil to Brent since June

Source: Ria

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